What is the total interest you have paid, Finance Basics

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What is the total interest you have paid

A bank advertises loans with an annual interest rate of 6%. If you borrow $40,000 from the bank and pay it back with equal annual payments over 7 years,

(a) What is your annual payment?

(b) What is the total interest (in dollars) you have paid to the bank over the life of the loan? Show a cash flow diagram from the standpoint of the borrower. Show your work and final answer(s).

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Finance Basics: What is the total interest you have paid

Reference No:- TGS0725064

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

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Q : Develop expression for vmax-average velocity and flow rate

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Request for Solution File

Ask an Expert for Answer!!

Finance Basics: What is the total interest you have paid

Reference No:- TGS0725064

Recent Questions Asked Finance Basics

Q : Compare the reliability of two machines

Q : How much must the company save each year to have

Q : Finding the spring constant of the spring

Q : What is the angular frequency of the motion

Q : What is the total interest you have paid

Q : Determine quality of the steam at the turbine exit

Q : What is the potential difference across plates of capacitor

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Q : Develop expression for vmax-average velocity and flow rate

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