Question
In: Finance
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)
Solutions
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 agoRelated Solutions
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