Dollar cost of loan=$19900*(45/360)*Interest Rate
=$19900*(45/360)*10%
which is equal to
=$248.75
Talmud Book Company borrows $19.900 for 45 days at 10 percent interest. What is the dollar...
Talmud Book Company borrows $24,900 for 60 days at 12 percent interest. What is the dollar cost of the loan? (Use a 360-day year. Do not round intermediate calculations.) Cost of loan $
Sol Pine borrows $6,500 for one year at 8 percent interest. What is the effective rate of interest if the loan is discounted? (Do not round intermediate calculations. Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)
Mary Ott is going to borrow $14.600 for 45 days and pay S185 interest. What is the effective rate of interest if the loan is discounted? (Use a 360-day year. Do not round intermediate calculations input your answer as a percent rounded to 2 decimal places.)
o If your uncle borrows $60,000 from the bank at 10 percent interest over the eight-year life of the loan. Use Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods .. What equal annual payments must be made to discharge the loan, plus pay the bank its required rate of interest? (Do not round Intermediate calculations, Round your final answer to 2 decimal places.) Annual payments lo 1o 19 " b....
Mary Ott is going to borrow $14,600 for 45 days and pay $185 interest. What is the effective rate of interest if the loan is discounted? (Use a 360-day year. Do not round intermediate calculations places.) Effective rate on a discounted loan
Your bank will lend you $2,000 for 45 days at a cost of $25 interest. a. What is your annual rate of interest? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Annual rate of interest _____% b. What is your effective annual rate? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Effective annual rate _____%
If your uncle borrows $55,000 from the bank at 9 percent interest over the seven-year life of the loan. Use Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods. What equal annual payments must be made to discharge the loan, plus pay the bank its required rate of interest? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) How much of his first payment will be applied to interest? To principal? (Do not...
Mary Ott is going to borrow $9,800 for 75 days and pay $171 interest. What is the effective rate of interest if the loan is discounted? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)
Mary Ott is going to borrow $13,200 for 90 days and pay $172 interest. What is the effective rate of interest if the loan is discounted? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)
Your bank will lend you $8,000 for 45 days at a cost of $98 interest. a. What is your annual rate of interest? (Use 365 days in a year. Do not round intermediate calculations. Round the final ant decimal places.) Annual rate of interest b. What is your effective annual rate? (Use 365 days in a year. Do not round intermediate calculations. Round the final ansy decimal places.) Effective annual rate