Q.1) If You borrow $1000 for 4 years from a bank that charges 5% annual simple...

 

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Q.1) If You borrow $1000 for 4 years from a bank that charges 5% annual simple interest, how much interest will you owe at the end of the four years? How much (in total: interest + principal) will you pay to the bank at the end of the four years? Q.1) If You borrow $1000 for 4 years from a bank that charges 5% annual simple interest, how much interest will you owe at the end of the four years? How much (in total: interest + principal) will you pay to the bank at the end of the four years?

Answer rating: 100% (QA)

To solve this we need to use the formula for calculating simple intere... View the full answer