State the simple interest formula and explain how simple interest is calculated. Calculate the simple interest for

Question:

State the simple interest formula and explain how simple interest is calculated. Calculate the simple interest for a loan for $39,545 for 3 1/2 years at 7.5% interest per year. Round to the nearest cent. How much is owed in total at the date?
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...