8. jack borrows $2,700 at a rate of 8.2% per year. how much simple interest will he owe if it takes 3 months…

Explanation:

Step1: Convert time to years

The time $t$ is 3 months. Since there are 12 months in a year, $t=\frac{3}{12}= 0.25$ years.

Step2: Use simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P=$2700$, $r = 0.082$ (since $8.2%=0.082$), and $t = 0.25$ years. Then $I=2700\times0.082\times0.25$.

Step3: Calculate the interest

$I = 2700\times0.082\times0.25=2700\times0.0205 = 55.35$.

Answer:

$55.35$