1. An investment broker bought some stock at $87.89 per share and sold it after 3 months...

Question:

1. An investment broker bought some stock at $87.89 per share and sold it after 3 months for $105.34 per share. What was the annual simple interest rate earned on this transaction?

2. A couple feels they can afford a monthly house payment of $2000 and would like a 30-year fixed rate loan. Currently the rate for such a loan is 4.8% compounded monthly. To the nearest dollar, how much can the couple afford to borrow?

Broker
A broker is someone or something that acts as an intermediary third party, managing transactions between two other entities. A broker is a person or company authorized to buy and sell stocks or other investments. They are the ones responsible for...