Paul and Sandy Moede signed an $8,100 note at Citizen's Bank. Citizen's charges a 6.4% discount rate. Assume the loan is for 260 days. a. Find the proceeds. Note: Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent. Proceeds b. Find the effective rate charged by the bank. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent. Effective rate %
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- Paul and Sandy Moede signed an $7,500 note at Citizen’s Bank. Citizen’s charges a 5.4% discount rate. Assume the loan is for 270 days.a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective RatePaul and Sandy Moede signed an $7,200 note at Citizen's Bank. Citizen's charges a 2.5% discount rate. Assume the loan is for 320 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate %Paul and Sandy Moede signed an $8,600 note at Citizen's Bank. Citizen's charges a 4.5% discount rate. Assume the loan is for 290 days. Find the proceeds. Note: Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent. Find the effective rate charged by the bank. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.
- You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, the bank also charges you a loan initiation fee of $18, which is taken out of the initial proceeds of the loan. What is the effective annual interest rate on the loan, taking account of the impact of the initiation fee? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel. Effective annual interest rate 1.49 %Paul and Sandy Moede signed an $8000 note at Citizen's Bank. Citizen's charges a 6.50% discount rate. Assume the loan is for 300 days. Find the Effective rateCalculate the APR of a loan for $10,025, including loan fees of $310, at 11% for 6 years. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.) APR If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehne is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun $1,158 $ 85 cr. 142 250 cr. 315 55 Answer is not complete. Amount owed Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by formula. (Do not round intermediate calculations.…
- Simple Simon's Bakery purchases supplies on terms of 1.1/10, net 25. If Simple Simon's chooses to take the discount offered, it must obtain a bank loan to meet its short-term financing needs. A local bank has quoted Simple Simon's owner an interest rate of 10.6% on borrowed funds. Should Simple Simon's enter the loan agreement with the bank and begin taking the discount? (Hint: Use 365 days for a year.) The cost of forgoing the discount is %. (Round to one decimal place.) Should Simple Simon's enter the loan agreement with the bank and begin taking the discount? (Select the best choice below.) A. Simple Simon's should enter into the loan agreement but not begin taking the discount. B. Need more information to answer the question. OC. Simple Simon's should enter into the loan agreement with the bank and begin taking the discount. D. Simple Simon's should not enter into the loan agreement but should begin taking the discount.Simple Simon's Bakery purchases supplies on terms of 1.7/10, net 25. If Simple Simon's chooses to take the discount offered, it must obtain a bank loan to meet its short-term financing needs. A local bank has quoted Simple Simon's owner an interest rate of 10.2% on borrowed funds. Should Simple Simon's enter the loan agreement with the bank and begin taking the discount? (Hint: Use 365 days for a year.) The cost of forgoing the discount is %. (Round to one decimal place.) Should Simple Simon's enter the loan agreement with the bank and begin taking the discount? (Select the best choice below.) A. Simple Simon's should enter into the loan agreement with the bank and begin taking the discount. B. Simple Simon's should not enter into the loan agreement but should begin taking the discount. C. Simple Simon's should enter into the loan agreement but not begin taking the discount. D. Need more information to answer the question.Wayne signed a $10,000 note at Lynn Bank that charges a 7% discount rate. Use ordinary interest. If the loan is for 150 days, find:A.ProceedsB.Effective rate charges by the bank (to the nearest tenth percent)
- Paul signed an $8100 note at citizens bank. Citizens bank charges a 6.4% discount assume the loan is for 260 days. Find the proceeds use a 360 days a year.A payday lender lends money on the following terms: “If I give you $100 today, you will write me a check for $120, which you will redeem or I will cash on your next payday.” Noting that calculated rates would be even higher for closer paydays, assume that the payday is two weeks away. (a) What nominal interest rate per year (r) is the lender charging? (b) What effective interest rate per year (ia) is the lender charging? (c) If the lender started with $100 and was able to keep it, as well as all the money received, loaned out at all times, how much money does the lender have at the end of one year?A print shop borrows $2900 from a credit union for 231 days. The credit union charges simple interest at an annual rate of 8.25% for this loan. Assume each day is of a year. Answer each part below. 365 Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 231 days. $0 (b) Assuming the print shop doesn't make any payments, find the amount owed after 231 days. ? 2 B 4