Determine the accrued interest amount of a $5,000 student loan with a simple interest rate of 5.4% over a period of 8 years. Round the answer to two decimal places as needed.
the accured interest amount is $___.
To determine the accrued interest amount, we can use the formula:
Accrued Interest = Principal * Rate * Time
Substituting the given values, we get:
Accrued Interest = $5,000 * 0.054 * 8 = $2,160
Therefore, the accrued interest amount of the student loan is $2,160.