23,535 views
23 votes
23 votes
If you borrow $200 for 12 years at

an annual interest rate of 2%, how
much will you pay altogether

User Diyism
by
2.7k points

2 Answers

15 votes
15 votes

Answer: If you borrow $200 for 12 years at an annual interest rate of 2%, then we have to pay $248 altogether.

Explanation:

What is the Percentage?

percentage, a relative value indicating the hundredth parts of any quantity.

Given,

If you borrow $200 for 12 years at an annual interest rate of 2%

We need to find 2% of 200.

Firstly we have to convert 2% to a decimal number by dividing by 100.

2/100=0.02

Now we have to multiply 0.02 with 200

0.02×200=4

For a month it is four.

Now we are calculating for the year

4×12=48

So now the interest amount is 48.

Now add 48 and 200

48+200

248

Hence, If you borrow $200 for 12 years at an annual interest rate of 2%, then we have to pay $248 altogether.

Hope I Helped!

User Jayde
by
2.7k points
19 votes
19 votes
16.66 is the answer major guess tho
User Antonicg
by
2.5k points