Ask Question
BusinessBusiness
22 June, 09:42

Hugh curtin borrowed $35,000 on july 1, 2017. this amount plus accrued interest at 8% compounded annually is to be repaid on july 1, 2022. how much will hugh have to repay on july 1, 2022?

+4
Answers (1)
  1. 22 June, 11:39
    0
    Answer: $49,000

    Explanation: In order to calculate how much he will need to repay we first need to calculate the amount of interest that he will pay. The formula for interest is Interest = Principal x rate x time.

    Using the formula, Interest = $35,000 x. 08 x 5, Interest = $14,000

    On July 1, 2022 Hugh will need to repay the principal that he borrowed, which was $35,000 plus the interest of $14,000, which is a total of $49,000.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Hugh curtin borrowed $35,000 on july 1, 2017. this amount plus accrued interest at 8% compounded annually is to be repaid on july 1, 2022. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
What is the future value of $1,270 in 16 years assuming an interest rate of 9 percent compounded semiannually?
Answers (1)
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 7.6 ounces $ 4.00 per ounce $ 30.40 Direct labor 0.5 hours $ 10.00 per hour $ 5.
Answers (1)
In formal table service, all cutlery must be lined up
Answers (1)
A vendor asks its business partners to place logos or banners on their Web sites. If customers click on a logo, visit the vendor's site, and make a purchase, then the vendor pays a commission to the partner.
Answers (1)
Companies that engage in global marketing must continually monitor economic and social trends to protect their position within the market and adjust products and marketing strategies to meet the changing needs of global markets. True False
Answers (1)
New Questions in Business
New seasons market, a locally owned and operated one-stop grocery store based in portland, oregon is committed to providing local products for its particular customer base.
Answers (1)
In 2010, the FTC added all of the following recommendations to its privacy guidelines except: A. firms should increase the transparency of their data collection. B.
Answers (1)
Simon, a trainer, meets with his team to discuss the possibility of senior engineers training the new engineers.
Answers (1)
Although horses were once a very important factor of production, the development of automobiles and other machinery reduced the demand for their use. This is an example of: a higher prices of substitute factors shifting demand for horses to the left.
Answers (1)
The impairment rule for goodwill involves how many steps? (a) 1 (b) 2 (c) 3 (d) 4
Answers (1)
Home » Business » Hugh curtin borrowed $35,000 on july 1, 2017. this amount plus accrued interest at 8% compounded annually is to be repaid on july 1, 2022. how much will hugh have to repay on july 1, 2022?
Sign Up Forgot Password?