math
posted by martin sostre .
yhank you very much for solving the question i asked yesterday:the two parners in a business, one partner mortgaged business property to his copartner for $15,000 at 12% interest. no payments were ever made for 17 yearsyour answer was "assuming the interest is compounded yearly"the money owedis: A=$15000*1.12^17=$102,990.61. but if the interest is not compounded how much is owed ?

I looked at the solution that MathMate gave you.
I would have done it the same way.
In this day and age interest would be calculated by compounding.
If you want simple interest then the problem is even easier
interest for the 17 years = 15000(.12)(12) = ....
add that to 15000 
thanks again for your answer to my question about a 15000 mortgage at 12%interest on which no payments were ever made for 17 years.your answer for smple interest (since n.j. prohibits compound interest)was "interest for the 17 years=15000(.12(12)= add that to 15000 i don't understand what(.12)(12) means so i cannot add that to 15000.excuse me for being math ignorant.

It was probably a typo, make that:
interest for the 17 years = 15000(.12)(17)
which is equivalent to $1800 a year for interest. 
thanks, igot it now. one more question: how many states prohibit compounding interest rates in mortgages?

how many states in the u.s.a. prohibit compouding interest in mortgages?

how many states in u.s.a. prohibit compound interest in mortgages?
Respond to this Question
Similar Questions

Business Law
In each of following situtations. is there any violation of fiduciary relationship by a partner. In each case, indicate whether it would make difference if the partnership was informed of and/or approved the transaction. 1. Partner … 
business
Congratulations! You have decided to start a new business! You will begin a partnership with one other business associate that you trust and have known for several years. You plan to hire three managers and another twenty employees. … 
Business law
Should a petition of involuntary chapter 7 bankruptcy be granted to one partner of a 4 partner company that has quit paying debt due to disagreements between partners on more money needed than planned? 
Business
18. Ray Seo has $5,000 to invest in a small business venture. His partner has promised to pay him back $8,200 in five years. What is the return earned on this investment? 
business math
two partners in a business. one partner mortgaged business property to his copartner for $15,000.00 at 12% a year interest. no payments were ever made for 17 years. how much is owed? 
math
in new jersey compounding interest is prohibited.so whatwould be owed in the case of the business partner giving his copartner a 15000 mortgage at 12%interest and no payments were made in 17 years. 
MAth
1. Johnâ€™s loans for his business total $155,000. One of the loans is a SBA loan at 11% interest; the other loan is a Community Business Partner loan whose interest is 6.5% After one year the loans accumulated $12,325 in interest. … 
math
Two business partners, Ellen and Bob, invested money in their business at a ratio of 3 to 7. Bob invested the greater amount. The total amount invested was $200. How much did each partner invest. 
business finance
Stacy took out a loan for $15,000. Her note was for 300 days at 5% ordinary interest. On day 100 she made a partial payment of $5,000. On day 200 she made a second payment of $5,000. On day 250 she made yet a third payment of $2,500. … 
Math
Two business partners, Ellen and Bob, invested money in their business at a ratio of 6 to 7. Bob invested the greater amount. The total amount invested was $260. How much did each partner invest?