Jeremy will pay $41.05 interest.
We know that, Interest = PRT/100
where,
P = principal
R = rate
T = time
For given question, principal (P) = $325.18
interest rate R = 12 5/8%
= 12.625%
And period T = 1 year
We need to find the interest.
⇒ Interest = PRT/100
⇒ Interest = (325.18 × 12.625 × 1) / 100
⇒ Interest = 4105.3975 / 100
⇒ Interest = $41.05
Therefore, Jeremy will pay $41.05 interest.
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