Interest for 12 months = 1700 x 12/15 = 1360
Interest rate = Interest expense / Principal x 100
= 1360 / 16000 x 100
= 8.5 %
Compute the rate for the following loan. Use ordinary interest. (Round answer to the nearest tenth...
Compute the principal for the loan. Use ordinary interest. (Round answer to the nearest cent) Principal Rate Time Interest 12.6% 160 days $896.00 Dodo - Format BIU A . .
Use ordinary interest: (Round your answer to the nearest cent.) Interest Date Date Principal Rate Borrowed Repaid $9,000 11% Apr. 20 Aug. 8 A Time Simple Interest B Amount Paid Back days
Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.) $22,000 after 8 years at 3% if the interest is compounded in the following ways. _________annually __________quarterly Find the effective rate of the compound interest rate or investment. (Round your answer to two decimal places.) 25% compounded monthly. [Note: This rate is a typical credit card interest rate, often stated as 2.1% per month.] ________% Since 2007, a particular fund returned 13.9% compounded monthly....
Find the interest rate on a loan charging $765 simple interest on a principal of $3750 after 6 years. __________ Find the simple interest on the loan. $1900 at 8% for 10 years. _________ Find the term of a loan of $225 at 3.5% if the simple interest is $63. __________ Determine the amount due on the compound interest loan. (Round your answers to the nearest cent.) $16,000 at 4% for 15 years if the interest is compounded in the...
Please show work :) Complete the following using ordinary interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value to the nearest cent.) Exact time Interest Maturity value Principal Interest rate $ 585 9% Date borrowed June 05 Date repaid Dec 15
Solve for Principal. (Round your answer to the nearest cent.) Principal Interest rate Time Simple interest $ 5.50% 3 1 4 years 314years $310
Round to nearest cent or hundredth percent as needed: (Do not round intermediate calculations. Round your answer to the nearest cent.) Principal ? Rate 11% Time 2 months Simple Interest $1,250
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Find the total amount due for the simple interest loan. (Round your answer to the nearest cent.) $6100 at 5.3% for 4 years 9 months.
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.)...