SOLUTION: How do you calculate the amount of interest paid on a loan for $4,000 for 2 years at 2.99%?

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Question 392883: How do you calculate the amount of interest paid on a loan for $4,000 for 2 years at 2.99%?
Answer by ankor@dixie-net.com(22740) About Me  (Show Source):
You can put this solution on YOUR website!
How do you calculate the amount of interest paid on a loan for $4,000 for 2 years at 2.99%?
:
If it's just simple interest calculate the total amt paid
A = 4000(1.0299)^2
A = $4242.77 - 4000 = 242.77 is the total interest