George borrows $1200 at 15.5% interest from June 7 through July 21. How much (simple) interest does he pay?

Q: John borrows $700 from a bank. He promises to pay $749 in 1 year's time. How much interest is john…

A: Time value of money is one of important concept of finance. It means a dollar amount invested today…

Q: Mr. Ayala borrows P1,000. In 4 years, the money become P2,500 compounded bimonthly. Find the nominal…

A: Borrowed amount (P) = P 1000 Period = 4 Years Number of compounding per year (m) = 6 Number of…

Q: Kent borrowed $6,500 on Jan. 11 at 12.5% exact interest. He made payments of $1,000 on Feb 16, and…

A: Here, Borrowed Amount on Jan 11 is $6,500 Payment made on Feb 16 is $1,000 Payment made on March 14…

Q: Alan loans $3750 to Betty at a 6.2% simple interest rate. Betty agrees to repay the loan after 13…

A: Simple rate of interest is calculated by multiplying the rate with principal and adjusting the same…

Q: Mason borrows $41,217.00 to buy a car. He will make monthly payments for 6 years. The car loan has…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: Dominique has a mortgage of $445,000 through his bank for property purchased. The loan is repaid by…

A: Any sum borrowed to meet any specific personal or business needs is regarded as a mortgage/loan. The…

Q: Jacque's total monthly loan payments are 1020 while her gross income is 3939 per month. What is her…

A: The debt service ratio is the ratio that depicts a companies ability to repay its short-term debt…

Q: Cardo borrowed money from a local cooperative. He received P18,420 but promised to pay P20,000 in…

A: Present Value = 18,420 Future Value = 20,000

Q: Joe invests $5550 in an account earning 8.1% interest, compounded monthly. How long will it take for…

A: Initial investment (I) = $5550 Future value (FV) = $20345 Monthly interest rate (r) = 0.00675 (i.e.…

Q: On July 12, 2019, Veronica borrowed P100,000 and agreed to pay the interest at 7% compounded…

A: A = P(1 + r/n)nt In the formula A = Accrued amount (principal + interest) P = Principal amount =…

Q: Leon's 6-month premium for auto insurance is $754.34, if he pays it all at once. If he decides that…

A: In order to make the decision regarding the payment of insurance premium to be paid minimum, we are…

Q: Candace borrows $4000 from Nick due in 10 years with simple interest at 8% monthly. Two years after…

A: The proceeds would be the difference between Present value at new terms and old terms. and we  will…

Q: Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime +2.75%. Her current…

A: Part 2: Explanation:Step 1: Calculate the interest charged for November:\[ \text{Interest} =…

Q: Margo borrowis 51700 , agreeing to pay it back with 48 annual interest after 11 months. How much…

A: Principal Amount = p = 51,700Interest Rate = r = 48%Time = t = 11 / 12 Years

Q: Evaluating debt burden.  Ted Phillips has a monthly take-home pay of $1,685; he makes payments of…

A: Debt-burden is the cost of serving debt. It is the cost of interest payment of credit cards,…

Q: Fred owes $10,000 due in three years and $5,000 due in ten years. Fred is allowed to pay off both…

A: Simple interest does not involve compounding and no interest on interest is considered.

Q: Heather owes Mark $10.000 payable on September 2021. If money can earn 12 %, what amount should Mark…

A: Accrued Interest- Accrued interest refers to the interest that has not been paid however has already…

Q: Determine how much is her maximum loanable amount using the Fixed obligation to income ratio. Show…

A: First let us list the formula to calculate the Fixed Obligation to Income Ratio.FOIR = Loan…

Q: Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime +2.75%. Her current…

A: Prime rate = 3.5%Interest rate = Prime rate + 2.75% = 3.5% + 2.75% = 6.25%Balance Owing = $13250one…

Q: 11. Max buys a bedroom set for $2500. The dealer gave him a 3-year add-on interest loan at 6.5%…

A: Interest calculated on Original value of a loan is called Simple Interest.

