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24 September, 16:47

Jose borrows $200 for 2 years at a rate of 8% simple interest calculated annually. How much will he have to pay back at the end of 2 years?

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  1. 24 September, 17:05
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    Annually = per year

    200 at 8% the first year would be

    200 • 0.08 = 16 per year

    2 years = 32 dollars in interest at the end of 2 years
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