If a lender makes a simple loan of $400 for 3 years and charges 5%, then the amount that the lender receive at maturity is $. (Round your response to the nearest two decimal place) If a lender makes a simple loan of $2000 for one year and charges $110 interest, then the simple interest rate on that loan is %. (Round your response to the nearest whole number) If a borrower must repay $106.50 one year from today in order to receive a simple loan of $100 today, the simple interest on this loan is O A. 6.0% O B. 65% O C. 6.5% O D. 5.0%
If a lender makes a simple loan of $400 for 3 years and charges 5%, then the amount that the lender receive at maturity is $. (Round your response to the nearest two decimal place) If a lender makes a simple loan of $2000 for one year and charges $110 interest, then the simple interest rate on that loan is %. (Round your response to the nearest whole number) If a borrower must repay $106.50 one year from today in order to receive a simple loan of $100 today, the simple interest on this loan is O A. 6.0% O B. 65% O C. 6.5% O D. 5.0%
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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