To go on a summer trip, Keith borrows $600. He makes no payments until the end of 2 years, when he pays off the entire loan. The lender charges simple interest at an annual rate of 4% Answer the following questions. If necessary, refer to the list of financial formulas (a) How much total interest will Keth have to pay? (b) What will the total repayment amount be (including interest)? $0
To go on a summer trip, Keith borrows $600. He makes no payments until the end of 2 years, when he pays off the entire loan. The lender charges simple interest at an annual rate of 4% Answer the following questions. If necessary, refer to the list of financial formulas (a) How much total interest will Keth have to pay? (b) What will the total repayment amount be (including interest)? $0
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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