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How much can Bryce borrow from a bank

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Question - Bryce has graduated and needs money for a new car. A bank will lend Bryce the money if Bryce pays back within four years and Bryce pays a rate of interest that a bank would otherwise get by saving money at an account. Bryce thinks that she will be able to pay 5000 in one year and then 8000 each year for the next three years. If a bank would otherwise earn 6% per year on savings, how much can Bryce borrow from a bank?

Reference no: EM132744547

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