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He pays in interest of $111.0375. Interest is calculated in the two ways, by compounding or by simple interest.
<h3>How to calculate simple interest amount?</h3>
If the initial amount (also called as principal amount) is P, and the interest rate is R % annually, and it is left for T years for that simple interest, then the interest amount earned is given by:
The given data in the problem is;
The principal is,P=$2700
The rate of interest = 3.5%
The total time interval is,T
The total time interval is;
The simple interest is found as;
Hence, he pays in interest of $111.0375.
To learn more about simple interest, refer to the link;
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