Jimbo’s Title Loan kept $315 of Tommy’s 30 day discount note at a rate of 43%....
- Jimbo’s Title Loan kept $315 of Tommy’s 30 day discount note at a rate of 43%. What is the maturity value Tommy needs to pay?
Homework Answers
| Maturity Value =Loan amount * [1+ (interest rate/365* number of days)] | ||
| =$315*[1+(43%/365*30)] | ||
| =$315*[1+0.00353425] | ||
| =$326.13 | ||
Add Answer to:
Jimbo’s Title Loan kept $315 of Tommy’s 30 day discount note at
a rate of 43%....
Anderson Co. issued a $55,649, 60-day, discounted note to National Bank. The discount rate is 8%....
Anderson Co. issued a $55,649, 60-day, discounted note to National Bank. The discount rate is 8%. At maturity, assuming a 360-day year, the borrower will pay a. $51,197 Ob. $55,649 Oc. $54,907 Od. $56,391
Anderson Co. issued a $50,000, 60-day, discounted note to National Bank. The discount rate is 6%....
Anderson Co. issued a $50,000, 60-day, discounted note to National Bank. The discount rate is 6%. At maturity, assuming a 360-day year, the borrower will pay a) $50,500 b) $50,000 c) $53,000 d) $49,500
15 43 A buyer purchases a home for $4,500,000. They have acquired a 30-year loan at...
15 43 A buyer purchases a home for $4,500,000. They have acquired a 30-year loan at 6.5% interest with a 20% downpayment. Which of the following is the amount of interest that the buyer needs to pay over the life of the loan? A) $4,591,601.60 B) $4,321,125.30 C) $4,186,475.50 D) $2,134,925.10
bearing note with a maturity value of $500,000 and a discount rate of 6%. Assuming straight-line...
bearing note with a maturity value of $500,000 and a discount rate of 6%. Assuming straight-line amortization of the discount, what is the carrying value of the note as of September 30, 2021? (Round all calculations to the nearest whole dollar amount.) Multiple Choice $525,000. $300,000. $495,000. $475,000.
Ryan Furniture wants to buy new office equipment for $8,000 with a 5% cash discount. Ryan...
Ryan Furniture wants to buy new office equipment for $8,000 with a 5% cash discount. Ryan needs more cash to pay the bill and is considering discounting a 130-day note dated May 4 with a maturity value of $7,000 at Security Bank at a discount rate of 9% on July 8. Should Ryan discount the note?
After being held for 30 days, a 90-day 15% interest bearing note receivable was discounted at...
After being held for 30 days, a 90-day 15% interest bearing note receivable was discounted at M & T Bank at 18%. The proceeds received from the bank upon discounting would be the: a) Maturity value less the discount at 18%. b) Maturity value plus the discount at 18%. c) Face value less the discount at 18%. d) Face value plus the discount at 18%.
19) Data Back-Up Systems has obtained a $10,000, 90-day bank loan at an annual interest rate of 1...
19) Data Back-Up Systems has obtained a $10,000, 90-day bank loan at an annual interest rate of 12%, payable at maturity. (Note: Assume a 365-day year.) a.How much interest (in dollars) will the firm pay on the 90-day loan? b.Find the 90-day rate on the loan c.Annualize your result in part b to find the effective annual rate for this loan, assuming that it is rolled over every 90 days throughout the year under the same terms and circumstances.
Compensating balance versus discount loan Weathers Catering Supply, Inc., needs to borrow $ 148,000 for 6...
Compensating balance versus discount loan Weathers Catering Supply, Inc., needs to borrow $ 148,000 for 6 months. State Bank has offered to lend the funds at an annual rate of 8.9% subject to a 9.6% compensating balance. (Note: Weathers currently maintains $0 on deposit in State Bank.) Frost Finance Co. has offered to lend the funds at an annual rate of 8.9% with discount-loan terms. The principal of both loans would be payable at maturity as a single sum. a....
Compensating balance versus discount loan Weathers Catering Supply, Inc., needs to borrow $153,000 for 6 months....
Compensating balance versus discount loan Weathers Catering Supply, Inc., needs to borrow $153,000 for 6 months. State Bank has offered to lend the funds at an annual rate of 8.6% subject to a 10.4% compensating balance. (Note: Weathers currently maintains $0 on deposit in State Bank.) Frost Finance Co. has offered to lend the funds at an annual rate of 8.6% with discount-loan terms. The principal of both loans would be payable at maturity as a single sum. a. Calculate...
