Andy borrowed from the credit union for a 6 year term and was charged simple interest at an annual rate of 8%. The total interest that he paid was $2,400. How much money did he borrow?
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- David held a loan of $2,400 for 6 months and was charged interest of $132.00. What was the annual simple interest rate on this loan?Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?Salma borrowed $600from a bank for 2 years and was charged simple interest. The total interest that she paid on the loan was $84. As a percentage, what was the annual interest rate of her loan?
- Tom borrowed money from a credit union for 6 years and was charged simple interest at an annual rate of 8%. The total interest that he paid was $336. How much money did he borrow? If necessary, refer to the list of financial formulas. $ XJamie borrowed $900 from the Essex District Credit Union. The loan agreement provided for repayment of the loan in four equal monthly payments plus interest at 12% per annum calculated on the unpaid balance. What was the loan balance outstanding after the second payment? how much total interest did Jamie pay on this loan?Maya borrowed $700 from a lender that charged simple interest at an annual rate of 6%. When Maya paid off the loan, she paid $126 in interest. How long was the loan for, in years? If necessary, refer to the list of financial formulas.
- Kyle received a loan of $8,000 at 4.32% compounded semi-annually from a credit union to use as working capital for his business. He had to make semi-annual payments for a period of 4 years to settle the loan. a. Calculate the size of his payments. Round to the nearest cent b. What was the total interest paid during the period? Round to the nearest cent c. What was the interest portion of payment number 3?Cathy borrowed a student loan for $700 and agreed to pay off the loan $740 one month later. what is the annual interest rate? assume it's computed using simple intrestPatrick purchased a car and he obtained a 7-year term loan with an annual interest rate of 3.19%. The balance after the 36th payment was $6,368.37 and the balance after the 37th payment was $6,085.70. What was Patrick’s monthly payment?
- Brody borrowed from a bank at 5.06% compounded monthly; he settled the loan by repaying $4,460 at the end of every month for 2 years. a) What was the amount of loan received? $ b) What was the amount of interest charged?Daniel paid $825 simple interest on a $1400 loan for five years . What was the interest rate?Carol borrowed $5,200 and signed a straight note with an interest rate of 7% per annum. If she paid $1125 in interest during the term of the note, What was the term of the note?