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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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Oct 26, 2019
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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
Mathematics
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Nattalia
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Answer:13,564.80
Explanation:
took test
Barak Schiller
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Oct 27, 2019
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Barak Schiller
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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.
Zorkolot
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Oct 30, 2019
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