A company's interest rate for acquiring outside capital is 6.5% compounded annually. If $35,000 must be...
A company's interest rate for acquiring outside capital is 6.5% compounded annually. If $35,000 must be borrowed for 5 years, what is the total amount of interest?
Homework Answers
|
Amount = P(1+R/100)^N = 35,000(1+6.5/100)^5 = 47953 Interest = 47953 - 35,000 = 12,953 |
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A company's interest rate for acquiring outside capital
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