Question

Brandy borrowed $12,500 from her dad and made an agreement to pay him

back over 4 years at an annual simple interest of 3%. What is the total amount
she will pay her dad over the 4 years?

Answer 1

14,000

Step-by-step explanation:

Answer 2

Around $14,069

Step-by-step explanation:

12500 × 0.03 = 375 12500 + 375 = 12875

12875 × 0.03 = 386.25 12875 + 386.25 = 13261.25

13261.25 × 0.03 ≈ 397.84 13261.25 + 397.84 = 13659.09

13659.09 × 0.03 ≈ 409.8 13659 + 409.8 = 14068.89