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Vikki [24]
3 years ago
11

Your bank offers to lend you $114,400 at an 8.5% annual interest rate to start your new business. The terms require you to amort

ize the loan with 10 equal end-of-year payments. How much interest would you be paying in Year 2?
Computers and Technology
1 answer:
wlad13 [49]3 years ago
3 0

Answer: The amount of interest to be paid is $972

Explanation: This is gotten by firstly getting the amount of money to return per year without the interest which is $114400/10(years)= 11440

11440 is to be paid per year without interest. To get amount of interest is $11440*8.5/100 = $972 this is the amount of interest to be paid per year including in year 2.

Therefore, total amount of money together with interest to be paid each year and in year 2 = $11440+$972=12412.

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This question is imcomplete, here is the complete question

Edison wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacation is priced at $750. He has only $1,537 in his checking account, so he cannot afford to purchase both. After much thought, Edison buys the computer and writes a check for $1,299. Identify what role money plays in each of the following parts of the story. Hint: Select each role only once. Role of Money Medium of Exchange Unit of Account Store of Value Edison can easily determine that the price of the computer is more than the price of the vacation. Edison has $1,537 in his checking account. Edison writes a check for $1,299.

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