You need a simple interest bridge loan to cover the costs of buying a new home while waiting to close on your old one. You need to finance $61,000 and bank will charge 3.5%. How much interest will you pay if you needed the loan for 2 months?
Interest =$ (nearest $1)
Your friend needs a loan of $4,600 for 6 months. You tell him for the simple interest loan service he needs to pay you back $4,807.00. What is the simple interest rate on your friendly loan?
Interest Rate= %
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