find the amount of simple interest on a loan of $3,500 at 9.5% interest, for 14 tears. Round to the nearest cent.

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Given

Principal amount = $3500

Interest rate = 9.5% per annum

Time period = 14 years

We know, formula for simple interest is -

Simple Interest = Principal X Rate X Time .........................(rate in %)

Therefore, SI = $ 3500X 9.5% X 14

Simple interest = $4655

So, a total of $ 4655 interest is earned in 14 years and the final amount after 14 years is $ 8155 ($3500 + $4655)

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