dmitchell0107 dmitchell0107

06-09-2022
Mathematics

Answered

Yoko wants to buy a new house but needs money for the down payment. Her parents agree to lend her money at an annual rate of 5%, charged as simple interest. They lend her $8000 for 6 years. She makes no payments except the one at the end of that time.
Answer the following questions. If necessary, refer to the list of financial formulas.
(a) How much total interest will Yoko have to pay?

(b) What will the total repayment amount be (including interest)?

Answer :

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