AS
Answered
Winchell Plastics plans to buy a new delivery truck. The company can borrow $16,000 for 15 months at 15% compounded monthly. If Winchell borrows the money at this rate, how much will it have to pay in interest? (Use Tables 16-1A&B or a calculator.)
On Sep 23, 2024
0.15 ¸ 12 = 0.0125; 15 months; $16,000 ´ 1.20483 = $19,277.28;
$19,277.28 - $16,000 = $3,277.28 interest