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22 December, 21:18

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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  1. 22 December, 21:38
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    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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