Question: 1. Find the interest paid on a loan of $2,400 for one year at a 2% simple interest rate of 11% per year.
2. Find the interest paid on a loan of $800 at 8(1/2)% annual simple interest for two years.
3. How much interest will have to be paid on a loan of $7,980 for two years at a simple interest rate of 6.2% per year?