Respuesta :
Jamie would pay $720 in interest in 4 years
The amount of interest he would have to pay = amount borrowed x interest rate x time
Amount borrowed = cost of the TV - amount put down
$1250 - $250 = $1000
Interest rate = 18%
Time = 4 years
Interest = 1000 x 0.18 x 4 = $720
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Interest is indeed the loan cost, in which the borrower pays this same lender a fee for the loan. Income is either simple or compounded, typically expressed in percentage. In this, the interest is $720, that's calculation can be defined as follows:
Given:
- Rate of Interest [tex]= 18\%[/tex]
- Time = 4 years
Using Formula:
[tex]\to \bold{\text{Interest =amount borrowed}}\times \bold{\text{interest rate}}\times \bold{\text{time}}\\\\\to \bold{\text{Borrowed amount = Television cost}} - \bold{\text{amount proclaimed}}[/tex]
Calculating Borrowed amount:
[tex]\text{} =\$1250 - \$250 =\$1000[/tex]
Calculating Interest:
[tex]\bold{= 1000 \times 18\% \times 4} \\\\\bold{= 1000 \times \frac{18}{100} \times 4} \\\\\bold{= 10 \times 18 \times 4} \\\\\bold{=\$ 720}[/tex]
Therefore, In 4 years Jamie would pay $720 as interest.
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