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30 September, 22:03

Annika's older cousin bored $800 to repair her car. she will pay off the loan after 2 years buy paying back the principal plus 4.5% simple interest each year. HOw much will she spend in interest?

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  1. 30 September, 22:12
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    The equation below is provided:

    $800 = principal amount borrowed/loaned

    4.5% = interest per year

    2 years = terms of payment

    You need to know how much is the interest per year.

    $800 * 4.5% = $36

    Then, multiply the amount to the terms of payment to know the total amount of the interest to be paid.

    $36 * 2 years = $72

    The correct answer for the amount that Anika will spend for the interest is $72.
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