Ana took out a 4-year loan for 7,500 and paid 3.6% simple interest. How much was the total interest on the loan in dollars?

I = $ 1,080.00

Step-by-step explanation:

Equation:

I = Prt

Calculation:

First, converting R percent to r a decimal

r = R/100 = 3.6%/100 = 0.036 per year,

then, solving our equation

I = 7500 × 0.036 × 4 = 1080

I = $ 1,080.00

The simple interest accumulated

on a principal of $ 7,500.00

at a rate of 3.6% per year

for 4 years is $ 1,080.00.

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