Answer:
The interest due is $436
Step-by-step explanation:
Using the simple interest formula
i = [tex]\frac{PRT}{100}[/tex]
Where
i = simple interest
P = Principal or amount invested
R = Interest rate. This is the rate at which the principal or amount invested yield interest per time and is usually stated as a percentage
T = Time in years
From the question,
P = $1,090 R = 8% T = 5 years
i = ?
substituting the values given into the formula,
i = [tex]\frac{1090 * 8 * 5 }{100}\\\\ = \frac{43600}{100} \\\\= 436[/tex]
i = $436
