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Let's say that Jose borrows $200 for 2 years at a rate of 8% simple interest calculated annually. How much total will he have to pay back at the end of two years?



Answer :

The formula is Interest = Principal * Rate * Time

I = 200 * 2 * 0.08
I = 400 * 0.08
I = 32

He would have to pay $232 in total.
SillyGeese

Answer:

232$ Hope this Helps

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