milo3107 milo3107

15-01-2020
Business

contestada

If a firm borrows $8 comma 000 from households at an annual interest rate of 6 percent, how much will the firm pay in interest payments each year?

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khaqanelahi khaqanelahi

16-01-2020

Answer:

The firm will pay 480 dollars each year as interest payment.

Explanation:

The interest amount is calculated by multiplying the rate of interest with the amount borrowed. In problem loan is 8,000 dollars and rate of interest is 6%, so the interest amount will be calculated as follow

Interest payment = 8,000 * 6% = 480 dollars

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