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Simple interest accrued over the length of the loan

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1. Matthew just paid off a loan he took out six months ago at 12% simple annual interest. He paid $3,816.00, which was the sum of the principal and the simple interest accrued over the length of the loan. What was the amount of principal he borrowed?

2. What is amount of interest I earned on $4,000 deposited in a savings account with 4% interest compounded annually after 4 years?

Reference no: EM131190240

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