1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
inysia [295]
3 years ago
7

Jamie is saving for a trip to Europe. She has an existing savings account that earns 2 percent annual interest and has a current

balance of $4,500. Jamie doesn’t want to use her current savings for vacation, so she decides to borrow the $1,500 she needs for travel expenses. She will repay the loan in exactly one year. The annual interest rate is 5 percent.
a. If Jamie were to withdraw the $1,500 from her savings account to finance the trip, how much interest would she forgo? $_________b. If Jamie borrows the $1,500 how much will she pay in interest? $__________
Business
1 answer:
Alona [7]3 years ago
7 0

Answer:

forgo interest = $30

interest = $75

Explanation:

given data

annual interest = 2%

current balance = $4,500

borrow = $1,500

annual interest rate = 5 percent

to find out

how much interest would she forgo and how much will she pay in interest

solution

first we get here Forgo interest that is here

forgo interest = withdrawal amount × interest rate ..........................1

put here value we get

forgo interest = $1500 × 2%

forgo interest = $30

and

now w get here pay in interest that is

interest = amount borrow × interest rate ..........................2

put here value we get

interest = $1500 × 5%

interest = $75

You might be interested in
One common strategy for attracting the most buyers, which can be accomplished through several tactics, is:
vekshin1
The answer is : Lowering production cost

If we lower the production cost, it will give us the ability to lower the product's price (which will attract a lot of buyers) without have to lower your revenue margin.

Lowering production costs could be accomplished through several tactics, such as : building a more modern factory, finding a cheaper resources supplier. outsourcing the labor to a cheaper country, etc

4 0
3 years ago
PLEASE HELP QUICKLY: (FIRST ANSWER GETS BRAINLIEST)
Georgia [21]

Answer:

the answer is C. People who earn a college degree are likely to earn more than those who have a high school education

5 0
2 years ago
An electronic card that is directly connected to a checking account is known as a ____.
dalvyx [7]
C) Credit card is an electronic card directly connected to a checking account
8 0
3 years ago
Read 2 more answers
To respond to the structure of its industry, an organization should choose a __________.
Usimov [2.4K]
To respond to the structure of its industry, an organization should choose a __________.

Competitive strategy
8 0
2 years ago
Tristan owns a local flower shop. His customers are already finding him online, but he's curious whether Google My Business can
Tema [17]

Answer: By responding to reviews

Explanation:

Google my business can also help Tristan respond to reviews/comments made by customers online about his business. Google my business is a tool which business owners make use of, to make their business easily accessible when searched about online and it provides a section for reviews which a business can respond to.

4 0
3 years ago
Other questions:
  • Cottage Co. deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close o
    11·1 answer
  • Which is the best option for someone who wants to improve his or her credit and pay less interest on the debt? $15 a month becau
    5·2 answers
  • Which type of financial institution is owned by its depositors and borrowers?
    11·1 answer
  • If bank a borrows from bank b, reserves in the banking system __________. if bank a borrows from the fed, reserves in the bankin
    8·1 answer
  • Financial literacy includes information about income, banking, loans, and credit cards.
    6·2 answers
  • The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed a.histori
    12·1 answer
  • WILL GIVE BRAINLIEST HELP ASAP
    9·2 answers
  • PLEASE HELP!!! I NEED HELP WITH THE WHOLE TEST SOMEONE PLS HELP
    8·1 answer
  • Identify at least three ways in which the company sought to differentiate itself from rival jewelry firms.
    11·1 answer
  • Mintzberg proposed that an organization has five common elements that may have differing sizes and functions depending on purpos
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!