Answer:
Simple Interest over the given time interval will be $5.80
Step-by-step explanation:
Principal Amount = $580
Rate of Interest = 2%
= 0.02
Time = 6 months
= 0.5 years
Now, Simple Interest is given by the formula :
Simple Interest = Principal × Rate × Time
⇒ Simple Interest = 580 × 0.02 × 0.5
⇒ Simple Interest = $5.80
Thus, Simple Interest over the given time interval will be $5.80
