<PRE><B>Question 1151714</B>
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&lt;pre&gt;

The post says nothing about compounding, so from the context we can assume, by default, that the loan is simple interest.


Then the interest  I = P*r*t, where


    P = $15000  is the loan amount,

    r = 7.25% = 0.0725 is the annual interest rate,

    t = 3 years  (36 months, time in the formula is in &lt;U&gt;YEARS&lt;/U&gt; ).


So, according to the formula, the amount of interest is


    P = 15000*0.0725*3 = 3262.50 dollars.      &lt;U&gt;ANSWER&lt;/U&gt;
&lt;/pre&gt;

Solved.


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To see many other similar solved problems, &amp;nbsp;look into the lesson

&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;- &lt;A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Simple-interest-percentage-problems.lesson&gt;Simple interest percentage problems&lt;/A&gt; 

in this site.


Notice that the novice tutor, &amp;nbsp;Adedeji, &amp;nbsp;mistakenly used &amp;nbsp;&lt;U&gt;months&lt;/U&gt;&amp;nbsp; when calculated the interest.

In this place, &amp;nbsp;the &lt;U&gt;YEARS&lt;/U&gt; &amp;nbsp;should be used, &amp;nbsp;OBVIOUSLY.



/\/\/\/\/\/\/\/


Adedeji, &amp;nbsp;I saw and read your self-description. 

Looking in your post, &amp;nbsp;I see that you really need help in &amp;nbsp;Math.


Which grade are you ?



Come again to the forum soon with your problems and questions - we, &amp;nbsp;the tutors, &amp;nbsp;will help you.



Do not hesitate to post your solutions to the forum --- it is very good way to develop your skills.



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