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N76 [4]
3 years ago
11

Meredith borrows 12560 and pays 2 percent simple interest each year for 4 years what is the total amount of interest that she wi

ll pay on the loan
Mathematics
1 answer:
devlian [24]3 years ago
6 0

Answer:

$13564.8

Step-by-step explanation:

Step one:

given data

principal= $12560

rate= 2%= 0.02

time= 4years

<u>Required:</u>

<u>the simple interest</u>

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

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