Now we change in the expression of the interest rate. Here it is not expressed on an annual basis, but for a specific period of time. Calculate the simple commercial interest of: (a) $45,000 for 2 years 7 months 10 days at 2.15% quarterly. b) $38,400 for 9 months 25 days at 1.25% per month.
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
3.-
Now we change in the expression of the interest rate. Here it is not expressed on an annual basis, but for a specific period of time. Calculate the simple commercial interest of:
(a) $45,000 for 2 years 7 months 10 days at 2.15% quarterly.
b) $38,400 for 9 months 25 days at 1.25% per month.
Note:
The original exercise is in the image, it is in Spanish, but it is easy to understand.
Another note:
Please put the procedure explained, thank you very much for your attention bartleby expert!
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