What is the purpose of a bridge loan?
Answer to relevant QuestionsDistinguish between bank discount and simple interest. How much will you pay for a $10,000 automobile in 20 years if the inflation rate averages 3 percent per year for 20 years? Joe Jones went to his bank to find out how long it will take for $1,000 to amount to $1,350 at 9 percent simple interest. Solve Joe's problem. The face values of a simple interest note and bank discount note are $8,000 each. Assume both notes have 8.75 percent interest rates for 60 days. Calculate the following: a. The amount of interest charged for each. b. The ...Mr. Bates is creating a college fund for his daughter. He will put in $850 at the end of each year for the next 15 years. He expects to earn 6.35% annually. How much money will his daughter have in her college fund?
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