The total amount of interest Dominick will pay throughout the life of the loan is $1350
Simple Interest is the interest applied only on the Principal amount invested or borrowed .
It is calculated by the formula
I = ( P * R * T ) /100
P is the Principal
R is the Rate of Interest
T is the Time Period
Here
P = $ 6000
R= 9 %
T = 30 months = 30/12 year = 2.5 years
I = ( 6000 * 9 * 2.5 ) / 100
Interest = $1350
Therefore , the total amount of interest Dominick will pay throughout the life of the loan is $1350
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