Margo borrows $\$ 1100$, agreeing to pay it back with $5 \%$ annual interest after 14 months. How much interest will she pay?

Round your answer to the nearest cent, if necessary.
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Final Answer: Margo will pay $\boxed{\$64.17}$ in interest.

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Step 1 ：Margo borrows $1100, agreeing to pay it back with 5% annual interest after 14 months.

Step 2 ：We can calculate the interest using the formula: $Interest = Principal \times Rate \times Time$

Step 3 ：Substitute the given values into the formula: $Interest = 1100 \times 0.05 \times \frac{14}{12}$

Step 4 ：Calculate the interest: $Interest = 64.16666666666667$

Step 5 ：Round the interest to the nearest cent: $Interest = \$64.17$

Step 6 ：Final Answer: Margo will pay $\boxed{\$64.17}$ in interest.