Calculate the simple interest on $4,000,000 at 5% per annum for 2 years.

Teisman asked Jul 14, 2023

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Teisman asked Jul 14, 2023

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25 votes

Answer:

400,000

Explanation:

In total, you would be paying 400,000 for 2 years for the interest.

So, for one year, the interest would be 200,000. The monthly rate would be 16,666.6667.

Leonzen answered Jul 20, 2023

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