Business mathematics help!!
Kurt Busch won the 59th Daytona 500 in February 2017. If he paid back a $6800 loan with $20 interest at 7.5% what was the time of the loan?
Homework Answers
Interest is money paid to an individual or institution for the privilege of using their money. Simple interest is interest charged on the principle alone. The time is the important factor considered in calculating the simple interest.
Consider the following information of the person JL:
.
.
.
Days per year are 360.
Calculate the time using the following formula:
…… (1)
In the given problem, the principal amount is the loan.
The duration per year is considered to be 360 days. Hence, the denominator for time is 360 days.
Calculate the time of the loan using formula 1 as shown below:
Hence, the time of the loan is 
.
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× e htps/ html Joey Logano won the 57th Daytona 500 in February. If he pa...
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
Kurt; a single, cash basis, calendar year taxpayer; had the following transactions during 2018: On February...
Kurt; a single, cash basis, calendar year taxpayer; had the following transactions during 2018: On February 1, 2018, he purchased Apple stock for $100,000. He sold the stock on August 31, 2018, for $75,000. On March 1, 2016, he purchased a collection of silver coins for $250,000. On February 28, 2018, he sold the collection for $280,000. On November 1, 2015, he purchased Amoco stock for $600,000. He sold the stock on October 31, 2018 for $650,000. On June 17,...
i need help answering 1-4! thanks The mathematics of loans 99 Guided Project 45: The mathematics...
i need help answering 1-4! thanks
The mathematics of loans 99 Guided Project 45: The mathematics of loans Topics and skills: Sequences and sums Between houses, cars, or education, most people will take out a loan at some time in their lives. In a typical loan situation, a person borrows an amount $B at a fixed interest rate with a fixed payback period. The borrower makes monthly payments until the loan balance (the amount that remains to be paid) is...
statement of comprehensive income P. Prince had a lifelong dream of starting a business. From a...
statement of comprehensive income
P. Prince had a lifelong dream of starting a business. From a young age he started saving cash so that he could have enough capital. His dream came true on 01 March 2017 when he started a business trading as Royal Traders. The trial balance and additional information given below were extracted from the accounting records of his business, Royal Traders, on 28 February 2018, the end of the first financial year. REQUIRED Prepare the Statement...
Problem 3 A) Pierluigi is trying to get a loan for $10,000 to start a business...
Problem 3 A) Pierluigi is trying to get a loan for $10,000 to start a business as a financial advisor and is trying to decide between several options. (15 points) i) A $10,000 loan that needs to be paid back after 5 years with a 5% nominal annual interest rate, compounded monthly interest ) A $10,000 loan that needs to be paid back after 6 years, the first 2 years there is no and after the annual effective interest rate...
Problem 3 B) Pierluigi is trying to get a loan for $10,000 to start a business...
Problem 3 B) Pierluigi is trying to get a loan for $10,000 to start a business as a financial advisor and is trying to decide between several options. (15 points) DA $10,000 loan that needs to be paid back in 6 years with a 6 % nominal annual interest rate, compounded monthly i) A $10,000 loan that needs to be paid back in 7 years, which accrues no interest during the first 2 years but has a 10% effective interest...
so we are all on the same page do not found up that number, but used...
so we are all on the same page do not found up that number, but used the mee r (6) You have found the house of your dreams and contract to purchase it for $100,000. You use 20% of your own money and take out a bank loan for the remaining 80%. The loan is for 30 years at 7.5% interest and is required to be paid back in monthly installments. (a) What will you monthly payment be? (b) What...
Jared Jones has started a screen printing business. Because he is a private company he has...
Jared Jones has started a screen printing business. Because he is a private company he has chosen not to use accrual based on accounting. In January of 2017 he decides to go to the bank and ask for a loan to finance the purchase of a large piece of machinery. He is able to show the bank a net income of $75,000 for the year ending December 31, 2016. Based on his income, and debt to asset ratio the bank...
Ian loaned his friend $45,000 to start a new business. He considers this loan to be...
