Welcome to Westonci.ca, your ultimate destination for finding answers to a wide range of questions from experts. Connect with a community of experts ready to help you find accurate solutions to your questions quickly and efficiently. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.
Sagot :
Purchase price=$80,000
Total amount to be paid in the next 4 years(including principle and interest amount)=$23,500/year*4 years=$94,000
Total interest grummet will pay over 4 years would be the total amount to be paid in the next 4 years less purchase price(principle), ie.94000-80000=$14,000
In finance and economics, interest is the amount paid by a borrower or deposit-taking financial institution to a lender or depositor in excess of the repayment of the principal at a specified rate. It is different from a fee that a borrower can pay to a lender or a third party. Wikipedia
Interest is the price paid for borrowing money or the cost charged for lending money. Interest is usually given as an annual percentage of the loan amount. This percentage is called the interest rate on the loan. For example, if you deposit money in a savings account, the bank will pay you interest.
Learn more about interest here
https://brainly.com/question/24924853
#SPJ4
Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.
