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Wang, Inc. borrowed $10,000 from Second National Bank on January 1, 2010. The loan is to be repaid on July 1, 2010, along with interest at 6% per year. How much interest should be paid on July 1?

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Answer:

$300

Explanation:

Given that:

Amount borrowed = $10000

Date borrowed = Jan 1, 2010

Repayment date = July 1, 2010

Interest rate = 6% ; time = 6 months = 0.5 year

Using the relation :

A = P(1 + rt)

A = final amount to be paid

A = 10000(1 + 0.06*0.5)

A = 10000(1 + 0.03)

A = 10000(1.03)

A = $10,300

Interest paid = $10300 - $10000 = $300

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