Sure, let's solve this step by step.

1. Identify the principal amount (P), which is the initial amount of the loan.
$ P = \$4,500 $

2. Identify the annual interest rate (r). Since the rate is not specified in the question, let's denote it as $ r $.

3. Identify the time period (t) in years.
$ t = 8 $ years

4. Use the formula for simple interest, which is:
$ I = P \times r \times t $

5. Substitute the known values into the formula:
$ I = 4500 \times r \times 8 $

6. Simplify the expression:
$ I = 36,000 \times r $

So, the interest earned after 8 years is $ 36,000 \times r $. To find the exact amount, you would need to know the specific annual interest rate.

Question

Sure, let's solve this step by step.

1. Identify the principal amount (P), which is the initial amount of the loan.
   $ P = \$4,500 $

2. Identify the annual interest rate (r). Since the rate is not specified in the question, let's denote it as $ r $.

3. Identify the time period (t) in years.
   $ t = 8 $ years

4. Use the formula for simple interest, which is:
   $ I = P \times r \times t $

5. Substitute the known values into the formula:
   $ I = 4500 \times r \times 8 $

6. Simplify the expression:
   $ I = 36,000 \times r $

So, the interest earned after 8 years is $ 36,000 \times r $. To find the exact amount, you would need to know the specific annual interest rate.

Knowee AI · Accepted Answer