A $1000 note charges simple interest of 7% for a 6-month loan. a) Find the maturity value of the note. ______ b) If equal payments are to be made, find the monthly payment. _____

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
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A $1000 note charges simple interest of 7% for a 6-month loan. a) Find the maturity value of the note. ______ b) If equal payments are to be made, find the monthly payment. _____
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