Rita has a loan of $45,580. This loan has a simple interest rate of 4% per year. What is the amount of interest that Rita will be charged on this loan at the end of one year?
$47,403.20
$11,395
$18,232
$1,823.20
...
The formula to calculate simple interest is: interest = principal x rate x time.
So, the interest Rita will be charged at the end of one year is: $45,580 x 0.04 x 1 = $1,823.20.
Therefore, the correct option is:
$1,823.20