i need help working out these problems. Can you please explain in detail?   Warren Ford borrowed $15,600 on a noninterest-bearing, simple discount, 60 day note at 4.5%.  (assume ordinary 360 days)  What is : a) the bank’s discount?   b) Warren’s proceeds?   c) the effective rate? Round your answer to the nearest hundredth of a percent

How do we work out how much was saved by making the partial payment? I know the answer is $26.91, but I don't know how to get there. Please help me.   Polly Flynn borrowed $6,000 for 90 days at 7%. On day 20, Polly made a $2000 partial payment. (Assume ordinary interest) What is Polly’s ending balance due?     How much did Polly save by making the partial payment?

If you sign a discount note for $7,500 at a bank discount rate of 5% for 3 months, what is the effective interest rate? Round to the nearest tenth percent. Step 1 The effective interest rate is the actual interest rate charged on a discounted note and takes into account the fact that the borrower does not receive the full amount of the principal. It is calculated using the bank discount, the proceeds, and time. The bank discount is calculated as follows where the discount rate is given as a decimal and the time will be a fraction whose numerator is the given amount of time in months and denominator is 12 months. bank discount = face value ✕ discount rate ✕ time The rate was given to be 5%. As a decimal, we have  . Calculate the bank discount (in $) for the $7,500 promissory note at a discount of 5% for 3 months. bank discount  =  face value ✕ discount rate ✕  amount of time in months 12 months      =  $7,500 ✕  ✕  3 12      =  $

Jami's Home Repair borrows $6,000, at 13.75% interest, for 330 days. Use the exact interest method to find the amount of interest that the bank will collect. (Round to the nearest cent.) Ⓒ$600.00 Ⓒ$640.00 $745.89 Ⓒ$8,200.00

Shawn Bixby borrowed $29,000 on a 120-day, 8% note. After 55 days, Shawn paid $3,200 on the note. On day 95, Shawn paid an additional $5,200. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Ending balance due

Assume Bill Jones invested $ 2,160.57 into an account exactly one year ago. The account has an interest rate of 5.9 % p.a. How much does Bill have in his account today (that is, exactly one year after the initial deposit)? (Round your answer to the nearest cent and record your answer without a dollar sign and without commas. For example, record $1,356.8382 as 1356.84).

Johnny Rockefeller had a bad credit rating and went to a local cash center. He took out a $100.00 loan payable in two weeks for $105.50. What is the percent of interest paid on this loan? (Do not round intermediate calculations. Round your answer to the nearest whole percent.) Percentage of interest paid %