Grace takes out a loan of $9,573.00 at a 4% simple rate for 4 years. a) How much interest will be paid after 2 years? b) How much total interest will be paid for this loan?

Simple interest rate is the interest that is paid only on the principal portion of a loan. This means that the debtor does not pays interest on the interest rate already accrued.

Simple interest = principal x time x interest rate

$9573 x 2 x 0,04 =$765.84

$9573 x 4 x 0,04 = $1531.68

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Grace takes out a loan of $9,573.00 at a 4% simple rate for 4 years. a) How much interest will be paid after 2 years? b) How much total interest will be paid for this loan?​

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What is the simple interest?

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Grace takes out a loan of $9,573.00 at a 4% simple rate for 4 years. a) How much interest will be paid after 2 years? b) How much total interest will be paid for this loan?