Simple Interest Problems Set 4 Question 1
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Question 1
Darien managed to get a loan for $4000 from the Citizens Business Bank to help pay for a table. The $4000 was obtained at an interest rate of 4% per annum, and a period of 36 months.
What is the total amount of interest that Darien will have to pay back over the period of 36 months to the Citizens Business Bank? How much money in total will Darien end up paying back?