Because this is simple interest, the interest is not compounded and the interest per year will stay the same. 14% x 3429 gives $480.06 interest per year; this times 2.8 (the number of years) gives total interest of 1344.17. The interest of 1344.17 plus the principal of 3429 totals 4773.17.
Apr 25th, 2015
Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.