Your answer is incorrect. Omar takes out a loan for his college tuition from a bank that charges simple interest at an annual rate of \( 8.95 \% \). His loan is for \( \$ 2900 \) for 11 months. Assume each month is \( \frac{1}{12} \) of a year. Answer each part below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 11 months. (b) Assuming Omar doesn't make any payments, find the amount owed after 11 months. \( \$ 237.48 \), (bi37.48

To solve for the interest on Omar's loan, we first use the simple interest formula: \[ I = P \times r \times t \] where \( I \) is the interest, \( P \) is the principal (loan amount), \( r \) is the annual interest rate, and \( t \) is the time in years. Here, \( P = 2900 \) dollars, \( r = 0.0895 \), and \( t = \frac{11}{12} \) years. (a) Calculating the interest: \[ I = 2900 \times 0.0895 \times \left(\frac{11}{12}\right) = 2900 \times 0.0895 \times 0.91667 \approx 237.48 \] So, the interest owed after 11 months is approximately \( \text{\$237.48} \). (b) Now, to find the total amount owed after 11 months, we add the principal and the interest: \[ \text{Total Amount} = P + I = 2900 + 237.48 \approx 3137.48 \] Therefore, the amount owed after 11 months is approximately \( \text{\$3137.48} \).