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To calculate the total amount due after 2 years, first determine the interest accrued over that time. The formula for simple interest is ( I = P \times r \times t ), where ( P ) is the principal ($4300), ( r ) is the monthly interest rate (2.1% or 0.021), and ( t ) is the time in months (24 months).
Calculating the interest:
[ I = 4300 \times 0.021 \times 24 = 4300 \times 0.504 = 2167.20 ]
Adding the interest to the principal gives the total amount due:
[ Total = Principal + Interest = 4300 + 2167.20 = 6467.20 ]
Thus, after 2 years, you will owe $6467.20.
What else can I help you with?
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