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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asked Oct 26, 2019 109k views

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Zorkolot · Answer 1 · 2019-10-30T02:25:20+0000

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.

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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