a) Henry takes out a $650 discounted loan with a simple interest rate of 12% for a period of 7 months. How much money does Henry receive into his bank account when the loan is drawn down? Give your answer in dollars and cents to the nearest cent.
b) For a $250,000 mortgage, with an interest rate of 6% paid over 25 years, the monthly payment is $1,610.75. After one month, what is the balance of the loan? Give your answer to the nearest dollar.