If you borrow $700 at 6% simple interest for 17 months, how much do you owe in interest?
To find the interest owed, we can use the formula: Interest = Principal * Rate * Time.
The principal is $700, the rate is 6% (or 0.06 as a decimal), and the time is 17 months (or 17/12 years).
Interest = $700 * 0.06 * (17/12)
Interest = $595
Therefore, you owe $595 in interest.