2. $4200 is invested for 9 months at an annual simple interest rate of 12%. How much interest will be earned? Round your answer to the nearest cent, if necessary

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Q: $4200 is invested for 9 months at an annual simple interest rate of 12%. How much interest will be…

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A: Answer 1: Information Provided: Present value = $10,000 Time = 5 months Interest rate = 2%

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Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.