Ian loaned his friend $45,000 to start a new business. He considers this loan to be an investment, and therefore requires his friend to pay him an interest rate of 7% on the loan. He also expects his friend to pay back the loan over the next four years by making annual payments at the end of each year. Ian texted and asked that you help him calculate the annual payments that he should expect to receive so that he...
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× 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
Kurt; a single, cash basis, calendar year taxpayer; had the following transactions during 2018: On February 1, 2018, he purchased Apple stock for $100,000. He sold the stock on August 31, 2018, for $75,000. On March 1, 2016, he purchased a collection of silver coins for $250,000. On February 28, 2018, he sold the collection for $280,000. On November 1, 2015, he purchased Amoco stock for $600,000. He sold the stock on October 31, 2018 for $650,000. On June 17,...
i need help answering 1-4! thanks
The mathematics of loans 99 Guided Project 45: The mathematics of loans Topics and skills: Sequences and sums Between houses, cars, or education, most people will take out a loan at some time in their lives. In a typical loan situation, a person borrows an amount $B at a fixed interest rate with a fixed payback period. The borrower makes monthly payments until the loan balance (the amount that remains to be paid) is...
statement of comprehensive income
P. Prince had a lifelong dream of starting a business. From a young age he started saving cash so that he could have enough capital. His dream came true on 01 March 2017 when he started a business trading as Royal Traders. The trial balance and additional information given below were extracted from the accounting records of his business, Royal Traders, on 28 February 2018, the end of the first financial year. REQUIRED Prepare the Statement...
Problem 3 A) Pierluigi is trying to get a loan for $10,000 to start a business as a financial advisor and is trying to decide between several options. (15 points) i) A $10,000 loan that needs to be paid back after 5 years with a 5% nominal annual interest rate, compounded monthly interest ) A $10,000 loan that needs to be paid back after 6 years, the first 2 years there is no and after the annual effective interest rate...
Problem 3 B) Pierluigi is trying to get a loan for $10,000 to start a business as a financial advisor and is trying to decide between several options. (15 points) DA $10,000 loan that needs to be paid back in 6 years with a 6 % nominal annual interest rate, compounded monthly i) A $10,000 loan that needs to be paid back in 7 years, which accrues no interest during the first 2 years but has a 10% effective interest...
so we are all on the same page do not found up that number, but used the mee r (6) You have found the house of your dreams and contract to purchase it for $100,000. You use 20% of your own money and take out a bank loan for the remaining 80%. The loan is for 30 years at 7.5% interest and is required to be paid back in monthly installments. (a) What will you monthly payment be? (b) What...
Ian loaned his friend $45,000 to start a new business. He considers this loan to be an investment, and therefore requires his friend to pay him an interest rate of 7% on the loan. He also expects his friend to pay back the loan over the next four years by making annual payments at the end of each year. Ian texted and asked that you help him calculate the annual payments that he should expect to receive so that he...
Most questions answered within 3 hours.
-
Discuss how Entrepreneurial leadership style differs
from traditional leadership?
asked 16 minutes ago -
A futuristic design for a car is to have a large solid
disk-shaped flywheel within the...
asked 14 minutes ago -
Solid NaOH is added to a solution of 0.50 M acetic acid until
the pH of...
asked 18 minutes ago -
Which of the following statements is not a characteristic of the
Internal Revenue Code?
A) The...
asked 25 minutes ago -
Say true or false and explain it.
A heap is represented using an array. The array...
asked 35 minutes ago -
Explain how the DNA replication enzyme complex is organized and
functions, please don't copy paste from...
asked 35 minutes ago -
how
can personality contribute to one scoring high on the need to
evaluate measurement by Jarvis?
asked 36 minutes ago -
A high jumper is attempting to jump over a crossbar that is
placed at a height...
asked 40 minutes ago -
1.
A hemophiliac male mates with a healthy female. what are the
possible genotypes for the...
asked 58 minutes ago -
You could argue that even though Rockefeller clearly had
enormous market power (90% of the market)...
asked 1 hour ago -
At the beginning of the year, Palermo Brothers, Inc., purchased
a new plastic water bottle making...
asked 1 hour ago -
Calculate the change in the Gibbs energy of the system for the
following processes: a) 6.0...
asked 1 hour ago