Business 1st Year question

FratBro23
Category:
Business & Finance
Price: $5 USD

Question description

Martina Kelly wants to borrow 15000 euro over 3 years, which means she will have to repay 5000 euro off the loans, plus any intrest due, at the end of the year. 

Gilroy Finance Ltd. offered the money at a flat rate of 8% per annum, while Lynch Finance offered the money at 11% APR ( true rate ). Calculate the total interest on the loan if borrowed from each of the two lenders.


Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Cornell University
PREMIUM TUTOR
Studypool has helped 1,244,100 students
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1821 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors