The interest paid each year is $1353
The formula for simple interest is given as: = PRT/100
Interest = $36,736 - $20,500 = $16236
Therefore, the number of years will be:
16236 = (20500 × 6.6 × T) / 100
Cross multiply
16236 × 100 = 135300 × T
1623600 = 135300T
T = 1623600/135300
T = 12
The number of years is 12 years.
Therefore, the interest paid each year will be:
= Total interest / Number of years
= $16236 / 12
= $1353
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