$248
Explanations:
Let the money borrowed be the Principal, P = $200
Interest rate, R = 2%
Number of years, T = 12 years
The total amount to pay back will be:
Amount = Principal + Interest
Let us calculate the Interest, using the formula:
[tex]\begin{gathered} \text{Interest = }\frac{PRT}{100} \\ \text{Interest = }\frac{200\times2\times12}{100} \\ \text{Interest = 2}\times2\times12 \\ \text{Interest = 48} \end{gathered}[/tex]Interest = $48
Amount = Principal + Interest
Amount = $200 + $48
Amount = $248
You will pay back $248 altogether
