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Sagot :
Answer:
simple interest: I = P × r × t
I = 4500 × 9.5% × 6 = 2565
The amount paid as interest is $2565.
What is simple interest?
Simple interest is calculated just on the loan's principal amount, whereas compound interest is calculated on both the principal and the cumulative interest.
It is given that the borrowed amount is $4500 at 9.5% for 6 years. The simple interest is calculated as:-
SI = ( P x R x T ) / 100
SI = ( 4500 x 9.5 x 6 ) /100
SI = $2565
Hence, the simple interest is $2565.
To know more about simple interests follow
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