Let's begin by listing out the information given to us:
time (t) = 22 months = 22/12, interest rate = 9% = 0.09, interest = $23
The formula for simple interest is given by:
[tex]\begin{gathered} A=P(1+rt) \\ 23=P(1+0.09\cdot\frac{22}{12}) \\ 23=P(1+0.165) \\ 23=P(1.165)\Rightarrow P(1.165)=23 \\ P(1.165)=23 \\ P=\frac{23}{1.165}=19.74 \\ P=\text{ \$19.74} \end{gathered}[/tex]Therefore, the maximum amount Ginger can borrow is $19.74
