You borrow $350 from your parents this year and will have to borrow $350 again in two years. They agree to charge at an effective annual interest rate of 6%. After one year, you receive a 705 bonus check at work. Because you know you like to spend money when you get it, you decide to pay off all your debts with your parents (past and future) and this time. Will your bonus check cover?

Answer rating: 100% (QA)

bonus check of 705 wont cover all your debts to your parents Heres the breakdown Loan 1 You b... View the full answer