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Brums [2.3K]
3 years ago
7

Christy needs $25,000 to purchase a new car. she borrows this amount at an interest rate of 8% for 5 years. what is the amount o

f interest that will be paid?
Business
1 answer:
gulaghasi [49]3 years ago
8 0
Principle is the amount borrowed or invested in or from a bank or a financial institution. In this case the principle is $ 25,000, interest rate is 8% and the interest period is 5 years.
Thus amount to be paid after a period of 5 years will be 25,000 ( 1 +0.08)∧5
= 25,000 (1.08)∧5
=25,000 × 1.4693 
 =$36,733.20
To calculate the interest we subtract the principle sum from the Amount to be paid. 
= $36733.20- $25000=11733.20
Therefore, interest =$ 11733.20
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