A man borrowed $3700 from a bank for 6 months A friend was cosigner of the man's personal note. The bank collected 3 simple interest on thedate of maturitya) How much did the man pay for the use of the money?b) Determine the amount he repaid to the bank on the due date of the notea) The man paid Sfor the use of the money

On simple interest it should be noted that the interest amount is computed only on the principal…

Answered: A man bonowed $3700 from a bank for 6…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A man bonowed $3700 from a bank for 6 months A friend was cosigner of the man's personal note. The bank collected 3% simple interest on the date of maturity a) How much did the man pay for the use of the money? b) Determine the amount he repaid to the bank on the due date of the note