Answer: the amount of interest that Alyssa will pay on her loan is $1320
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the loan.
P represents the principal or amount taken as loan
R represents interest rate
T represents the duration of the loan in years.
From the information given,
P = $22000
R = 4.5%
T = 4 years
Therefore,
I = (22000 × 1.5 × 4)/ 100
I = 132000/100 = $1320
