Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?
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Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?
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- Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a service charge of $5. If Joshua repaid the loan in 12 equal monthly payments, what is the APR? (Enter your answer as a percent rounded to 1 decimal place.)Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge of $12. If Joshua repaid the loan in 12 equal monthly payments, what is the APR? (Enter your answer as a percent rounded to 1 decimal place.) APRDave borrowed $1,300 on January 1, 2022. The bank charged him a $5.00 service charge, and interest was $78.20. If Dave paid the $1,300 in 12 equal monthly payments, what was the APR?
- Nick borrowed $6000 for 24 months from his bank using an 11 and a 1/2 percent discount note. A. How much interest did Nick pay the bank for the use of the money? B. How much did he receive from the bank?Frank borrowed $200 from a lender that charged simple interest at an annual rate of 9%. When Frank paid off the loan, he paid $108 in interest. How long was the loan for, in years?Jack has borrowed money from his financial institution, and has agreed to pay $200 at the end of each month for six years. The bank charges interest on the loan at 6.6% compounded quarterly. 1. How much did Jack borrow? 2. How much is the cost of financing (The amount of interest to be paid)?
- Please help me answer the following time value of money question. Edison borrowed $10,000 from the Niederriter Loan Company. He has to pay off the loan in 36 monthly payments of $500. What interest rate is he being charged?John borrows $700 from a bank. He promises to pay $749 in 1 year's time. How much interest is john being charged by the bank?Carol borrowed $5,200 and signed a straight note with an interest rate of 7% per annum. If she paid $1125 in interest during the term of the note, What was the term of the note?
- Mr. Joe pays $2068 a month for the loan he took from a bank. If the total payment period is 3 years and the interest rate is 29% per year compounded monthly. Determine the amount of loan Mr Joe took?Josh borrowed $500 for 1 year and paid $50 in interest. The bank charged a $5 service charge. What is the finance charge on this loan?David held a loan of $2,400 for 6 months and was charged interest of $132.00. What was the annual simple interest rate on this loan?