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12 April, 13:40

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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  1. 12 April, 15:34
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    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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