Question

Taylor plans to borrow $4,500 from the bank to purchase a used vehicle. If he borrows the money at a rate of4% interest for 2 years, what is the total amount be will have to pay back to the bank?

Answer 1

Answer: $4,860

Step by Step: to find out what she pays in total, you have to find out what number is 4% of 4500, so you multiply .04 by 4500 to get 180. multiply that by two to get the total amount of interest he has to pay. then add it to the loan to get 4,860.