You borrow $3750 to buy new fitness equipment.The simple interest rate is 2%. You pay the loan off after 4 years. What is the total amount you paid for the loan? Item 17 You borrow $3750 to buy new fitness equipment.The simple interest rate is 2%. You pay the loan off after 4 years. What is the total amount you paid for the loan?
Provided the 2% interest rate. The interest itself over a period of 4 years, compounds to $300. Thus, the total interest plus the cost of the fitness equipment would be a total of, $4,050.
