A
The money borrowed from a bank is called the...?
Principal
The principal amount of a loan was $4,385. If the interest on the loan was $740, then how much is to be paid back to the bank?
$5,125
$2,000 is the principal of a loan. The interest rate is 9% and the loan needs to be paid back in 5 years. Calculate the simple interest.
$900
How many months are there in 4 years?
48 months
What is the added amount of money onto a loan called?
Interest
Bill is borrowing $68,425 from his local bank in order to fix up his current home. The interest rate for bills loan was 7.25% and the length was 11.5 years. Calculate the simple interest and the total amount Bill owes to the bank.
I = $57,049.24
Bill Owes = $125,474.34
Alexa owes the bank $7,318.84
Simple Interest was $1,629.07
How much did Alexa borrow from the bank?
$5,689.77
To buy a house a loan of $750,000 was needed. If the interest rate is 4.8% and the length of the loan is for 30 years, then calculate the simple interest.
$1,080,000
A loan of $12,670 needs to be paid back monthly. If the length of the loan is for 8 years, calculate the estimated monthly amounts to pay the bank.
12,670 / 96 = $131.98
Max borrowed $800 from the bank. She was told from the bank that her interest rate would be 8.2% and that she would need to pay the bank back in 10 months. Calculate the simple interest.
$54.67