Answer:
$80.75
Explanation
From the question,w e are given the following parameters
Amount borrowed (Principal) = $3800
Time = 3 months = 1/4 years
Rate = 8.5%
Required
Interest paid by the man
Using the simplr interest formula;
SI = Principal * Rate * Time/100
SI = 3800*8.5 * 0.25/100
SI = 38 * 8.5 * 0.25
SI = $80.75
Hence the man paid $80.75 for the use of the money
