Using Banker's Rules
Using Banker's Rules
Find the simple interest owed if $430 is borrowed at 5.9% for 9 years.
Answer is 25:2 I can calculate only 8% interest rate
I'm confused on how simple interest works and I need some explanation on how to solve this problem.
Please explain how I work out this problem and what is the formula?: Merchant banks offer simple interest on all investments. Merchant bank A had an investor invest $10000 for 5 years. Merchant...
Luis loaned $3,000 to Jasmine at a simple interest rate of 4.91% p.a for 2 years and 7 months. Calculate the amount of interest charged at the end of the term
Joshua received a loan at 5% p.a. simple interest for 10 months. If he was charged an interest of $254.17 at the end of the period, what was the principal amount of the loan?
Karl invested his savings in a short-term fund that was offering a simple interest rate of 4% p.a. The maturity value of the investment at the end of 290 days was $32,160.67 A). Calculate...
Answer my question plz explain steps
michelle borrows $6000 in loans from two lenders. one charges 3.2% simple interest and the other charges 6.2% simple interest. at the end of 4yr, she will owe $888. how much did she borrow from each...
Ronald loaned $3,000 to Diana at a simple interest rate of 4.91% p.a for 2 years and 7 months. Calculate the amount of interest charged at the end of the term.
Debt payments of $1,150 and $2,000 are due in five months and nine months, respectively. What single payment is required to settle both debts in one month? Assume a simple interest rate of 5.20% p...
An investor earned $1,687.50 on an investment of $90,000 in 75 days. Find the annual simple interest rate earned on the investment.
Elaine loans her brother $150 and he pays her back $160 thirty days later. Find the simple interest rate.
What annual simple interest rate corresponds to an investment of $100 at 8% p.a. compounded monthly for 3 years? The answer according to the textbook is 9.01% p.a. and i don't understand how you get...
I need it with answer and steps withe formulla
after three months the interest is calculate, how much simple interest does your money earn
find the balance of the account
Katie invested a total of $5,000.00, part at 3% simple interest and part at 4% simple interest. At the end of 1 year, the investments had earned $171.00 interest. How much was invested at each rate...
can u answer this question for me please