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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?

Respuesta :

vikayejhei
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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