Final answer:
Using the formula for simple interest, the interest Jim will be charged on a $55,000 loan at an 8.2% interest rate for one year is $4,510.
Step-by-step explanation:
Jim needs to calculate the amount of interest he will be charged at an 8.2% interest rate on a principal amount of $55,000 to start his business. The formula to calculate simple interest is Interest = Principal × rate × time. As the time period is not specified, we will assume it is for one year, which is common for initial loans. Applying the formula:
Interest = $55,000 × 0.082 × 1 = $4,510.
The correct answer is A) $4,510 or B) $4,510.00 since they are the same amount just represented with different formatting.