You take out a simple interest loan for 15 months at a rate of 4.5% in the amount of $3400 how much interest do you pay

The interest paid is Simple Interest

Step-by-step explanation:

Given:

Principal amount = $3400

rate of interest = 4.5%

Number of Months =  15 months

To Find:

interest  =?

Solution:

Simple Interest is earned or paid on the Principal only.

Simple Interest =

Substituting the values,

Simple Interest =

Simple Interest =

Simple Interest =

Simple Interest =

Simple Interest = 2295

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