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Using the formula for simple interest, it is found that he paid $119.87 in interest.
The<u> simple interest formula</u> is given by:
- E is the amount of interest earned.
- P is the principal(the amount of money invested).
- I is the interest rate(yearly, as a decimal).
- t is the time, in years.
In this problem:
- Borrowed $2,700, thus
- Interest rate of 3.5%, thus
- From December 26, 2019 to February 21, 2021, there were 423 days, thus the time in years is
Thus, the interest paid was of:
$119.87.
A similar problem is given at brainly.com/question/9593067