7. Ziad charged AED 75 at an interest rate of 8. Iman received a AED 3,000 car loan. She 12.5%. How much will Ziad have to pay after one month if he makes no payments? Example 4) plans on paying off the loan in 2 years. At the end of 2 years, Iman will have paid AED 450 in interest. What is the simple interest rate on the car loan? (Example 5) M Justify Conclusions Karim has AED 4,200 to invest for college. a. If Pablo invests AED 4,200 for 3 years and earns AED 630, what is the 9. simple interest rate? b. Karim's goal is to have AED 5,000 after 4 years. Is this possible if he invests with a rate of return of 6%? Explain. Lesson 8 Financial Literacy: Simple Interest 171