Question

I need this by today, please help. Will give brainliest.

Annika's older cousin borrowed $800 to repair her car. she will pay off the loan after 2 years by paying back the principal plus 4.5% simple interest each year. How much will she spend in interest? How much will she pay back altogether?

Answer 1

Answer:

The equation below is provided:

$800 = principal amount borrowed/loaned

4.5% = interest per year

2 years = terms of payment

You need to know how much is the interest per year.

$800 * 4.5% = $36

Then, multiply the amount to the terms of payment to know the total amount of the interest to be paid.

$36 * 2 years = $72

The correct answer for the amount that Anika will spend for the interest is $72.