Interest Rate: 2.9% each year

Starting Balance: $25,000

Time Passed: 4 years

Round all answers to the nearest dollar (no cents, no dollar sign, use commas where appropriate.

(This might be the amount of a new car loan or some new furniture for the office. Look how much interest you pay if you pay off the car in 4 years. Consider driving your old car longer and saving up more for your down payment so you don't spend as much on interest.)

1- How much interest has accrued if we are using simple interest?

2- What is the new total balance?