We would apply the formula for calculating simple interest which is expressed as
I = PRT
where
I is interest after time t
P is the principal or initial amount
R is the interest rate
T is the time in years
From the information given,
P = 52600
R = 8.5/100 = 0.085
t = 82 days
We need to convert 82 days to years. Recall,
365 days = 1 yr
82 days = 82/365 = 0.2246575
Thus, t = 0.2246575 year
Substituting these values into the formula, we have
I = 52600 x 0.085 x 0.2246575
I = 1004.44
The interest is $1004.44
