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Author Question: Principal of $259 000 on a house is mortgaged at a rate of 3.7% amortized over a period of 25 years ... (Read 56 times)

jace

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on: Jun 6, 2019

Question 1

The simple interest rate being charged on a $10 000 is 0.5% per month. What is the total amount paid, if the entire loan is paid in 9 months?

Question 2

Principal of $259 000 on a house is mortgaged at a rate of 3.7% amortized over a period of 25 years resulting into a total interest of $137 178.49. The bank also offers simple interest for the customers, who do not want to pay compound interest. If bank wishes to earn the same amount of interest over the period of 25 years, what rate will the bank charge to its customers, if the loan is paid in equal annual installments?
Contemporary Business Mathematics with Canadian Applications ¦ Hummelbrunner, Halliday, Coombs ¦ 11th Edition
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Marked as best answer by jace on Jun 6, 2019

atrochim

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Reply #1 on: Jun 6, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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jace

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Reply 2 on: Jun 6, 2019
Thanks for the timely response, appreciate it

alexanderhamilton

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Reply 3 on: Yesterday
Excellent

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