MBF3C - Algonquin Achievement Centre

When you deposit money in a bank account, you lend your money to the bank. The bank then pays you for the use of the money. The money earned from the bank is called interest. ... She can finance the car through the dealership at 8.7% compounded monthly for 48 months. She does not have a down payment so she plans to borrow all $35 000. ................
................