Answer :
The amount of interest paid is $21000
What is interest?
In finance and economics, interest is the payment of an amount over repayment of the principle sum (that is, the amount borrowed) by a borrower or deposit-taking financial institution to a lender or depositor at a certain rate by a borrower or deposit-taking financial institution. It differs from a charge that the borrower may pay to the lender or a third party. Interest is also distinct from a dividend, which is given by a firm to its shareholders (owners) from its profit or reserve, but not at a fixed rate, but rather on a pro rata basis as a portion of the reward achieved by risk-taking entrepreneurs when revenue exceeds total expenditures.
Total amount paid = $11000x3 = $33000
Interest paid = $(33000-12000) = $21000
Hence, the amount of interest paid is $21000
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