Question

16× e htps/ html Joey Logano won the 57th Daytona 500 in February. If he pa loan (as id back a $270 loan with $630 interest at 70%, what wasthe time of the sume 360 days)? (Do not round intermediate calculations. Round up your answer to the nearest day.) of the
0 0
Add a comment Improve this question Transcribed image text
Answer #1

We use the below formula to calculate the time of the loan

Interest = Principal * time * interest rate

6.30 = 270 * No. of days/360 * 0.07

6.30 = 18.9* No. of days/360

No. of days = 6.3*360/18.9

Number of days = 120

Time of the loan = 120 days

Add a comment
Know the answer?
Add Answer to:
16× e htps/ html Joey Logano won the 57th Daytona 500 in February. If he pa...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Kurt Busch won the 59th Daytona 500 in February 2017. If he paid back a $6,800...

    Kurt Busch won the 59th Daytona 500 in February 2017. If he paid back a $6,800 loan with $20 interest at 7.5%, what was the time of the loan? (Round days up. Do not round intermediate calculations. Use 360 days a year) Time of the loan days

  • 16 Required information [The following information applies to the questions displayed below) Oslo Company prepared the...

    16 Required information [The following information applies to the questions displayed below) Oslo Company prepared the following contribution format income statement based on a sales volume of 1.000 units (the relevant range of production is 500 units to 1,500 units): Part 15 of 15 Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 65, eee 45. See 19.se points Skipped $ 5,460 15. Assume that the amounts of the company's total variable expenses and total fixed expenses were...

  • In the summer of 2017, Reigh Webster and her friend Ella Hill were relaxing in a...

    In the summer of 2017, Reigh Webster and her friend Ella Hill were relaxing in a local watering hole complaining about their boring monotonous jobs. Reigh told Ella that she has been saving her money and is looking for a lucrative opportunity to invest in and get out of the day-to-day grind at the office. Ella indicated she had been doing the same. An executive walked up to the table and indicated he had overheard Reigh and Ella’s conversation and...

  • Managrial accounting Scott Products Inc. is a merchandising company that sells binders, paper, and other school supplie...

    Managrial accounting Scott Products Inc. is a merchandising company that sells binders, paper, and other school supplies. The company is planning its cash needs for the third quarter. In the past, Scott Products has had to borrow money during the third quarter to support peak sales of back- to-school materials, which occur during August. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for for July...

  • this is requirement one this is requirement 2 this is requirement 3 this is requirement 4...

    this is requirement one this is requirement 2 this is requirement 3 this is requirement 4 please answer all that you can. i really need help 1 2 Knockoffs Unlimited, a nationwide distributor of low-cost imitation designer necklaces, has an exclusive franchise on the distribution of the necklaces, and sales have grown so rapidly over the past few years that it has become necessary to add new members to the management team. To date, the company's budgeting practices have been...

  • Suppose today is February 10, 2017, and your firm produces breakfast cereal and needs 170,000 bushels...

    Suppose today is February 10, 2017, and your firm produces breakfast cereal and needs 170,000 bushels of corn in May 2017 for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might rise between now and May. Use Table 23.1 a. What total cost would you effectively be locking in based on the closing price of the day? (Round your answer to the nearest whole number, e.g., 32.) b. Suppose...

  • Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...

    Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...

  • Comprehensive Problem 6-52 (LO 6-1, LO 6-2, LO 6-3) [The following information applies to the questions...

    Comprehensive Problem 6-52 (LO 6-1, LO 6-2, LO 6-3) [The following information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $172,900 (which consists only of salary) for purposes of this problem. December 31, 2019 To the friendly student tax preparer: Hi, it’s Shady Slim again. I just got back from my 55th birthday party, and I’m told that you need some more information...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT