To go on a summer trip, Hans borrows $600. He makes no payments until the end of 2 years, when he pays off the entire loan. The lender charges simple interest at an annual rate of 4%.
Answer the following questions. If necessary, refer to the list of financial formulas.
(a) How much total interest will Hans have to pay?
$
(b) What will the total repayment amount be (including interest)?
$