Question

Meredith borrows $12,560 and pays 2% simple interest each year for 4 years. What is the total amount of interest that she will pay on the loan? ​

Answer 1

its b

Explanation:

Answer 2

A = $13,564.80

Explanation:

First, converting R percent to r a decimal

r = R/100 = 2%/100 = 0.02 per year.

Solving our equation:

A = 12560(1 + (0.02 × 4)) = 13564.8

A = $13,564.80

The total amount accrued, principal plus interest, from simple interest on a principal of $12,560.00 at a rate of 2% per year for 4 years is $13,564.80.