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On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody...
On September 12, Jody Jansen went to Sunshine Bank to borrow $200 at 6% interest Jody...
On September 12, Jody Jansen went to Sunshine Bank to borrow $200 at 6% interest Jody plans to repay the loan on January 27 Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? (Do not round intermediete calculetions. Round your answer to the nearest cent) b, what is the total amount Jody must repay at maturity? (D。not round intermediate calculations. Round your answer to the nearest cent.)...
On July 14, Jennifer Rick went to Park Bank to borrow $1,800 at 7 % interest....
On July 14, Jennifer Rick went to Park Bank to borrow $1,800 at 7 % interest. Jennifer plans to repay the loan on March 27 Assume the loan is on ordinary interest. (Use Days ina year table.) a. What interest will Jennifer owe on March 27? (Do not round intermediate calculations. Round your answer to the nearest cent.) Interest b. What is the total amount Jennifer must repay at maturity? (Do not round intermediate calculations. Round your answer to the...
Simple Interest USE A 360 DAY YEAR Calculate the simple interest amount and the future value...
Simple Interest USE A 360 DAY YEAR Calculate the simple interest amount and the future value using the simple interest formula. 365 day year Principal Interest Rate Time Simple Interest Amount Future Value $ 18,000 4.5% 18 months $ 21,000 5% 1.75 Years $ 18,000 7.25% 9 months $ 1,000 8% 93 days $ 585 9% 193 days $ 1,200 12% 187 days 1) Leslie Hart borrowed $15,000 to pay for her child’s education. Leslie must repay the loan...
To borrow $2,300. you are offered an add-on interest loan at 10.3 percent with 12 monthly...
To borrow $2,300. you are offered an add-on interest loan at 10.3 percent with 12 monthly payments. Compute the 12 equal payments. (Round your answer to 2 decimal places.) Use the amount you borrowed and the monthly payments you computed to calculate the APR of the loan. Then, use that APR to compute the EAR of the loan. (Do not round intermediate calculations and round your final answer to 2 decimal places.)
On May 3, 2017, Leven Corp. negotiated a short-term loan of $705,000. The loan is due...
On May 3, 2017, Leven Corp. negotiated a short-term loan of $705,000. The loan is due October 1, 2017, and carries a 5.70% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Maturity value:
On April 5, 2017, Janeen Camoct took out an 11.25% loan for $35,000. The loan is...
On April 5, 2017, Janeen Camoct took out an 11.25% loan for $35,000. The loan is due March 9, 2018. Use ordinary interest to calculate the interest. What total amount will Janeen pay on March 9, 2018? (Use Days in a year table.) (Do not round Intermediate calculations. Round your answer to the nearest cent.) Maturity value
On May 3, 2017, Leven Corp. negotiated a short-term loan of $660,000. The loan is due...
On May 3, 2017, Leven Corp. negotiated a short-term loan of $660,000. The loan is due October 1, 2017, and carries a 5.40% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume...
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume the loan is for 270 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate You were offered the opportunity to purchase either...
Solve for maturity value, discount period, bank discount, and proceeds.
Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) (Do not round intermediate calculations. Round your final answers to the nearest cent.)
Given Principal $14,5ee, Interest Rate 8%, Time 24e days (use ordinary interest) Partial payments: On 108th...
Given Principal $14,5ee, Interest Rate 8%, Time 24e days (use ordinary interest) Partial payments: On 108th day, $5,6ee On 18eth day, $3,300 6. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round Intermediate calculations. Round your answer to the nearest cent.) Total interest cost | b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.)...
On September 12, Jody Jansen went to Sunshine Bank to borrow $200 at 6% interest Jody plans to repay the loan on January 27 Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? (Do not round intermediete calculetions. Round your answer to the nearest cent) b, what is the total amount Jody must repay at maturity? (D。not round intermediate calculations. Round your answer to the nearest cent.)...
On July 14, Jennifer Rick went to Park Bank to borrow $1,800 at 7 % interest. Jennifer plans to repay the loan on March 27 Assume the loan is on ordinary interest. (Use Days ina year table.) a. What interest will Jennifer owe on March 27? (Do not round intermediate calculations. Round your answer to the nearest cent.) Interest b. What is the total amount Jennifer must repay at maturity? (Do not round intermediate calculations. Round your answer to the...
On April 5, 2017, Janeen Camoct took out an 11.25% loan for $35,000. The loan is due March 9, 2018. Use ordinary interest to calculate the interest. What total amount will Janeen pay on March 9, 2018? (Use Days in a year table.) (Do not round Intermediate calculations. Round your answer to the nearest cent.) Maturity value
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume the loan is for 270 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate You were offered the opportunity to purchase either...
Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) (Do not round intermediate calculations. Round your final answers to the nearest cent.)
Given Principal $14,5ee, Interest Rate 8%, Time 24e days (use ordinary interest) Partial payments: On 108th day, $5,6ee On 18eth day, $3,300 6. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round Intermediate calculations. Round your answer to the nearest cent.) Total interest cost | b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.)...
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