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

Interest is charged by the lender on loans for bearing the risk of lending money. The interest rate…

Answered: Johnny Rockefeller had a bad credit…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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1. Chelsie borrowed 10,000 from a financial institution at an interest rate of 1% monthly. The monthly payment she pays is 554.15. Find the number of periods required to repay the loan? 2. Mary Rose borrowed money from a bank amounted 12,000 with an interest rate of 11.5%, the monthly installments are 313.07. how long will it take to repay the loan? 3. ABC company has borrowed money from a financial institution that will be paid for about 2 years with monthly installments of 6,000. How much is the principal loan?
You have a $1,400 balance on your 15% credit card. You have lost your job and been unemployed for 6 months. You have been unable to make any payments on your balance. However, you received a tax refund and want to pay off the credit card. How much will you owe on the credit card if you have not made a payment for 6 months? Note: Round your answers to the nearest cent. How much interest will have accrued? Note: Round your answer to the nearest cent. What will be the effective rate of interest after the 6 months?
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it’s your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round to the nearest cent)
Help me with correct explanation. Not solve in excel works.
6. A borrower signs a loan agreement for $50,000. Out of this, the lender charges a $500.00 loan origination fee and two discount points. How much cash does the borrower get?
Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and financed the balance with monthly payments of $239.38 for 36 months. (a) What is the finance charge (in $) on the loan? $ (b) Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.) %
2) Chris had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 25.2%. 8 days @ $223.25 6 days @ $779.00 6 days @ $2,290.50 10 days @ $1,311.25 a) What is the average daily balance? Round to the nearest cent. b) What is the finance charge? Round to the nearest cent.
G. Each column in the table below is labeled, complete the table by writing the given data (in figures), the word “unknown" for the unknown data, n/a if it is not applicable in the problem. 8. If you start investing Php 50,000 now in a trust fund that pays 8% compounded semi-annually, how much money will you have in 10 years? P A 9. How much must be invested today at 8.5% compounded quarterly to have Php3,000,000 in 30 years? P I n AMW PRC 10. Find the present value of Php 150,000, due at the end of 2 years, if money is worth 9% compounded annually. A
Mr. Rich Mann, is the credit manager of MCC Inc. Mr. Mann would like to estimate the cost of credit sales. From experience, credit customers have paid their bills in an average of 40 days and a standard deviation of 12 days. Customers who pay their bills in 10 days receive a 2% discount. Accounts that are not paid within 75 days are written off as bad debts. (Assume a normal distribution) a. What percentage of accounts is within 25 and 60 days old? b. What percentage of the accounts is written off as bad debts or receives the discount For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS E E A v 、工%ロ启 Q Paragraph Arial 10pt ...
Enzo borrowed $4800 from the bank for 18 months. The bank discounted the loan at 4.7%. How much was the interest? (State your result to the nearest penny). How much did Enzo receive from the bank? ( State your result to the nearest penny) What was the actual rate of interest? (State your result to the nearest hundredth of a percent.) Need only handwritten solution only (not typed one).
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?
Saint Paul ne Apote n ts 0. Kyle used the equation y = 300(1.09)* , where x represents months and y represents the amount ne owes, to predict how much he has to pay on his credit card bill if he does not make any payments each month. a. What is Kyle's original credit card bill? b. What is the interest rate on his credit card? С. How much money will Kyle owe if he does not pay off his balance for 6 months? 9. The population of the deer on Walla Walla Island doubles every year. The island began with 8 deer. Write a function that models the change in the animal population: a. b. How many deer will there be after 5 years? How many deer will there be after 10 years? С.

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