The interest to be paid after 2 years is $765.84
The total interest to be paid after 4 years is $1531.68
What is the simple interest?
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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