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dedylja [7]
10 months ago
14

an amount of 16000 is borrowed for 8 years at 3% interest, compounded annually. if the loan is paid in full at the end of that p

eriod, how much must be paid back?
Business
1 answer:
bezimeni [28]10 months ago
4 0

He must pay back 20268.32 of amount after borrowing 16000 for 8 years at the interest rate of  3% for one year.

<h3>How to calculate loan amount ?</h3>
  • The term "Loan Amount" refers to the sum of money we currently owe you for this mortgage. The loan amount may also include other fees, interest , defaulted payments, interest on defaulted payments, principal, and interest on unpaid principal.
  • The amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate. The total interest on a loaned or borrowed sum is determined by the principal amount.

Amount he borrowed = 16000

No. of years = 8 years

Rate of interest = 3%

Calculate full amount (A) :

Equation for A = P(1 + r/n)^(nt)

A =  16000(1 + .03)^8

A = 20268.32

He need to pay 20268.32 after 8 years.

To learn more about Loan amount refer :

brainly.com/question/26011426

#SPJ4

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3 0
1 year ago
Chun Hei is carrying out a marketing research study. Even after seeking all reasonable available secondary data sources, she has
stepan [7]

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Primary data

Explanation:

Since the available secondary data are not sufficient for the marketing research study, Chun Hei must collect primary data.

Primary data unlike secondary data are data that were not in existence beforehand. Such a data can not be found in any journals, books, websites or data sites. To get primary data a researcher has to go into the field and they can collect these data through questionnaires, surveys or interviews. Chun Hei will get the information she needs from first hand sources.

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Taylor's Hardware is acquiring The Corner Store for $50,000 in cash. Taylor's has 2,200 shares of stock outstanding at a market
Katena32 [7]

Answer:

$27,000

Explanation:

Taylor share                              $39,600

(2,200 * 18)

Add: Corner share Acquired    $35,100

(1,300 * 27)  

Add: incremental value             $2,300

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Value of Taylor's Hardware     <u>$27,000</u>

after the acquisition

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