We would apply the simple interest formula which is xpressed as
I = PRT/100
Where
I represents interest
P represents principal or amount borrowed
T represents time in years
R represents rate.
From the information given,
P = 2775
R = 7.5
T = 5 1/2 = 5.5
I = (2775 * 7.5 * 5.5)/100
I = 1144.6875
Rounding to the nearest cent,
I = 1144.69
