How much interest will be paid in 1 year for a loan of $4500 at 7 1/2% simple interest?

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asked Nov 11, 2018 188k views

1 Answer

Kachi · Answer 1 · 2018-11-15T23:54:54+0000

Interest=Principal times Rate times Time

given
Principal=4500
rate=7.5%=0.075
T=1 year

Interest=4500 times 0.075 times 1
Interest=337.5

interest=$337.50

How much interest will be paid in 1 year for a loan of $4500 at 7 1/2% simple interest?

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