Homework Answers
Answer - 96. If jamie borrow $1600 for her vacation and pay interest of 6% in one year(i.e. 96). As she chooses this option jamie incurs a amount of $96 more for her vacation, because she has to repay that amount of $96 as interest of $1600 which she used for her vacation. Thus the trip would cost $96 more if she borrows money rather than to withdraw from her savings.
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