Question

Rita has taken out a loan for $2000 to help pay for a car. The 2-year loan has 12% simple annual interest. What is the total amount of money that she will have paid back at the end of the 2 years?

Answer 1

$480

Explanation:

Assuming she dosen't miss any payments, after 2 years she will have paid $480 as 12% of 2000 is 240 and 240 times 2 = 480.

Hope this helps!

Answer 2

2,480

Explanation:

The answer is 2,480! :D