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finlep [7]
3 years ago
10

You are thinking about buying a new car and will borrow $20,000 for this purchase at a 5 percent fixed rate for exactly one year

. The lender (correctly) assumes that inflation will be 2 percent this year. Based on the above information and assuming you adhere to the terms of the loan, you will pay back the lender exactly ________, which will represent ________ of purchasing power.
Business
1 answer:
natita [175]3 years ago
3 0

Answer:

You will pay back the lender exactly <u>$21,000</u>, which will represent <u>$20,600</u> of purchasing power.

Explanation:

you will pay back the lender exactly $21,000, which will represent $20,600 of purchasing power.

$20,000 for this purchase at a 5 percent fixed rate

=$20,000*5/100

=$20,000*0.05 = $1,000

=$20,000 + $1,000 = $21,000

Inflation will be 2 percent this year

=$20,000*2/100

=$20,000*0.02 = $400

=$20,000 + ($1,000 - $400)

=$20,000 + $600 = $20,600

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Lady_Fox [76]

Answer:

The correct answer is A.

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