Which of the following is the simple interest paid on a loan of $354 at 6% for six months?

$10.62

$10.26

$12.47

$12.74

Answer: interest at the end of 6 months is $10.62

Step-by-step explanation:

The formula for simple interest is expressed as

I = PRT/100

Where

P represents the principal

R represents interest rate

T represents time in years

I = interest after t years

From the information given

T = 6 months = 6/12 = 0.5 years

P = $354

R = 6%

Therefore

I = (354 * 6 * 0.5) / 100

I = 1062/100

I = 10.62