Answer:
To calculate the interest on a loan, we can use the simple interest formula:
Interest = Principal * Rate * Time
Given:
Principal (P) = $3,910
Rate (R) = 12% per year
Time (T) = 3 years + 6 months
First, let's convert the time to years. Since 6 months is half a year, we can represent it as 0.5 years.
Time (T) = 3 years + 0.5 years = 3.5 years
Now we can calculate the interest:
Interest = $3,910 * 0.12 * 3.5
Interest = $3,910 * 0.42
Interest = $1,639.20
Therefore, the interest on a loan of $3,910 at a 12% interest rate per year for 3 years and six months is $1,639.20.
Explanation: