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Meredith borrows 12560 and pays 2 percent simple interest each year for four years what is the total that she will pay on the loan
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3 votes
Meredith borrows 12560 and pays 2 percent simple interest each year for four years what is the total that she will pay on the loan

User Nattalia
by
8.4k points

2 Answers

5 votes

Answer:13,564.80

Explanation:

took test

User Barak Schiller
by
8.1k points
4 votes
We are going to use the Time Value of Money equation
Future Value = Present Value * (1 + interest rate)^number of years

Future Value = 12,560(1.02)^4

= 13,595.35

So Meredith will pay a return of 13,595.35 (units of money) on her loan.
User Zorkolot
by
7.8k points
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User Don Mackenzie
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