Carlos borrowed $1,500 at 11% annual interest. He paid the loan back in one year and eight months.how much interest did he pay.?

1500(1 + 0.11)^(1 + 8/12)

2477

To calculate the interest paid on a loan, we need to know the principal amount borrowed, the interest rate, and the duration of the loan.

Given:
Principal amount (P) = $1,500
Interest rate (R) = 11% per year
Duration (in years) = 1 year and 8 months

First, we need to convert the duration to years:
1 year + 8 months = 1 + (8/12) years = 1.67 years

To calculate the interest paid, we use the formula:
Interest (I) = P * R * T

Where:
I = Interest
P = Principal amount
R = Interest rate per year
T = Duration in years

Plugging in the values:
I = $1,500 * 0.11 * 1.67

Calculating the interest:
I = $276.15

Therefore, Carlos paid $276.15 in interest on the loan.