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.)