In order to purchase manufacturing equipment, a company borrows $1,610,000 from a bank. The bank charges an interest rat
Posted: Sun May 29, 2022 8:06 pm
In order to purchase manufacturing equipment, a company borrows
$1,610,000 from a bank. The bank charges
an interest rate of 6.00% per year, compounded
annually. After 7 years, the company repays the bank in one
single payment.
a) How much is the company required to pay the bank?
b) How much of the money the company pays the bank is to cover
the interest charges?
$1,610,000 from a bank. The bank charges
an interest rate of 6.00% per year, compounded
annually. After 7 years, the company repays the bank in one
single payment.
a) How much is the company required to pay the bank?
b) How much of the money the company pays the bank is to cover
the interest charges?