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