the business manager of paws and claws pet supply arranges a loan of $3,500, at 6.5% interest, for 30 months. find the amount of interest.

A loan or deposit's interest is computed using the starting principle and the interest payments from the ago decade as compound interest.

We know that the compound interest is given as

A = P(1 + r)ⁿ

Where A is the amount, P is the initial amount, r is the rate of interest, and n is the number of years.

The business chief of paws and hooks pet stock organizes a credit of $3,500, at 6.5% interest, for a long time.

The rate for a month is given as,

r = 0.065 / 12

r = 0.0054

Then the amount of interest after 30 months is calculated as,

I = A - P

I = $3,500 x (1 + 0.0054)³⁰ - $3,500

I = $3,500 x (1.1759 - 1)

I = $4,115.76

The amount of interest after 30 months will be $4,115.76.

More about the compound interest link is given below.

https://brainly.com/question/25857212

#SPJ1