Julia had to borrow $2000 at a rate of 12% for one year to buy a new car. She ...
✅ The verified answer to this question is available below. Our community-reviewed solutions help you understand the material better.
Julia had to borrow $2000 at a rate of 12% for one year to buy a new car. She heard that the Reserve Bank may decrease the interest rate, so the rate on her loan would decrease to 10%.
If the rate decreases to 10% after six months,
how much interest does she pay in total over the whole year? Assume the interest is paid annually.
Enter a whole number only, with no special characters like % or dollar signs, and no letters. For example, if the answer is 8127.25, then enter 8127; if the answer is -81272, then enter -81272. Do not enter any space before or after the number, and do not include any thousands separator.Want instant access to all verified answers on learning.monash.edu?
Get Unlimited Answers To Exam Questions - Install Crowdly Extension Now!