Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need four parts please and one line answer no full explanation required.Thank you. a)I nedd to find the interest paid on a loan of $1,200

Need four parts please and one line answer no full explanation required.Thank you.

a)I nedd to find the interest paid on a loan of $1,200 for three years at a simple interest rate of 5% per year.

b)Determine the maturity value of a loan of $1,750 for 28 months at 9.8% simple interest per year.

c)Determine the simple interest rate of a loan of $5,000 that is made for three years and requires $1,762.50 in interest.

d)A loan of $16,840 is borrowed at simple interest of 9% and is repaid with $4,167.90 interest. Determine the loan duration?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Inside Company Valuation

Authors: Angelo Corelli

1st Edition

3319537822, 9783319537825

More Books

Students also viewed these Finance questions

Question

When is the x-intercept of a line the same as the y-intercept?

Answered: 1 week ago

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago