Simple Interest Problems Set 6 Question 1
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Question 1
The Capital City Bank loaned Garret an amount of $4000 in order to get an oven. The Capital City Bank loaned him the $4000 at an interest rate of 6% per annum, with a 48 month term.
What is the total amount of interest that Garret will have to pay back over the period of 48 months to the Capital City Bank? How much money in total will Garret end up paying back?