shyanneemory shyanneemory

03-03-2019
Mathematics

contestada

Jose borrows $200 for 2 years at a rate of 8% simple interest calculated annually. How much will he have to pay back at the end of 2 years?

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dannybreckin dannybreckin

03-03-2019

Annually= per year

200 at 8% the first year would be
200 • 0.08 = 16 per year
2 years = 32 dollars in interest at the end of 2 years

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