A loan for RM6,500 with a simple interest rate of 18% was made on June 15 and due on September 15. a) Find the exact interest. b) Find the ordinary interest.
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- A loan for RM6,500 with a simple interest rate of 18% was made on June 15 and due on September 15.
a) Find the exact interest.
b) Find the ordinary interest.
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- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,400 10.4 days $2225. Assume you deposit RM1,000 into a savings account every three months that compounds interest semiannually. a. Determine the payment period (PP) and compounding periods (CP) b. State the payment period greater than or less than the compounding period.
- Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) $7,700 10.4 Time days Interest $226Use the United States Rule and/or the Banker's Rule to determine the balance due on the loan at the date of maturity. The effective date is the date the loan was written. A day counting table may be found in the Consumer Mathematics chapter of your textbok. Principal: $12,000.00 Rate: 9.5% Effective Date: March 22 Maturity Date: December 5 Partial Payment Amount: $7,000.00 Partial Payment Due: August 30 O $5,127.99 O $5,478.74 O $5,614.52 O $5,650.87 4The following loan was paid in full before its due date a) Find the value of h using an appropriate formula b) Use the actuarial method to find the amount of unearned interest c) Find the payoff amount Regular Monthly Payment # of Payments Remaining after Payoff APR 7.2% $247 8 What is the finance charge per $100 financed? h=$ (Round to the nearest cent)
- The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r. P = $2300, A = $2722, t = 6 months.Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 9 6 months $1,575A bank charges a simple discount at 11% interest rate on short term loans. Find the sum received by the borrower who request (i) GH¢900 for 90days, (ii) GH¢1500 from May 3 to October 15.
- Find the interest on the loan using the Banker's rule. P= $2.000, r= 11%, 1 = 90 days3. A loan of $500 at 7% annual interest rate. The loan was made on March 15 and due on Мay15. Find the ordinary interest using: a) Ordinary time b) Exact time c) Find the Exact Interest using exact time a. I= 500 x 0.07/360 x 60 = $5.831 = 500(É b. I= 500 x 0.07/360 x 61 = $5.93 - c. I= 500 x 0.07/365 x 61 = $5.8A loan of 15700 was charged a simple discount rate of 4.2%. If the proceeds received were 15463.72, find the amount of bank discount. Hence, find the discount period in days.