Answer:
The amount of interest he paid at the end of the loan is $ 311.85.
Step-by-step explanation:
Given that Juan borrowed $ 1500 from a credit union for 7 years and was charged simple interest at a rate of 2.97%, to determine what is the amount of interest he paid at the end of the loan, the following calculation must be performed:
(1500 x 0.0297) x 7 = X
44.55 x 7 = X
311.85 = X
Therefore, the amount of interest he paid at the end of the loan is $ 311.85.
