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Bob plans to borrow $8,000 for five years. The loan will be repaid with a single payment after 5 years, and the interest on the loan will be computed using the simple interest method at an annual rate of 8 percent. How much will Bob have to pay in 5 years? How much will he have to pay at maturity if he's required to make annual interest payments at the end of each year?

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Simple Interest

Bob plans to borrow $8,000 for five years. The loan will be repaid with a single payment after 5 years, and the interest on ...

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