Jamie is saving for a trip to europe. she has an existing savings account that earns 2 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 5 percent.

a. if jamie were to withdraw the $1,500 from her savings account to finance the trip, how much interest would she forgo? $. if jamie borrows the $1,500 how much will she pay in interest? $

forgo interest = $30

interest = $75

Explanation:

given data

annual interest = 2%

current balance = $4,500

borrow = $1,500

annual interest rate = 5 percent

to find out

how much interest would she forgo and how much will she pay in interest

solution

first we get here Forgo interest that is here

forgo interest = withdrawal amount × interest rate 1

put here value we get

forgo interest = $1500 × 2%

forgo interest = $30

and

now w get here pay in interest that is

interest = amount borrow × interest rate 2

put here value we get

interest = $1500 × 5%

interest = $75

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- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

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- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

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