Compensating balance versus discount loan Weathers Catering Supply, Inc., needs to borrow $154,000 for 6 months....
Compensating balance versus discount loan Weathers Catering Supply, Inc., needs to borrow $154,000 for 6 months. State Bank has offered to lend the funds at an annual rate of 9.5% subject to a 9.8% compensating balance. (Note: Weathers currently maintains $0 on deposit in State Bank.) Frost Finance Co. has offered to lend the funds at an annual rate of 9.5% with discount-loan terms. The principal of both loans would be payable at maturity as a single sum. a. Calculate...
Anderson Co. issued a $55,649, 60-day, discounted note to National Bank. The discount rate is 8%. At maturity, assuming a 360-day year, the borrower will pay a. $51,197 Ob. $55,649 Oc. $54,907 Od. $56,391
15 43 A buyer purchases a home for $4,500,000. They have acquired a 30-year loan at 6.5% interest with a 20% downpayment. Which of the following is the amount of interest that the buyer needs to pay over the life of the loan? A) $4,591,601.60 B) $4,321,125.30 C) $4,186,475.50 D) $2,134,925.10
bearing note with a maturity value of $500,000 and a discount rate of 6%. Assuming straight-line amortization of the discount, what is the carrying value of the note as of September 30, 2021? (Round all calculations to the nearest whole dollar amount.) Multiple Choice $525,000. $300,000. $495,000. $475,000.
Compensating balance versus discount loan Weathers Catering Supply, Inc., needs to borrow $ 148,000 for 6 months. State Bank has offered to lend the funds at an annual rate of 8.9% subject to a 9.6% compensating balance. (Note: Weathers currently maintains $0 on deposit in State Bank.) Frost Finance Co. has offered to lend the funds at an annual rate of 8.9% with discount-loan terms. The principal of both loans would be payable at maturity as a single sum. a....
Compensating balance versus discount loan Weathers Catering Supply, Inc., needs to borrow $153,000 for 6 months. State Bank has offered to lend the funds at an annual rate of 8.6% subject to a 10.4% compensating balance. (Note: Weathers currently maintains $0 on deposit in State Bank.) Frost Finance Co. has offered to lend the funds at an annual rate of 8.6% with discount-loan terms. The principal of both loans would be payable at maturity as a single sum. a. Calculate...
Compensating balance versus discount loan Weathers Catering Supply, Inc., needs to borrow $154,000 for 6 months. State Bank has offered to lend the funds at an annual rate of 9.5% subject to a 9.8% compensating balance. (Note: Weathers currently maintains $0 on deposit in State Bank.) Frost Finance Co. has offered to lend the funds at an annual rate of 9.5% with discount-loan terms. The principal of both loans would be payable at maturity as a single sum. a. Calculate...
Most questions answered within 3 hours.
-
A 747 has a cruising speed of 235 m/s at a height of 10,700
meters. The...
asked 3 minutes ago -
Part 3: Arrows
Write a python program that prompts the user for a number of
columns,...
asked 10 minutes ago -
Need help answering these questions!!
1. What economic concept do you find most interesting in
Macroeconomics?...
asked 15 minutes ago -
1. Nimbus, Inc. produces and sells brooms. This table shows the
relationship between the number of...
asked 18 minutes ago -
A gas occupies 200. mL in a piston. If the pressure of the
piston were decreased...
asked 35 minutes ago -
A fossil is found to have a 14C level of 71.0% compared to
living organisms. How...
asked 38 minutes ago -
Many communist or socialist countries have a department that
addresses public health as well as the...
asked 40 minutes ago -
the following questions are either true or false answers
1. The Central Limit Theorem allows one...
asked 41 minutes ago -
The patient recovery time from a particular surgical procedure
is normally distributed with a mean of...
asked 47 minutes ago -
Human relations refer to the way a company arranges people,
jobs, and communications so that work...
asked 1 hour ago -
Python Program: Design the logic for and implement a program
that merges the two files into...
asked 1 hour ago -
The specific radiocarbon activity of a sample of wood is 6.25
gms dpm/gm of carbon. The...
asked 1 hour ago