Answer
$I=\$318.75$
Work Step by Step
The formula for simple interest is:
$I=Prt$
where
P = principal amount borrowed
r = interest rate per year
t = time
Use the formula above to obtain:
$I=\$5000(8.5\%)(\frac{9}{12})
\\I=\$5000(0.085)(\frac{9}{12})
\\I=\$318.75$
