A good faith estimate is required by law to be given by the lender to the borrower within three days of submitting a loan applic
1 answer:
You might be interested in
Answer:
Anything that does not cost more than $2,560.00
Step-by-step explanation:
Provided that Nikita is spending money that she had invested and the amount she collected over the period of 7 years. She can buy any item that costs no more than $2,560.00 but how?
It is a problem of simple interest:
Here the principal amount (P) = $2,000.00
Interest rate (r) = 4%
Time period (t) = 7 years
So, total amount that she would get by the end of 7 years is:
Plugging the values we get:
So the interest collected over 7 years is $560.00
Therefore, the total amount after 7 years is:
If Nikita is using this money then the most expensive item that she could buy will cost no more than $2,560.00.
