7. On July 1, 2019, Company X borrows $20,000 for 2 years at a simple...
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7. On July 1, 2019, Company X borrows $20,000 for 2 years at a simple interest rate of 2% per year. What is the total amount of interest to be paid over the life of the loan?
$800
$400
$200
$1,000
8. Company X deposits $200,000 in a bank account for 10 years. Interest is 12% compounded quarterly. What is the value of the deposit at the end of the ten year period?
$61,312
$621,170
$652,408
$64,394
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