\( \$ 1500 \) at \( 8.5 \% \) for 6 months \( \begin{array}{lll}\text { J. } \$ 62.50 & \text { K. } \$ 65.50 & \text { L. } \$ 63.75\end{array} \)

To calculate the interest earned on \( \$1500 \) at an annual rate of \( 8.5\% \) for 6 months, you can use the formula: \[ \text{Interest} = P \times r \times t \] Where \( P \) is the principal amount (\$1500), \( r \) is the annual interest rate (8.5\% or 0.085), and \( t \) is the time in years (0.5 years for 6 months). Plugging in the values: \[ \text{Interest} = 1500 \times 0.085 \times 0.5 = 63.75 \] So, the correct answer is \( L. \$ 63.75 \). Interest rates have a fascinating history, as they can be traced back to ancient civilizations, including the Sumerians who used them around 3000 BC. Initially, interest was often charged on loans of goods rather than money, and was primarily used to compensate the lender for the risks associated with lending. In today's world, understanding how to calculate interest is crucial in various real-life situations, from personal finance to business operations. Whether taking out a loan, investing savings, or even calculating credit card interest, mastering these calculations can save you a significant amount of money and help you make informed financial decisions.