How much do you pay total when you pay off the loan

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Reference no: EM13655674

1. You decide to take out a simple interest loan for $5000, at 7% yearly interest on the date that unit 4 starts for you. If you repay the loan on December 31st (at the end of the current year)...

a) How much interest do you pay?

b) How much do you pay total when you pay off the loan

Reference no: EM13655674

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