The chief business officer of plumbing supply company arranges a loan of $12,400, at interest for 29 months. Find the amount of interest. (Round to the nearest cent)

Note: Since the interest rate is not mentioned in the question, I'll just assume it is 8% to be able to do the calculations. You can replace this 8% with the interest rate in your question.

The equation that we will use to calculate the interest is:

I = P*r*t where:

I is the interest that we need to calculate

P is the principle amount of money = $12,400

r is the interest rate = 8% = 0.08

t is the time of the loan = 29 months = 29/12 = 2.41667 years

Substitute with the givens in the above mentioned equation to get the interest (I) as follows:

I = 12,400 * 0.08 * 2.41667 = $2397.334