interest will Jody owe o
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Simple interest or ordinary interest doesn’t include compounding. It’s the prorated rate of total days for which the money stays invested out of total days in a year (365 days).
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- On September 14, Jennifer Rick went to Park Bank to borrow $3,600 at 9.25% interest. Jennifer plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use Days in a year table.) a. What interest will Jennifer owe on January 27? (Do not round intermediate calculations. Round your answer to the nearest cent.) Interest $ b. What is the total amount Jennifer must repay at maturity? (Do not round intermediate calculations. Round your answer to the nearest cent.) Total amount $On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27, Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Interest b. What is the total amount Jody must repay at maturity? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Maturity valueOn April 5, 2019, Janeen Camoct took out an 8.5% loan for $20,000. The loan is due March 9, 2020. Use ordinary interest to calculate the interest. What total amount will Janeen pay on March 9, 2020? (Ignore leap year.) Required: What are the number of days between the two dates listed below? Note: Use the DATEDIF or DAYS function to calculate the number of days. 4/5/2019 3/9/2020 What is your principal? Note: Answer should be entered as a numeric value and not a formula. What is your rate? Note: Answer should be entered as a numeric value and not a formula. What is the time? What total amount will Janeen pay on March 9, 2020?
- On September 14, Jennifer Rick went to Park Bank to borrow $2,500 at 11.75% interest. Jennifer plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use Days in a year table.) What interest will Jennifer owe on January 27? Note: Do not round intermediate calculations.Round your answer to the nearest cent. What is the total amount Jennifer must repay at maturity? Note: Do not round intermediate calculations. Round your answer to the nearest cent.4) You borrow $2500 on September 3rd this year. Your demand loan carries an interest rate of 7.46%. You make partial payments of $500 on October 15th and $1575 on November 17th, You want to make a final payment of the remaining outstanding balance on November 30tn. What is the size of your final payment? Use the declining balance method. A) $450.02 B) $399.76 C) $612.84 D) $851.11 E) $449If Inez is charged an interest of $357.76 on a loan of $18946 for 2 months, calculate the rate of interest charged on the loan. (Calculate to two decimals and enter without the percent sign, eg 1.23% = 1.23 or 12.34% = 12.34) Answer:
- Friendly's Quick Loans, Incorporated, offers you "$4.20 for $5.20 or I knock on your door." This means you get $4.20 today and repay $5.20 when you get your paycheck in one week (or else). a. If you were brave enough to ask, what APR would Friendly's say you were paying? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What's the effective annual return Friendly's earns on this lending business? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. 1,056.46 % 23.81 % a. APR b. EAR 4Complete the following table by using Table 15.1. (Do not round intermediate calculations. Round your answers to the nearest cent.): Selling price: $237,000 Down payment: $47,400 Amount mortgage: ?? Rate: 6.00% Years: 15 Monthly payment: ?? First payment broken down into-- Interest: ?? Principal: ?? Balance at end of month: ??Kelly O’Brien met Jody Jansen at Sunshine Bank and suggested she consider a loan on exact interest. Recalculate the loan for Jody under this assumption. Jody Jansen went to Sunshine Bank on: 9/12/2020 She borrowed: $ 2,300.00 Her interest rate was: 0.09 Date the money borrowed is due: 1/27/2021 Previous interest was: 78.78 Required: Complete the following using the information above and exact interest: How many days is Jody Jansen borrowing this money for? Assume the loan is on exact interest. What interest will Jody owe on January 27? What is the total amount Jody must repay at maturity How much would she save in interest?
- Assume you take out a car loan of $8,600 that calls for 48 monthly payments of $300 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)Friendly’s Quick Loans, Inc., offers you “three for four or I knock on your door.” This means you get $3 today and repay $4 when you get your paycheck in one week (or else). a. If you were brave enough to ask, what APR would Friendly’s say you were paying? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What’s the effective annual return Friendly’s earns on this lending business? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)Suppose that on January 1 you have a balance of $5300 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? . a. The monthly payment is (Do not round until the final answer. Then round to the nearest cent as needed.)
