What is the total amount of interest paid to the bank over 4 years period if you borrowed $89886 to be repaid in equal end of month payments over 4 years, monthly interest rate is 1%? Select one: O $118362 O $23586 O $146838 O $113472 O $28476

What is the total amount of interest paid to the bank over 4 years period if you borrowed $89886 to be repaid in equal end of month payments over 4 years, monthly interest rate is 1%? Select one: O $118362 O $23586 O $146838 O $113472 O $28476

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What is the total amount of interest paid to the bank over 4 years period if you borrowed $89886 to be repaid in equal end of month
payments over 4 years, monthly interest rate is 1%?
Select one:
O $118362
O $23586
O $146838
O $113472
O $28476

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