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. $\$$ Submit Question - Previous

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.