An amount of P dollars is borrowed for the given length of time at an annual interest rate of r. Find the simple interest that is owed. (Round your answer to the nearest cent.)
P = $3200, r = 6.0%, 6 months

To calculate the simple interest owed, we use the simple interest formula:

\[
I = P \times r \times t
\]

Where:
- $ P $ is the principal amount (the initial loan amount)
- $ r $ is the annual interest rate (expressed as a decimal)
- $ t $ is the time the money is borrowed, in years

Given:
- $ P = 3200 \, \text{dollars} $
- $ r = 6.0\% = 0.06 \, \text{(as a decimal)} $
- $ t = 6 \, \text{months} = 0.5 \, \text{years} $

Now, substitute the values into the formula:

\[
I = 3200 \times 0.06 \times 0.5
\]

\[
I = 96 \, \text{dollars}
\]

Thus, the simple interest owed is **$96.00**.

Would you like further clarification, or do you have any questions?

Here are 5 related questions for further exploration:
1. How does the simple interest formula change if the time is given in months instead of years?
2. What would the interest be if the time was 9 months instead of 6 months?
3. How does compound interest differ from simple interest in calculations like this?
4. How would the total amount owed (principal + interest) be calculated after 6 months?
5. What would the interest be if the rate were 8% instead of 6%?

**Tip:** Always convert time into years when using the simple interest formula, as the rate is typically given per year.

An amount of P dollars is borrowed for the given length of time at an annual interest rate of r. Find the simple interest that is owed. (Round your answer to the nearest cent.) P = $3200, r = 6.0%, 6 months.

Learn how to calculate the simple interest on a loan of $3200 at a 6% annual interest rate for a period of 6 months. This problem demonstrates how to use the simple interest formula and covers essential math concepts such as percentage and time conversion. Suitable for students in Grades 6-8.

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