Meredith borrows 12560 and pays 2 percent simple interest each year for four years what is the total that she will pay on the loan

Question

02-01-2018
Mathematics

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Meredith borrows 12560 and pays 2 percent simple interest each year for four years what is the total that she will pay on the loan

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sbcardinals sbcardinals · Answer 1 · 2018-01-02T07:07:30+01:00

sbcardinals sbcardinals

02-01-2018

We are going to use the Time Value of Money equation
Future Value = Present Value * (1 + interest rate)^number of years

Future Value = 12,560(1.02)^4

= 13,595.35

So Meredith will pay a return of 13,595.35 (units of money) on her loan.

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tyronejr0928 tyronejr0928 · Answer 2 · 2020-09-04T16:28:14+02:00

tyronejr0928 tyronejr0928

04-09-2020

Answer:13,564.80

Step-by-step explanation:

took test

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