1. **State the problem:** Find the simple interest on a loan of 29000 at 5.9% interest for 11 months. 2. **Formula for simple interest:** $$I = P \times r \times t$$ where $I$ is the interest, $P$ is the principal amount, $r$ is the annual interest rate (in decimal), and $t$ is the time in years. 3. **Convert given values:** - Principal $P = 29000$ - Annual interest rate $r = 5.9\% = 0.059$ - Time $t = \frac{11}{12}$ years (since 11 months is $\frac{11}{12}$ of a year) 4. **Calculate the interest:** $$I = 29000 \times 0.059 \times \frac{11}{12}$$ 5. **Intermediate calculation:** $$I = 29000 \times 0.059 \times 0.9167$$ 6. **Multiply step-by-step:** $$29000 \times 0.059 = 1711$$ 7. **Then:** $$1711 \times 0.9167 \approx 1568.6$$ 8. **Final answer:** The simple interest is approximately **1568.60** to the nearest cent.