Q: red decides to invest $1000 into an account which earns a floating interest rate. For the first…

A: Future value of the amount is the amount that is being deposited and amount of interest accumulated…

Q: Tracey placed $4,500 in an account that accrues simple interest of 6.25%.  How much will she have at…

A: Simple Interest method of calculation is one in which the interest accumulated does not earn…

Q: Aman has two debts to pay. A $850 due today and a $950 due in 9 months from today. Instead, he wants…

A: Present Value(PV) is value of a future amount at current point of time. It is done by discounting…

Q: Kim invests $6050 in an account earning 6.54% interest, compounded weekly. How long will it take for…

A: The amount that a present investment will gain in value over time when kept in a compound interest…

Q: Margo borrows $400, agreeing to pay it back with 8% annual interest after 17 months. How much…

A: We need to use simple interest formula to calculate interest to be paid by Margo. Interest =…

Q: Greg owns two debt payments - a payment of $5338 that was due in 11 months ago and a payment of…

A: The concept of the time value of money states that the same amount of money is worth more today than…

Q: How much did Bill pay Sam for the note?

A: The future value of an investment forecasts the expected value of an investment at a given future…

Q: Drew's monthly net income is $2,000. What is the maximum he should use on debt payments? Maximum…

A: Debt payment refers to the regular and scheduled amount of money that an individual or entity pays…

Q: ay off a debt that he took out today, Roger will have to make a payment of $3,500 in 15 months and…

A: The loan amount is the present value of payments made for the loan based on time and interest rate…

Q: At an interest rate of 7 - %, Karen borrows $4,000 for 13 years. How much interest will she pay?

A: Concept: The interest is the product of principal, time period and number of years that is divided…

Q: Payment Balance Date Annual before Interest Transaction Rate Number Interest Accrued of Days Charged…

A: Annual Interest rate 6.5%Payment = 2500Initial Balance = 13750

Q: G borrows P47,400 with interest at 18% compounded quarterly. How much should he pay to the creditor…

A: Use the Excel FV function with the following inputs to determine the value of investment. RATE =…

Q: Stephanie borrows Php77,000 for 10 months at an interest rate of 12% per year. Find the interest…

A: Interest earned refers to the product of amount invested/borrowed, time period and interest rate.

Q: Michael George borrows money to replace his Chevrolet. He agrees to pay $1170 in interest at 9% in…

A: Note: Since nothing is mentioned here regarding the nature of interest, we will assume it to be…

Q: George borrowed $1,500 from Sally on April 13, 2018. George repaid the loan on September 20, 2018,…

A: Given Information: Principal amount = $1,500 Interest = $60

Q: zack borrowed $30,000 at 9 % on July 23, 2020. He repaid $15,000 on October 21 and $10,000 on…

A:

Q: Noel purchases a house and gets a 30-year mortgage for $195,000 at 5.5 % APR. In addition to the…

A: The escrow account is normally required by the mortgage lender and it is requested by the borrower.…

Q: ydia borrows $2000 from a credit card company at 23% annually for two years. Determine Lydia’s…

A: Solution: Amount borrowed =$2,000 Monthly interest rate = 23%/12 = 1.916666% Nos of monthly periods…

Q: Ben borrows a loan of $6,000 at 11% per annum on March 10. He plans to pay it different smaller…

A: Interest is an additional amount which borrower has to pay on borrowed amount as per the time…

Q: settle a loan on March 24th, 2018 by paying $6,500. What amount should he pay if he decides to…

A: Loans are easy source of money but these loans are to be paid with interest and these interest carry…

Q: Bob purchases a car for $28,000. He makes $640 a month payments for 36 months on a 6.9% interest…

A: Excel formulas:

Q: Benito borrowed $800 two years ago. The interest rate on the loan was 5% compounded monthly for the…

A: Borrowed Amount is $100 Borrowed two years ago Interest Rate is 5% compounded monthly for first 8…

Q: ) Suppose that Smith is currently age 16. Smith’s parents pay $25,000 for the right to provide Smith…

A: The present value of annuity is equivalent amount that is needed today to pay for the future…