Answer:
The amount of simple interest is $1753.125.
Step-by-step explanation:
Given : The financial officer of toys and noise arranges a loan of $7,500, at 8.5% interest, for 33 months.
To find : The amount of simple interest ?
Solution :
Simple interest formula is
[tex]SI=P\times R\times T[/tex]
Where, SI is teh simple interest
P is the principal P=$7,500
R is the rate R=8.5%= 0.085
T is the time in years = 33 months
Convert into years, [tex]T=\frac{33}{12}[/tex]
Substitute all values in the formula,
[tex]SI=P\times R\times T[/tex]
[tex]SI=7500\times 0.085\times \frac{33}{12}[/tex]
[tex]SI=1753.125[/tex]
Therefore, the amount of simple interest is $1753.125.
