5.1 Q2

A. You need a simple interest bridge loan to cover the costs of buying a new home while waiting to close on your old one. You need to finance $61,000 and bank will charge 3.5%. How much interest will you pay if you needed the loan for 2 months? Interest =$ (nearest $1) B. Your friend needs a loan of $4,600 for 6 months. You tell him for the simple interest loan service he needs to pay you back $4,807.00. What is the simple interest rate on your friendly loan? Interest Rate= %