Question

Taliyah plans to borrow $4500 from the bank to purchase a used vehicle. If she borrows the money at a rate of 4% simple interest for 2 years, what is the total amount she will have to pay back to the bank

Answer 1

2250

Explanation:

you times 4500 with 2 and get 9000. Then, you take the 9000 and divide it by 4 and get 2250.

Answer 2

$4860

Explanation:

First, converting R percent to r a decimal

r = R/100 = 4%/100 = 0.04 per year,

then, solving our equation

I = 4500 × 0.04 × 2 = 360

I = $ 360.00

The simple interest accumulated

on a principal of $ 4,500.00

at a rate of 4% per year

for 2 years is $ 360.00.