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Cassandra has a loan of $35,720. This loan has a simple interest rate of 4% per year. What is the amount of interest Cassandra will pay on this loan at the end of two years? $2,…

Cassandra has a loan of $35,720. This loan has a simple interest rate of 4% per year. What is the amount of interest Cassandra will pay on this loan at the end of two years? $2,…
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Cassandra has a loan of $35,720. This loan has a simple interest rate of 4% per year.

What is the amount of interest Cassandra will pay on this loan at the end of two years?
$2,857.60
$38,577.60
$1,428.80
$5,715.20

User AndaluZ
by
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1 Answer

4 votes
$2857.60 because when yu multiply the loan times the % yu get 1428.80 because it’s the end of 1 year and the question is asking for the end of 2 years so yu have to double it.
User Biswajit Maji
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