9. -/1 points 0/5 submissions used\nfind the simple interest due (in dollars) on an 8 - year loan of $1,250…

9. -/1 points 0/5 submissions used\nfind the simple interest due (in dollars) on an 8 - year loan of $1,250 if the annual simple interest rate is 4.5%. (see example 1 in this section.)\n$

9. -/1 points 0/5 submissions used\nfind the simple interest due (in dollars) on an 8 - year loan of $1,250 if the annual simple interest rate is 4.5%. (see example 1 in this section.)\n$

Answer

Explanation:

Step1: Identify the formula

The simple - interest formula is $I = Prt$, where $I$ is the simple interest, $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal

The annual interest rate $r = 4.5%=0.045$.

Step3: Substitute the values into the formula

We have $P = 1250$, $r = 0.045$, and $t = 8$. Then $I=Prt=1250\times0.045\times8$.

Step4: Calculate the result

$1250\times0.045\times8=(1250\times8)\times0.045 = 10000\times0.045=450$.

Answer:

$450$