Answer:
The interest amount per year is $500 if the bank charges equal interest yearly.
Explanation:
The principal amount borrowed by Sophie is $14,000.∴ P = $14,000
The period for which interest for taken is 3 years.∴ N = 3 years.
Interest paid after 3 years:$15,500- $14,000 = $1,500
∴The total interest paid for three years is $1,500.
The interest amount per year will be:Total amount ÷ Number of years.
= 1,500 ÷ 3
= $500