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 $80,000 and bank will charge 5%. How much interest will you pay if you needed the loan for 2 months? Interest =$ (nearest $1) B. Your friend needs a loan of $3,600 for 5 months. You tell him for the simple interest loan service he needs to pay you back $3,690.00. What is the simple interest rate on your friendly loan? Interest Rate= %

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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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 $80,000 and bank will charge 5%. How
much interest will you pay if you needed the loan for 2
months?
Interest =$
(nearest $1)
B.
Your friend needs a loan of $3,600 for 5 months. You tell him
for the simple interest loan service he needs to pay you
back $3,690.00. What is the simple interest rate on your
friendly loan?
Interest Rate=
%
Transcribed Image Text: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 $80,000 and bank will charge 5%. How much interest will you pay if you needed the loan for 2 months? Interest =$ (nearest $1) B. Your friend needs a loan of $3,600 for 5 months. You tell him for the simple interest loan service he needs to pay you back $3,690.00. What is the simple interest rate on your friendly loan? Interest Rate= %
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