If a lender makes a simple loan of $800 for 2 years and charges 3%, then...
If a lender makes a simple loan of $800 for 2 years and charges 3%, 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 $2500 for one year and charges $30 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?
A.6.5%
B.5.0%
C.65%
D.6.0%
Homework Answers
1. Ans: $848.72
Explanation:
Maturity value or Future value ( F ) = P * ( 1 + i )n
= $800 ( 1 + 0.03 )2
= $800 ( 1.03 )2
= $800 * 1.0609
= $848.72
2. Ans: 1.2 %
Explanation:
Total interest earned in 1 year = $30
Total loan amount = $2500
So the simple interest on that loan = (30 / 2500 ) *100
= 0.012 * 100
= 1.2
3. Ans: A ) 6.5%
Explanation:
Total interest earned in 1 year = $106.50 - $100 = $6.50
So the simple interest on this loan = (6.50 / 100 )* 100
= 0.065 * 100
= 6.5
Add Answer to:
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