To go on a summer trip, Hong borrows $500. He makes no payments until the end of 4 years, when he pays off the entire loan. The lender charges simple interest at an annual rate of 5%. Answer the following questions. If necessary, refer to the list of financial formulas. 3 ? (a) How much total interest will Hong have to pay? $. (b) What will the total repayment amount be (including interest)? si