Answer:
She paid $251.40 in interest only for the loan.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the amount of interest, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
In this problem:
So
She paid $251.40 in interest only for the loan.
