The amount of simple interest he will owe is $55.35
Here, we want to calculate the amount of interest to be paid
To do this, we use the simple interest formula
Mathematically, we have the formula as;
P is the principal, representing the amount borrowed which is $2,700
I is the interest we want to calculate
R is the rate which is 8.2%
T is the time which is 3 months (since the time is nit given in years, we divide by 12)
Substituting these values, we have it that;