If a lender makes a simple loan of $400 for 5 years and charges 7%, then the amount that the lender receive at maturity is $.(Round your response to the nearest two decimal place) Part 2 If a lender makes a simple loan of $500 for one year and charges $70 interest, then the simple interest rate on that loan is %.(Round your response to the nearest whole number) Part 3 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
If a lender makes a simple loan of $400 for 5 years and charges 7%, then the amount that the lender receive at maturity is $.(Round your response to the nearest two decimal place) Part 2 If a lender makes a simple loan of $500 for one year and charges $70 interest, then the simple interest rate on that loan is %.(Round your response to the nearest whole number) Part 3 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
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter13: Capital, Interest, Entrepreneurship, And Corporate Finance
Section: Chapter Questions
Problem 13PAE
Related questions
Question
If a lender makes a simple loan of $400 for 5 years and charges 7%, then the amount that the lender receive at maturity is $.
(Round your response to the nearest two decimal place)
(Round your response to the nearest two decimal place)
Part 2
If a lender makes a simple loan of $500 for one year and charges $70 interest, then the simple interest rate on that loan is %.
(Round your response to the nearest whole number)
(Round your response to the nearest whole number)
Part 3
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
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