Answer
$I=\$2,025$
Work Step by Step
The formula for simple interest is:
$I=Prt$
where
P = principal amount borrowed
r = interest rate per year
t = time
Use the formula above to obtain:
$I=\$18000(7.5\%)(\frac{18}{12})
\\I=\$18000(0.075)(\frac{18}{12})
\\I=\$2,025$
