Let's assume that a carpenter borrowed $2 comma 000 to be paid off in a year to finance a machine that would make him work fast

Question

4 years ago

7

Let's assume that a carpenter borrowed $2 comma 000 to be paid off in a year to finance a machine that would make him work fast

er. As a result, he is able to take on more projects and collect $400 more earnings in the first year, after paying off the principal of $2 comma 000. However, there is a 12% rental fee (interest) on his loan that he also has to pay off. The carpenter earned an extra $ nothing in the first year. (Round your response to the nearest dollar)

Business

1 answer:

Savatey [412] · Answer 1 · 2022-01-09T13:37:40+03:00

Savatey [412]4 years ago

6 0

Answer:

The carpenter earned an extra $ nothing in the first year.

$160

Explanation:

Loan 2000

% interest 12%

FV=C*(1+I)

FV=2000*(1+12%)

FV=2000*1,12

FV=2240

Loan = 2000

Interest=240

Earn=400

Extra earning=400-240

Extra earning=160

Let's assume that a carpenter borrowed ​$2 comma 000 to be paid off in a year to finance a machine that would make him work fast

Let's assume that a carpenter borrowed $2 comma 000 to be paid off in a year to finance a machine that would make him work fast