Answer: $480.
Step-by-step explanation: To find the amount Asmaa paid in interest on the loan, we need to consider the principal amount, the interest rate, and the loan duration.
Given:
- Principal amount borrowed: $3,000
- Simple interest rate: 8%
- Loan duration: 2 years
1. Calculate the interest amount:
To find the interest amount, we use the simple interest formula:
Interest = Principal * Rate * Time
In this case:
Principal = $3,000
Rate = 8% (expressed as a decimal: 0.08)
Time = 2 years
Plugging in the values:
Interest = $3,000 * 0.08 * 2
Calculating further:
Interest = $480
Therefore, Asmaa paid $480 in interest on the loan.
Hence, the amount paid in interest on the loan is $480.