Determine the amount of interest paid over an 8 month period when 1) Loan amount = $5,000; 2)Interest rate = 9 1/2 1) Find the total amount of interest on the amount given: $5,000 x 9.5=$475.00; 2) Find the amount of interest paid in a year: $475.00/12 =$39.58; 3) Find the total amount of interest paid over 8 months: $39.58 x 8 = $316.64