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17 February, 11:14

You borrow $3750 to buy new fitness equipment. The simple interest rate is 2%. You pay the loan off after 4 years. What is the total amount you paid for the loan? Item 17 You borrow $3750 to buy new fitness equipment. The simple interest rate is 2%. You pay the loan off after 4 years. What is the total amount you paid for the loan?

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  1. 17 February, 11:31
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    Provided the 2% interest rate. The interest itself over a period of 4 years, compounds to $300. Thus, the total interest plus the cost of the fitness equipment would be a total of, $4,050.
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