Objective [2.9] A. You need a simple interest bridge loan to cover the costs of buying...
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Objective [2.9] A. You need a simple interest bridge loan to cover the costs of buying a new home while waiting to close on your old one. You need to finance $70,000 and bank will charge 7%. How much interest will you pay if you needed the loan for 2 months? Interest =$ (nearest $1) B. Your friend needs a loan of $5,000 for 10 months. You tell him for the simple interest loan service he needs to pay you back $5,333.33. What is the simple interest rate on your friendly loan? Interest Rate= % Objective [2.9] A. You need a simple interest bridge loan to cover the costs of buying a new home while waiting to close on your old one. You need to finance $70,000 and bank will charge 7%. How much interest will you pay if you needed the loan for 2 months? Interest =$ (nearest $1) B. Your friend needs a loan of $5,000 for 10 months. You tell him for the simple interest loan service he needs to pay you back $5,333.33. What is the simple interest rate on your friendly loan? Interest Rate= %
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Answer A Principal amount70000 Interest rate7 Time period2 months Interes... View the full answer
Related Book For
Cost Management Measuring Monitoring and Motivating Performance
ISBN: 978-0470769423
2nd edition
Authors: Leslie G. Eldenburg, Susan K. Wolcott
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