Q-5: The simple interest rate being charged on a $5000 loan is three-quarters of 1% per...
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Q-5: The simple interest rate being charged on a $5000 loan is three-quarters of 1% per month. If the principal and interest are to be paid in nine months, how much interest will be charged? Q-6: Lajos borrowed $5000 on April 7 at prime + 1%. The prime rate was initially 3%. It increased to 31/4 % effective May 23, and 31/2 % effective July 13. What amount was required to repay the loan on August 2? Q-5: The simple interest rate being charged on a $5000 loan is three-quarters of 1% per month. If the principal and interest are to be paid in nine months, how much interest will be charged? Q-6: Lajos borrowed $5000 on April 7 at prime + 1%. The prime rate was initially 3%. It increased to 31/4 % effective May 23, and 31/2 % effective July 13. What amount was required to repay the loan on August 2?
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