Question 1050515

a man borrowed 8480 $ for 4 years at 4% simple interest.how much money he have to save annually to pay his doubt 
<pre>Simple interest for 4 years: $1,356.80
Amount to be repaid in 4 years: $8,480 + 1,356.80 = $9,836.80
Amount he needs to save each year: {{{highlight_green(matrix(1,3, "$9,836.8"/4, or, "$2,459.20"))}}}