Kim needs to borrow money. In order to borrow money he writes a note that states...

 

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Kim needs to borrow money. In order to borrow money he writes a note that states that he will pay $4280.00 to whoever brings him back the note 12 months later. Kim sells the note to Donald for $4000.00. However, 3 months after he purchased the note, Donald needed his money back, so he sells the note to Vladimir for $3990.00. Vladimir keeps the note until maturity. What is the rate of simple interest for Kim? a. 29.07% b.-0.25% C-1.00% d. 7.00% e. 9.69% QUESTION 4 You need to borrow money. Bank I offers loans at 14.00% compounded yearly. Bank 2 offers loans at 13.77% compounded quarterly, Bank 3 offers loans at 12.66% compounded continuously. Which bank do you choose for your loan? a Bank 1 b. Bank 3 c. Bank 2 Kim needs to borrow money. In order to borrow money he writes a note that states that he will pay $4280.00 to whoever brings him back the note 12 months later. Kim sells the note to Donald for $4000.00. However, 3 months after he purchased the note, Donald needed his money back, so he sells the note to Vladimir for $3990.00. Vladimir keeps the note until maturity. What is the rate of simple interest for Kim? a. 29.07% b.-0.25% C-1.00% d. 7.00% e. 9.69% QUESTION 4 You need to borrow money. Bank I offers loans at 14.00% compounded yearly. Bank 2 offers loans at 13.77% compounded quarterly, Bank 3 offers loans at 12.66% compounded continuously. Which bank do you choose for your loan? a Bank 1 b. Bank 3 c. Bank 2

Answer rating: 100% (QA)

To solve the question we will use the formula A P1 rt With A 428000 P 400000 t 12... View the full answer