You lend a friend ​$10,000​, for which your friend will repay you ​$27,027 at the end of 5 years. What interest rate are you charging your​ "friend"?       Question content area bottom Part 1 The interest rate you are charging your friend on the loan is enter your response here​%.

Q: Find the amount (in $) of interest on the loan. Principal $90,000 Rate (%) m/+ Time 9 months LA…

A: Step 1 The amount a lender charges a borrower is called an interest rate, and it is expressed as a…

Q: You want to buy a $199,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…

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Q: O =FV(0.0525/12,12 15,-87500) 12x15 .0525 = 875000 (1+ 12 12x15 .0525 87500 12 0.0525 x 15 x 12 x…

A: mortgage amount =87500 interest rate =5.25 monthly interest =5.25/12 Period =15 years.

Q: Intro You make a one-time investment of $400 and leave it for 5 years, earning an annual interest…

A:

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A: Home value = $465,000Mortgage period = 30 yearsDown payment = 30% = 465000 * 0.3 = $139,500Loan…

Q: Practice Question 2You need to borrow $800,000 to buy a house.You borrow the money from a bank via…

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Q: question 17

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Q: klp.4

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Q: Question 3 of 3: If you borrow $2,000 with 5% interest compounded annually, how much total interest…

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Q: Charlie takes out a loan for $5,000 with an annual simple interest rate of 12%. How much interest…

A: Interest = Principal * rate * time Principal = $5000 rate = 12% time = 4 years

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.