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Freddy Mercury received a $1100 loan from the bank for a new appliance. The bank is using the simple interest formula for this two-year, 4% loan. What is his total interest

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Based on the amount of the loan and the interest rate on it, Freddy Mercury's total interest is $88

How much interest will be charged?

First find the annual interest:

= 1,100 x 4%

= $44

In two years, this interest becomes:

= 44 x 2

= $88

Find out more on simple interest at https://brainly.com/question/20690803

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