Business
Business, 04.05.2021 16:50, shelby8385

Jamie is saving for a trip to Europe. She has an existing savings account that earns 3 percent annual interest and has a current balance of $4,500. Jamie doesn’t want to use her current savings for vacation, so she decides to borrow the $1,500 she needs for travel expenses. She will repay the loan in exactly one year. The annual interest rate is 10 percent. a. If Jamie were to withdraw the $1,500 from her savings account to finance the trip, how much interest would she forgo? $__b. If Jamie borrows the $1,500 how much will she pay in interest? $___c. How much does the trip cost her if she borrows rather than dip into her savings? $ ___

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