Question

The simple interest on a $14,500 loan at 9% interest for 5 years

my answer is $301.00 per month

Answer 1

Your original question doesn't ask for the interest per month. It just wants to know the total interest you'd pay at the end of five years. If you paid $301 per month for 60 months, you'd pay almost three times the amount of interest than you should.

Try again, using this formula.

I = P*r*t