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If a lender makes a simple loan of ​$400 for 2 years and charges 7​%, then...

If a lender makes a simple loan of ​$400 for 2 years and charges 7​%, then the amount that the lender receive at maturity is ​$ nothing. ​(Round your response to the nearest two decimal​ place)

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Expert Solution

Loan $        400.00
Perid in years 2
Interesr 7%
Interest type Simple
Interest= Loan*interest*time
Interest= 400*7%*2
Interest= $          56.00
Amount payable= 400+56
Amount payable= $        456.00

jeff jeffy answered 2 years ago
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