Answer:
yearly interest payment is $3,000.
Step-by-step explanation:
To calculate the yearly interest payment, we need to multiply the loan amount by the interest rate.
The loan amount is $37,500, and the interest rate is 8% or 0.08 (expressed as a decimal).
Yearly interest payment = Loan amount * Interest rate
= $37,500 * 0.08
= $3,000
Therefore, the yearly interest payment on the loan is $3,000.
hope it helps you, ;)
