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To solve the problem of finding the simple interest, we can use the formula for simple interest:

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

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

In this case:
- $ P = 8000 $ dollars,
- $ r = 3\% = 0.03 $,
- $ t = 6 $ months, which is half a year, so $ t = \frac{6}{12} = 0.5 $ years.

Now, substitute these values into the formula:

\[
I = 8000 \times 0.03 \times 0.5
\]

\[
I = 120 \text{ dollars}
\]

So, the simple interest owed is **$120**.

Would you like more details or further explanations? Here are some related questions you might find helpful:

1. How would the interest change if the time was 9 months?
2. What happens if the interest rate increases to 5%?
3. How is compound interest different from simple interest?
4. What is the total amount to be repaid after 6 months including interest?
5. How would the result change if 365 days were used instead of 360 in a year?

**Tip:** Always ensure the time is expressed in years when calculating simple interest, as interest rates are typically annual.

The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. P = $8000, r = 3.0%, t = 6 months. Assume there are 360 days in a year.

Learn how to calculate simple interest for a loan of $8000 at a 3% interest rate over 6 months. Using the simple interest formula, find out how much interest is owed. Suitable for Grades 9-11 students exploring basic financial math concepts.

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