Simple Interest Problems Set 3 Question 1
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Question 1
Joshua managed to get a loan for $4000 from the People's United Bank in order to get an amplifier. The People's United Bank loaned him the $4000 at an interest rate of 10% per annum, with a 24 month term.
How much interest will Joshua have to pay back to the People's United Bank over the 24 months? What's the total amount of money that the People's United Bank will end up getting back from Joshua?