Question

$4,500,9%,3.5 years

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Find the simple interest paid to the nearest cent for each loan amount, interest rate, and time

Answer 1

$1417.5

Explanation:

Given data

Principal=$4500

Rate = 9%

Time=3.5 years

The simple interest is given as

SI=PRT/100

substitute

SI= 4500*9*3.5/100

SI= 141750/100

SI= $1417.5

Hence the simple interest is $1417.5