SOLUTION: Carla received a 750 simple interest loan with an annual interest rate of 1.5% and a 3 year payback. How much interest will Carla pay during the 3 year term?

Question 1062426: Carla received a 750 simple interest loan with an annual interest rate of 1.5% and a 3 year payback. How much interest will Carla pay during the 3 year term?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Carla received a 750 simple interest loan with an annual interest rate of 1.5% and a 3 year payback. How much interest will Carla pay during the 3 year term?
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I = P*r*t
Interest = 750*0.015*3 = 750*0.045 = $33.75
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Cheers,
Stan H.
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