Often, through government-supported programs, students may obtain "bargain" interest rates such as 6% or 8% to attend college. Frequently, payments are not due and interest does not accumulate until the student stops attending college. A student has borrowed $42 comma 000 at an annual interest rate of 6.4%. Calculate the amount of interest due 6 months after the student must begin payments.

amount of interest due after 6 month is $1344

Explanation:

given data

borrowed P =  $42,000

interest rate = 6.4% = 0.064

time period = 6 month  = 0.5 year

solution

we get here interest amount on 6 month that is express as

interest = principal ×  rate × time   1

put her value and we get

interest  = 42,000 × 0.064  × 0.5

interest  = $1344

so amount of interest due after 6 month is $1344

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