Answer:
Hector will pay $74.25 interest on the loan.
Step-by-step explanation:
Hector took out a loan of $900 for 18 months at a rate of 5.5% annually.
Principal amount = $900
Rate of interest = 5.5%
Time = 18 months = 1.5 years
Formula for interest :
[tex]I=\frac{P\times R\times T}{100}[/tex]
[tex]=\frac{900\times 5.5\times 1.5}{100}[/tex]
= 74.25
Hector will pay $74.25 interest on the loan.
