Math

If lucy borrows the money (20 000) from the bank and agrees to pay it back over four years,how much interest will she pay at an interest rate of 12 percent

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  1. well, 12% of 20000 = 2400
    so, ...

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  2. Missing parts to this question:
    - is it simple or compound interest?
    (anytime over one year usually involves compound interest)
    - if compound interest, how is the rate compounded
    - are there period payments?
    - do the payment frequency match the compounding frequency?
    - are there monthly payments or a single payment at the end?

    each of these would result in a different answer.

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    Reiny

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