Answer:
$320
Step-by-step explanation:
From simple interest formular
A=P(1+int) where A is amount payable, P is principal amount borrowed and int is interest gained
int=Rt where R is rate of interest in decimal form, t is duration
The rate of 10% converted to decimal is 10/100=0.1
Substituting P for $3200, R for 0.1 and t for 1 year
A=$3200(1+(0.1*1))=$3200*(1+0.1)=3200*1.1=$3520
To find the interest, it's A-P hence $3520-$3200=$320
Therefore, interest owed is $320
