In order to start a small business, a student takes out a simple interest loan for $3000.00 for 9 months at a rate of 11.75%. a. How much interest must the student pay? b. Find the future value of the loan. a. The amount of interest is $ . (Round to the nearest cent as needed.) b. The future value is $ (Round to the nearest cent as needed.)

Answer:student pay interest = $247.5future value is $3247.5 Step-by-step explanation:Given data principal = $3000time period (t) = 9 months = 9/12 = 0.75 yearrate = 11.75 %to find out amount of interest and future valueSolutionfirst we calculate the future value by simple interest formula i.e.future value = principal (1 + rate ×time )   ....................1put all value rate, time principal in equation 1 we get future value future value = principal (1 + rate ×time ) future value = 3000 (1 + 0.11 × 0.75 )future value = $3247.5 student pay interest = future value - principal student pay interest = $3247.5 - $3000student pay interest = $247.5