Tom quits his job where he was making $110,000/year. He borrows $200,000 from a bank to buy the necessary equipment to open a business. The interest on this loan is 7% /year. His expenses during the year are: $40,000 for supplies, $100,000 for salaries and 30,000 for rent. Total Revenues at the end of the year are $254,000 Economic Profit equals Group of answer choices $70,000 -$40,000 $294,000 $110,000 None of these answers is correct Zero $184,000