Question

dr. lee went to a bank to get a loan for some new furniture for the waiting area at her clinic. she wanted to borrow $5,000 to be paid back over 3 years. last week the interest rate was 4.25%. but this week theinterest rate went up to 4.50%. how much additional interest will Dr. lee pay because she waited the extra week

Answer 1

5000*(4.50%-4.25%)= 5000*0.25%=12.5 dollars

additional interest is 12.5 dollars.