Question

According to the California State Treasurer's Office's Debt Affordability Report, it states that California currently owes $80 billion. It pays 4% interest on it. California's economic output (Gross State Product, GSP) is $3,630 billion and its budget is $200 billion. What share of California's state budget goes toward interest payments? Report here in decimals.

Name: according to the california state treasurers offices debt affordability report it states that california currently owes 80 billion it pays 4 interest on it californias economic output gross 44012
Uploaded: 2021-12-12T15:40:46-08:00
Duration: 2 min 57 s
Channel: Ramesh Rajak
Description: according to the california state treasurers offices debt affordability report it states that california currently owes 80 billion it pays 4 interest on it californias economic output gross 44012

          According to the California State Treasurer's Office's Debt Affordability Report, it states that California currently owes $80 billion. It pays 4% interest on it. California's economic output (Gross State Product, GSP) is $3,630 billion and its budget is $200 billion. What share of California's state budget goes toward interest payments? Report here in decimals.

Added by Catherine R.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Ramesh Rajak

12/12/2021

Step 1

Interest payments = $80 billion * 4% = $3.2 billion Show more…

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According to the California State Treasurer's Office's Debt Affordability Report, it states that California currently owes $80 billion. It pays 4% interest on it. California's economic output (Gross State Product, GSP) is $3,630 billion and its budget is $200 billion. What share of California's state budget goes toward interest payments? Report here in decimals.