Using the formula for simple interest, it is found that Nolan Walker paid $170.35 in interest with the principal amount.
<h3>What is the simple interest?</h3>
Simple interest is computed on the loan principal or the first deposit into a savings account. Because simple interest does not compound, a creditor will only pay interest on the principal amount.
<u>Formula</u>:
S.I. = P×R×T
Where,
S.I. = Simple Interest
P = Principal Amount = $2,800
R = Interest Rate = 5.25%
T = Time Period = 423 days (From Dec. 26, 2019, to Feb. 21, 2021)
Then, the amount of S.I. by applying the given values in the formula would be:
S.I. = $2,800× 0.0525 ×423/365
S.I. = $170.35
Therefore, He will pay $170.35 as interest.
Learn more about the simple interest, refer to:
brainly.com/question/20595462
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