ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A farmer can borrow $8, 000 for planting supplies at the county bank for 12 months at a simple interest rate of 9 percent. He can also borrow the same amount from the city bank in the county seat for 12 months at a compound interest rate of 6 percent. How much will the farmer owe if he borrows from the city bank?
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$480
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$8, 720
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$8, 480
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$720
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Explanation:
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