A man has a simple discount note for ​$6,100​, at an ordinary bank discount rate of 8.84%, for 50 days. What is the effective interest​ rate? Round to the nearest tenth of a percent.​ (Use the​ banker's rule.)

Q: You have a credit card with a balance of $1,500 and APR of 15% (assume simple interest)A. What is…

A: There are 52 weeks in an year. Annual percentage rate = 15%. Therefore, weekly interest rate =0.288…

Q: Using the APR table, how much interest would be charged for a $10,000 loan at 12.5% for 3 years?…

A: Consider the given information. PV=$10000 r=12.5% t=3 years And, the values are defined as.

Q: Find the APR (rounded to the nearest tenth of a percent) for the loan described below. Purchase a…

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Q: Use the savings plan formula to answer the following question. You put $200 per month in an…

A: Given problem Given that   You put $200 per month in an investment plan that pays an APR of 6.5​%.…

Q: A retiree invests $8,000 in a savings plan that pays 6% per year. What will the account balance be…

A: Given  invested amount  =  $ 8,000 intrest rate  = 6% per year

Q: Consider an investment of $1,500 for four years at 3.75% simple interest. a. Find the amount of…

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Q: Find APR (rounded to the nearest tenth of a percent) for the loan. Purchase a living room set for…

A: We know,  APR = 2Nr/N-1

Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 9.2%. You want to have…

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Q: You have a $70,000  reducing balance loan at 7.5% per year. Monthly repayments are 850. What is the…

A: To calculate the total interest paid by the end of the second month on a reducing balance loan, we…

Q: Angela Montery has a five year car loan for a jeep wrangler at an annual interest rate of 6.9% and a…

A: We can use this formula to calculate the payoff amount, A = D1-1+r100n-Rr100n Where D is the monthly…

Q: ​E-Loan, an online lending​ service, recently offered 48​-month auto loans at 5.4 % compounded…

A: The objective of this question is to determine the amount that can be borrowed from E-Loan given the…

Q: Jolene's MasterCard statement shows an average daily balance of $680. Find the interest due if the…

A: Here, average daily balance= 680 rate=0.016

Q: Complete the table.  Interest  Principal  Rate  Time (Days)  P300  P30,000  8%    P450…

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Q: Determine the monthly principal and interest payment for a 15-year mortgage when the amount financed…

A: When a loan is given, the borrower needs to repay the loan over a certain period, in addition to the…

Q: 7. Suppose you buy a new car for $22,000. You put down $1500 and take out a loan for the rest. You…

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Q: Question You want to take out a $140,000 mortgage (home loan). The yearly interest rate on the loan…

A: From the given information, The amount of loan P0=140,000The rate of interest r = 6%The length  of…

Q: Nathan plans to repay a loan of $60 000 at 5.1% per year by making equal annual payme Should Nathan…

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Q: You can afford a $200 per month car payment. You've found a 5 year loan at 2% interest. How big of a…

A: How big of a loan can you afford.

Q: If you sign a discount note for $4,800 at a bank discount rate of 8%, for 90 days, what is the…

A: To find the effective interest rate basically there are three steps involved Step1: Find the bank…

Q: You want to save $20,000 for a down payment on a home by making regular monthly deposits over five…

A:

Q: You need a home loan of $65,000 after your down payment. How much will your monthly house payment be…

A: Given, Principal amount of the loan(P) = $65,000 Monthly interest rate(i) = 5.25100×12 = 0.004375…

Q: Use PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7%…

A: To Find: The monthly payments and the total interest for the loan.