You borrow $650 and promise to pay back $793 at the end of 1 year. % You lend $650 and the borrower promises to pay you $793 at the end of 1 year. % You borrow $90,000 and promise to pay back $187,376 at the end of 6 years. %
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.
Find the interest rates earned on each of the following. Round your answers to the nearest whole number.
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You borrow $650 and promise to pay back $793 at the end of 1 year.
%
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You lend $650 and the borrower promises to pay you $793 at the end of 1 year.
%
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You borrow $90,000 and promise to pay back $187,376 at the end of 6 years.
%
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You borrow $11,000 and promise to make payments of $3,359.50 at the end of each year for 5 years.
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