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
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