A Contractor wishes to borrow $250,000 to finance a construction project. The interest rate is 7.5%...

 

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A Contractor wishes to borrow $250,000 to finance a construction project. The interest rate is 7.5% per year. If the borrowed amount and the interest are paid back after 4 years, what will be the total amount of repayment, and what portion of this amount will be the interest. (Round to the nearest dollar) A Contractor would like to set aside enough money today in an interest-bearing account to have $250,000 four years and six months from now for the financing of a construction project. Assume interest rate on the investment of 7.5% per year. How much should the contractor set aside? A Contractor wishes to borrow $250,000 to finance a construction project. The interest rate is 7.5% per year. If the borrowed amount and the interest are paid back after 4 years, what will be the total amount of repayment, and what portion of this amount will be the interest. (Round to the nearest dollar) A Contractor would like to set aside enough money today in an interest-bearing account to have $250,000 four years and six months from now for the financing of a construction project. Assume interest rate on the investment of 7.5% per year. How much should the contractor set aside?

Answer rating: 100% (QA)

1 To calculate the total amount of repayment and the interest portion for the loan you can use the f... View the full answer