4. Simple interest formula review: a. Ringo borrowed $3000 for 2 years at a 6% interest rate. i. How much interest will Ringo end up paying? The simple interest formula is I = Prt. i. How much, in total, will Ringo have to repay to his lender? b. Cynthia borrowed $5000 at a simple interest rate of 2.5% per year. After she paid everything back, she had paid $750 of interest. How many years did she take to repay the loan? c. Cynthia wants to borrow $5000 again, but she wants to pay less interest. What advice would you give Cynthia so that she could pay less interest?

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