How much interest was pald on a 1500 loan for seven months at an annual interest rate a 4.5% ?(Round your answer to 2 decimal places.) Interest paid square

## Step 1: Convert the interest rate to a decimal.### The annual interest rate is given as 4.5%. To convert this percentage to a decimal, divide by 100. ## Step 2: Convert the time period to years.### The loan period is seven months. Since there are 12 months in a year, the time in years is .## Step 3: Calculate the interest earned.### Use the formula , where is the interest, is the principal, is the interest rate (as a decimal), and is the time in years.### ### ### ## Step 4: Round to two decimal places.### The interest earned is 39.38.