Karen's Katering borrows $5,500, at 8.5% interest, for 220 days. If the bank uses the exact interest method, how much interest will the bank collect? (Round to the nearest cent.) $281.78 $285.69 $300.10 $467.50
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- Karen's Katering borrows $5,500 at 8.5% interest for 280 days. If the bank uses the exact interest method, how much interest will the bank collect? the options are: a. 358.63 b. 363.61 c. 376.95 d. 467.50A bank pays an interest of 6.8% for a 6 month term deposit. Calculate the amount that Stacy must invest to earn an interest of $480.47. (Calculate to the nearest cent eg. 123.45) Answer:A person borrows $3,000 on a bank credit card at a nominalrate of 18% per year, which is actually charged at a rate of1.5% per month. a. What is the annual percentage rate (APR) for the card?(See Example 5.6.8 for a definition of APR.) b. Assume that the person does not place any additionalcharges on the card and pays the bank $150 eachmonth to pay off the loan. Let Bn be the balance owedon the card after n months. Find an explicit formulafor Bn . c. How long will be required to pay off the debt? d. What is the total amount of money the person will havepaid for the loan? If you could please answer b and d for me I put the other 2 questions there in cases they where somehow apart of b and d
- 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 Ⓒ$8,200.00Suppose you borrow from a bank $1,756.06 today (t=0). You agree to pay back $3,637.64 in 4 years (t=4). The interest rate (%) that the bank charge you is closest to ________%. Input your answer without the % sign and round your answer to two decimal places.Suppose that you owe $2,000 on a credit card that charges 18% APR and you pay either the minimum 10% or $20, whichever is higher, every month. How long will it take you to eliminate the debt? Assume that the bank uses the previous-balance method to calculate your interest, meaning that the bank does not subtract the amount of your payment from the beginning balance but charges you interest on the previous balance.
- Bank A pays 2% interest compoundedannually on deposits, while Bank B pays 1.75% compounded daily.a. Based on the EAR (or EFF%), which bank should you use?b. Could your choice of banks be influenced by the fact that you might want to withdraw your funds during the year as opposed to at the end of the year? Assume that your funds must be left on deposit during an entire compounding period in order to receive any interest.A bank pays an interest of 8.1% for a 8 month term deposit. Calculate the amount that Stacy must invest to earn an interest of $519.64. (Calculate to the nearest cent eg. 123.45)A bank offers a home buyer a 30-year loan at 6% per year. If the home buyer borrows $140,000 from the bank, how much must be repaid every year? OA $16,273.36 OB. $12,205.02 OC. $10,170.85 OD. $14,239.19
- Alana Olsen borrowed $5,000 for 90 days from First Bank. The bankdiscounted the note at 7 percent.a. What proceeds did Olsen receive?b. What is the effective rate to the nearest basis point?A bank offers a home buyer a 25-year loan at 7% per year. If the home buyer borrows $150,000 from the bank, how much must be repaid every year? A. $15,445.90 B. $12,871.58 C. $20,594.53 D. $18,020.21Martinez Sporting Goods borrows $4,500, at 5% interest, for 120 days. Use the exact interest method to find the amount of interest that the bank will collect. $