Answer: $ 3,360
Step-by-step explanation:
Given : The principal amount borrowed for loan : [tex]P=\ \$14,000[/tex]
Time period : [tex]t=4[/tex]
Rate of interest : [tex]r=6\%=0.06[/tex]
The formula to calculate the simple interest is given by :-
[tex]S.I.=P\times r\times t\\\\\Rightatrrow\ S.I.=14000\times4\times0.06\\\\\Rightatrrow\ S.I.=3360[/tex]
Hence, the interest due on the loan = $ 3,360
