# Question #0da47

##### 1 Answer

Mar 18, 2017

#### Answer:

In this type of question you must state if simple interest or compound. If compound the time cycle for the interest calculation must also be stated.

After 4 years the interest paid is

#### Explanation:

The % symbol is a bit like a unit of measurement but one that is worth

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Assumption. The given percentage rate of 1.5% is annual and the interest type is simple.

Annually the interest is fixed at