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!