# Chapter 6 - Percent - 6.7 Simple Interest - 6.7 Exercises - Page 446: 26

$404 #### Work Step by Step We can calculate simple interest on a loan by using the formula$I=prt$(where I is the interest, p is the principal, r is the rate of interest, and t is the amount of time - expressed in years).$t=\frac{1}{2}$, because 6 months equals .5 years$I=prtI=400\times.02\times\frac{1}{2}=4$dollars Finally, we can find the amount due by adding the interest to the original principal.$400+4=404\$ dollars

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