Final answer:
The total interest on a 4-year term loan of $1700 at a simple annual interest rate of 8% would be $544.
Step-by-step explanation:
The question asks what the total interest on a 4-year term loan of $1700 with a simple annual interest rate of 8% would be. To calculate the simple interest, the formula is Interest = Principal × Rate × Time. Applying the formula:
- Principal (P) = $1700
- Rate (R) = 8% or 0.08 (as a decimal)
- Time (T) = 4 years
Interest (I) = P × R × T
Interest (I) = $1700 × 0.08 × 4
Interest (I) = $544
Therefore, the total interest on the loan after 4 years would be $544.