Dr. lee went to a bank to get a loan for some new furniture for the waiting area at her clinic. she wanted to borrow $5,000 to be paid back over 3 years. last week the interest rate was 4.25%. but this week theinterest rate went up to 4.50%. how much additional interest will Dr. lee pay because she waited the extra week

Question

Billy Rush

12 December, 19:03

+5

Answers (1)

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Grace · Answer 1

5000 * (4.50%-4.25%) = 5000*0.25%=12.5 dollars

additional interest is 12.5 dollars.