The financial officer of toys and noise arranges a loan of $7,500, at 8.5% interest, for 33 months. find the amount of simple interest. (round to the nearest cent)

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

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,

Substitute all values in the formula,

Therefore, the amount of simple interest is $1753.125.

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-wfz

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step-by-step explanation: