Answer:
To calculate simple interest, you can use the formula:
Simple Interest = (Principal) x (Rate) x (Time)
Where:
Principal = $10,000 (the loan amount)
Rate = 9.2% per annum (expressed as a decimal, i.e., 0.092)
Time = 11 months (expressed in years, i.e., 11/12)
Let's plug in the values and calculate:
Simple Interest = $10,000 x 0.092 x (11/12)
Simple Interest = $10,000 x 0.092 x 0.9167
Simple Interest ≈ $846.67
So, the simple interest on a loan of $10,000 at 9.2% interest for 11 months would be approximately $846.67.