1) How much interest will Pam earn in 4 if she invests $3000 in an account that pays 3.5% simple interest?

2) How much interest will Roxanne have to pay if she borrow $2000 for 2 years at a simple interest rate of 4%.

1). Interest = P x years x rate =. 3000 x 4 x0.035 = 420

Answer: $ 420

2. Again interest = 2000 x 2 x 0.04 = 160

Answer: $ 160

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