Final answer:
The simple interest on a $3000 loan with a 11% interest rate for 4 and 1/2 years is $1485.
Step-by-step explanation:
To find the simple interest, we can use the formula: Interest = Principal × Rate × Time. Given that the principal is $3000, the rate is 11%, and the time is 4 and 1/2 years, we can substitute these values into the formula.
Interest = 3000 × 0.11 × 4.5 = $1485
The simple interest on a $3000 loan with a 11% interest rate for 4 and 1/2 years is $1485.