Remmy will pay $660 interest.
Step - by - Step Explanation
What to find? The amount of interest to be paid.
Given Parameters:
• Principal (P) = $8000
,• Rate of interest(R) = 5.5
,• Time(t in years) = 1.5
The formula for calculating simple interest is given below:
[tex]S.I=\frac{P\times R\times T}{100}[/tex]Where P is the principal.
R represents the rate.
T is the time given in years.
S.I is the simple interest.
Substitute the values into the formula and simplify.
[tex]S.I=\frac{8000\times5.5\times1.5}{100}[/tex][tex]S.I=\frac{80\cancel{00}\times5.5\times1.5}{1\cancel{00}}[/tex][tex]=80\times5.5\times1.5[/tex]= 660
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