Answer:
$8,250
Step-by-step explanation:
I = prt
I = ($15,000)(0.055)(10)
I = $8,250
The interest on the loan is $8250.00
The formula for determining simple interest is : loan amount x time x interest rate
Loan is the amount of money that Cindy borrowed. It is $15,000
interest rate = 5.5%
Time is the length of period of the loan. This is 10 years
$15,000 X 0.055x 10 = $8250
To learn more about simple interest, please check: https://brainly.com/question/9352088?referrer=searchResults
