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

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

asked
User Slfan
by
7.4k points

1 Answer

4 votes
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
answered
User Kachi
by
8.4k points
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