The interest obtained after 4 years from a loan of $7500 is = $750
Calculation of generated interest
The principal amount of the loan = $7500
The rate at which the interest is paid is = 2.5%
The time that it will take to pay the interest = 4 years
Using the formula for Simple interest;
SI= P×T×R/100
SI = 7500×4 × 2.5/100
SI= 75000/100
SI=$750
Therefore, the interest accrued on a $7500 loan with a 2.5% interest rate over 4 years is = $750
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