Answered: 7. Lawrence takes out a loan for $8000…

7. Lawrence takes out a loan for $8000 to start a business after high school. The bank charges him 8% interest for the loan. After 8 years how much interest will be added on to the loan?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter17: Financial Markets

Section: Chapter Questions

Problem 6SCQ: What is the total amount of interest from a 5,000 loan after three years with a simple interest rate...

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7. Lawrence takes out a loan for $8000 to start a business after high school. The bank charges
him 8% interest for the loan. After 8 years how much interest will be added on to the loan?

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