Best’s fried chicken just took out an interest-only loan of $50,000 for three years with an interest rate of 8.15 percent. payments are to be made at the end of each year. what is the amount of the payment that will be due at the end of year 3?

54,075 Payment at Year 3

Explanation:

Because is an interest-only loan:

It will pay the principal completely and the interest for the year.

principal x rate = interest paid

50,000 x 0.0815 = 4,075

+ 50,000 principal

54,075 Payment at Year 3

Remember:

interes-only loan means during the life of the loan the monthly or annual payment are for the interest. At maturity, the principal is fully paid.

if it is for a job, then you should learn everything you can about the job, like what does it involve, what qualification is required and how you are the right person for that job. dress appropriately for the interview. get plenty of rest the night before. good luck!

answerimplicit;