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

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9360

Step-by-step explanation:

4500*1.04(2)

The initial 4500 she borrowed times 1.04 (the increasing percent) times 2 (the number of years)

Hope that helps!

the answer is 200

step-by-step explanation:

the way the question is worded, it seems to imply the $264 interest is simple interest, not compound interest.

the simple interest for 2 years is $264; the simple interest for 1 year is $132.

$132 interest on a $600 investment means an interest rate of (132/600)*100 = 22%.

the value of $200 at 22% interest compounded annually for three years is

200%281.22%29%5e3

the amount of interest is that value, minus the original $200.