To go on a summer trip, Michael borrows $700. He makes no payments until the end of 2 years, when he pays off the entire loan. The tender charges simple Interest at an annual rate of 4%.
Answer the following questions. If necessary, refer to the list of financial formulas
Х
5
?
(a) How much total interest will Michael have to pay?
$
(b) What will the total repayment amount be (including interest)?
si
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