a man borrows 28000 for 3 years with an interest rate of 1.7. what is the amount of money owed after 3 years?

A simple interest problem is the type where you borrow the $28,000.00 at 1.7% and you are to pay it all back in one payment in three years.

For this type problem, use the formula;  i  =  prt,

where  i  represents the amount of interest owed                (what you want to figure out)

          p  represents the principal (amount borrowed)           ($28,000.00

          r  represents the interest rate, as a decimal               (1.7%  =  0.017)

          t  represents the time                                              (3 years)

  i  =  Prt   ===>   i  =  (28000)(.017)(3)   ===>  i  =  $1428.00

So, you will have to pay back the original amount, $28000.00, plus the interest earned, $1428.00, for a total of   $29,428.00.

(This assumes that you make no month payments, or any other complication.)

If you need more  hlep  on interest rate go to this site http://www.calculator.net/interest-rate-calculator.html?cloanamount=28000&cloanterm=3&cmonthlypay=600&x=39&y=12

Geno's answer appears to be good but I think you left some info out of your question.  :)