L9olaLumbreneec L9olaLumbreneec

06-05-2016
Mathematics

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

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jonathan64 jonathan64

14-05-2016

The answer is $337.50 paid. We would change 7 1/2% (7.5%) to its decimal form which is .075. Then we would multiply that by $4,500 which would get $337.5 or $337.50 which is the same thing. Hope this helped!

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