Answer:
The simple interest owed for the loan is;
[tex]\text{ \$264}[/tex]Explanation:
We want to find the simple interest owed for the loan. $3,300 at 8% for 1 year;
[tex]\begin{gathered} \text{ Principal P}=\text{ \$3,300} \\ \text{rate r = 8\% =0.08} \\ \text{time t = 1 year} \end{gathered}[/tex]Recall that the formula for simple interest is;
[tex]I=P\times r\times t[/tex]Substituting the given values;
[tex]\begin{gathered} I=\text{ \$3,300}\times0.08\times1 \\ I=\text{ \$264} \end{gathered}[/tex]The simple interest owed for the loan is;
[tex]\text{ \$264}[/tex]