Nick Borrowed $2000 for 4 Years and 3 Months at 8

question 128

Essay

Nick borrowed $2000 for 4 years and 3 months at 8% simple interest.
a. How much interest will Nick have to pay?
b. What will be the total amount that he has to pay back?

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Definitions:

Internal Reference

A predetermined or fixed point within a system used as a standard for measurement or comparison.

ICON

A graphical symbol representing a program, function, data, or file on a computer interface.

Function Blocks

In industrial automation, function blocks are pre-defined program instructions used to perform specific logical, arithmetic, or control functions in programmable controllers.