If a lender makes a simple loan of $600 for 3 years and charges 5%, then the amount that the lender receive at maturity is $ 694.58. (Round your response to the nearest two decimal place) If a lender makes a simple loan of $500 for one year and charges $150 interest, then the simple interest rate on that loan is 30 %. (Round your response to the nearest whole number) 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 OA. 5.0% OB. 65% OC. 6.0% OD. 6.5%
If a lender makes a simple loan of $600 for 3 years and charges 5%, then the amount that the lender receive at maturity is $ 694.58. (Round your response to the nearest two decimal place) If a lender makes a simple loan of $500 for one year and charges $150 interest, then the simple interest rate on that loan is 30 %. (Round your response to the nearest whole number) 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 OA. 5.0% OB. 65% OC. 6.0% OD. 6.5%
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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![If a lender makes a simple loan of $600 for 3 years and charges 5%, then the amount that the lender receive at maturity is $ 694.58. (Round your response to the nearest two decimal place)
If a lender makes a simple loan of $500 for one year and charges $150 interest, then the simple interest rate on that loan is 30%. (Round your response to the nearest whole number)
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
OA 5.0%
OB. 65%
OC. 6.0%
OD. 6.5%
pages
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Transcribed Image Text:If a lender makes a simple loan of $600 for 3 years and charges 5%, then the amount that the lender receive at maturity is $ 694.58. (Round your response to the nearest two decimal place)
If a lender makes a simple loan of $500 for one year and charges $150 interest, then the simple interest rate on that loan is 30%. (Round your response to the nearest whole number)
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
OA 5.0%
OB. 65%
OC. 6.0%
OD. 6.5%
pages
Get more bate
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