Calculate the simple interest to be paid on a loan with the given principal, annual percentage rate,
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Calculate the simple interest to be paid on a loan with the given principal, annual percentage rate, and number of years. Then, calculate the loan payoff amount.
1. Principal \(P=\$ 4,000\), annual interest rate \(r=5.5 \%\), and number of years \(t=4\)
2. Principal \(P=\$ 14,800\), annual interest rate \(r=7.9 \%\), and number of years \(t=7\)
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