Loretta deposited $429 in a new savings account at Henry County Bank and Trust. She made no other deposits or withdrawals. After 6 months, the interest was computed at an annual rate of 6.25%. How much simple interest did her money earn?

I = prt

Simple interest is the product of the principal (the money deposited), the annual interest rate, and the time.

p = $429

i = 6.25% = 0.0625

t = 0.5 year

i = $429 * 0.0625 * 0.5

i = 13.40625

The interest is $13.41

Interest can be calculated by the following equation.

Interest = Principal x rate p. a x time

Now we can sub the numbers in.

Interest = 429 x (6.25% / 12) x 6

Note that u have to divide the annual rate by 12, which is the number of months in a year, as the amount time in this question is counted by months

Interest = 429 x (6.25% / 12) x 6

Interest = $ 13.406249914

Round up if needed.