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Taylor plans to borrow $4500 from the bank to purchase a used vehicle if he borrows the money at the rate of 4% interest for two years what is the total amount we will have to pay back to the bank

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JeanaShupp

Answer:   $ 4860

Step-by-step explanation:

Formula : Amount = P (1+rt) , P = principal value , r= rate of interest , t= time

Given ; P= $4500  , r =  4% = 0.04 , t = 2years

Total amount we will have to pay back to the bank = [tex]4500(1+0.04\times 2)[/tex]

[tex]=4500(1+0.08)\\\\=4500(1.08)\\\\=\$ 4860[/tex]

Hence, the total amount we will have to pay back to the bank = $ 4860

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