Answer
$I=\$426.25$
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:
$I=\$15500(11\%)(\frac{90}{360})
\\I=\$15500(0.11)(\frac{1}{4})
\\I=\$426.25$
