Question

HELP PLEASE

Meredith borrows $12,560 and pays 2 percent simple interest each year for 4 years. What is the total amount of
interest that she will pay on the loan?
$25120
$1,004.80 $
$11,555.20
$13,564.80

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$12560\\ r=rate\to 2\%\to (2)/(100)\dotfill &0.02\\ t=years\dotfill &4 \end{cases} \\\\\\ I = (12560)(0.02)(4)\implies I=1004.80`

Answer 2

$1,004.8

Explanation:

hope this helps