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10 August, 22:32

Workout the simple interest on £530 at 4.5% per annum after six months

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  1. 10 August, 22:43
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    530 at 4.5%.

    interest rate = 4.5% per year = 0.045

    year has 12 months and you want 6 months therefore

    12/6 = 0.5 or 2

    Multiply them all

    530 X 0.045 X 0.5 = 11.93 total interest

    530 + 11.93 = 541.93 final amount
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