Shaun is buying a tractor that costs $12,000. He is making a $1,000 down payment. The table shows the annual simple interest rate on the loan amount based on the time it takes to pay off the loan. How much interest, in dollars, will he owe if it takes 2 years to repay the loan? Round to the nearest cent.
Time (years) Simple Interest Rate (%)
1 3.25
2 3.5
3 3.75
