If a lender makes a simple loan of $400 for 5 years and charges 7%, then the amount that the lender receive at maturity is $.(Round your response to the nearest two decimal place) Part 2 If a lender makes a simple loan of $500 for one year and charges $70 interest, then the simple interest rate on that loan is %.(Round your response to the nearest whole number) Part 3 If a borrower must repay $106.50 one year from today in order to receive a simple loan of $100 today, the simple interest on this loan is

If a lender makes a simple loan of $400 for 5 years and charges 7%, then the amount that the lender receive at maturity is $.(Round your response to the nearest two decimal place) Part 2 If a lender makes a simple loan of $500 for one year and charges $70 interest, then the simple interest rate on that loan is %.(Round your response to the nearest whole number) Part 3 If a borrower must repay $106.50 one year from today in order to receive a simple loan of $100 today, the simple interest on this loan is

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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Part 2

If a lender makes a simple loan of $500 for one year and charges $70 interest, then the simple interest rate on that loan is %.
(Round your response to the nearest whole number)

Part 3

If a borrower must repay $106.50 one year from today in order to receive a simple loan of $100 today, the simple interest on this loan is

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