10. -/1 points 0/5 submissions used\nfind the simple interest due (in dollars) on a 4 - month loan of $825…

10. -/1 points 0/5 submissions used\nfind the simple interest due (in dollars) on a 4 - month loan of $825 if the monthly simple interest rate is 1.5%.

10. -/1 points 0/5 submissions used\nfind the simple interest due (in dollars) on a 4 - month loan of $825 if the monthly simple interest rate is 1.5%.

Answer

Explanation:

Step1: Identify the formula

The simple - interest formula for monthly interest is $I = P\times r\times n$, where $P$ is the principal amount, $r$ is the monthly interest rate, and $n$ is the number of months.

Step2: Substitute the given values

Given $P = 825$, $r=0.015$ (since $1.5%=0.015$), and $n = 4$. $I=825\times0.015\times4$

Step3: Calculate the interest

First, $825\times0.015 = 12.375$. Then, $12.375\times4=49.5$.

Answer:

$49.5$