Question

Meredith borrows 12560 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

Answer 1

Answer:

$13564.8

Step-by-step explanation:

Step one:

given data

principal= $12560

rate= 2%= 0.02

time= 4years

Required:

the simple interest

Step two:

the expression for the simple interest is

A= P(1+rt)

substitute

A=12560(1+0.02*4)

A=12560(1+0.08)

A=12560(1.08)

A=13564.8

$13564.8

Answer 2

it's C (11,555.20)

now have a nice day guys