If a lender makes a simple loan of $800 for 4 years and charges 3%,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 $1500 for one year and charges $50 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 $800 for 4 years and charges 3%,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 $1500 for one year and charges $50 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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
If a lender makes a simple loan of $800 for 4 years and charges 3%,
then the amount that the lender receive at maturity is $
(Round your response to the nearest two decimal place)
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 $1500 for one year and charges
$50 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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