To go on a summer trip, Michael borrows $700. He makes no payments until the end of 5 years, when he pays off the entire loan. The lender charges simple interest at an annual rate of 2%.

years, when he pays off the entire loan. The lender charges simple To go on a summer trip, Michael borrows $700. He makes no payments until the end of interest at an annual rate of 2%. Answer the following questions. If necessary, refer to the list of financial formulas. (a) How much total interest will Michael have to pay? s ? (b) What will the total repayment amount be (including interest)? si