Martinez 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. $
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A: Loan Amount is P5million Interest rate is 8% Compounded semi annually Semi annual Interest rate…
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Q: URGENT
A:
Q: Steve Perry borrowed $40,000 at 12% ordinary interest for 60 days. On day 20 of the loan, Steve made…
A: First we need to use ordinary interest formula to calculate interest amount on loan Ordinary…
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A: The formula that will be used will be: loan amount * rate * no. of days/360 = interest Here loan…
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A: Interest rate is the rate of return paid from an investment. Amount borrowed = $10,000 Repaid =…
Q: On March 1, 2015 Mr. A obtains a loan of P1, 500 from Mr. B and signs a note promising to pay the…
A: Note : will answer first question as exact one is not specified. The question is based on the…
Q: pays a 9.75% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%)…
A: The effective annual rate can be computed as follows :- EAR = (1+i / x)^x - 1 = (1 + 0.0975/12)^12…
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A: Interest rate = 10.5% Initial balance = $150 Number of days = 1-3 is 3 days Number of days = 4-20…
Q: What is the outstanding balance of the loan after the 2nd year
A: Compound interest is the amount of interest charged on interest. In this method the interest…
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A: Interest Payable on December 31, 2020 = Amount borrowed x rate of interest x no. of months /12 =…
Q: CHuee Company borrows $40,000 from the local bank at 8% interest. The term of the note is 5 years,…
A: Interest means the extra amount paid over and above the principal amount of loan. Total amount…
Q: Customer Bank loaned The Teacup Shoppe money at 6% interest for 90 days. If the interest was $300…
A: Interest rate id 6% Time period is 90days Total interest was $300 To Find: Principal amount…
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Q: YVONE trading borrowed Php 200,000 from BLP Rural Bank at 9% discounted rate for one year and six…
A: Borrowed amount (B) = Php 200000 Discount rate (d) = 9% n = 1 year 6 months = 1.5 years
Q: Second Union Bank pays 5 percent simple interest on its savings account balances, whereas Third…
A: In simple interest there is no interest on interest only simple interest is considered.
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A: Annual percentage Rate (APR) refers to an interest charged on an amount that is earned by investors.
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A: The term mortgage loan represents the amount borrowed by one person to acquire a house or other real…
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A: The answer is stated below:
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A: In the above case, the borrower must pay the par value at the maturity which is $55,000. The…
Q: Ackerman Company enters into an IRG arrangement with Westbank for a 9 months, $800,000 loan starting…
A: nominal interest = 8% no. of compounding periods =12/3…
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A: Interest rate (r) = 12% Number of compounding per year (m) = 4
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A: Principal amount (P) = P 200,000 Interest for 60 days (I) = P200,000 x 10% x 60/360 days = P3,333…
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A: In order to find the outstanding balance one has to deduct the payment from the loan amount.
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A: As per the given information: Amount owed to the bank - $1,245 in 9 months Earning - 3.25% APR…
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A: Interest = $935.40 Interest Rate = 12% Time Period = 360 Days
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A: The Effective Annual Rate: The effective annual rate is affected by the number of compounding…
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A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Alana Olsen borrowed $5,000 for 90 days from First Bank. The bankdiscounted the note at 7 percent.a.…
A: Borrowed amount=$5000Discount rate=7%Time period=90days
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A: Given data: loan amount = $50,000 Repayment amount = $54,500 Number of payments =12 monthly payment…
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A: Definition:
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A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…
Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…
A: The amount borrowed is the present value is the discounted value of future payments. This is…
Q: Jack Abrams borrowed $8,000 for nine months at an interest rate of 7% (simple interest). The bank…
A: Actual interest rate is computed below:
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A:
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A: Given:
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A: It is the document that acts as a written promise for a certain payment.
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A: A credit card refers to a facility provided by banks to its customers that customers can make the…
Q: A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits 1600.00 each…
A: Compounding means earning interest on Principal+ Interest earned on principal.
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A: Given information is: Face value of Note = BD 2600 Period = 3 years Compound interest rate = 6% Bank…
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A: "As per the policy of our company, we are allowed to answer only the first three sub-parts in case…
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- 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 $467.50Jami'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 Ⓒ$8,200.00A 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)
- Wayne signed a $10,000 note at Lynn Bank that charges a 7% discount rate. Use ordinary interest. If the loan is for 150 days, find:A.ProceedsB.Effective rate charges by the bank (to the nearest tenth percent)Jack Abrams borrowed $8,000 for nine months at an interest rate of 7% (simple interest). The bank also charges a $100 processing fee. What is the actual interest rate for this loan?A bank is offering a loan of $20,000 with an interest rate of 9%, payable with monthly payments over a 4-year period. a. Calculate the monthly payment required to repay the loan. b. This bank also charges a loan fee of 4% of the amount of the loan, payable at the time of the closing of the loan (that is, at the time the borrower receives the money). What effective interest rate is the bank charging?
- A bank charges 11% simple interest in advance (that is 11% bank discount) on short term loans. Find the sum received by the borrower who request (i) GH¢900 for 90days, (ii) GH¢1500 from May 3 to October 15.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 dA bank charges 11% simple interest in advance (that is 11% bank discount) on short-term loans. Find the sum received by the borrower who requests (i) GH¢900 for 90days, (ii) GH¢1500 from May 3 to October 15.
- Jefferson Bank made a loan at 7% interest for 238 days. If the amount of interest was $300.81, use the ordinary interest method to find the amount of principal (in $) borrowed. (Round your answer to the nearest dollar.) Need Help? Read It Watch It Master ItA Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $10,000 beginning one year from today. The interest rate on the note is 7%. What amount did the company borrow? tables, Excel, or a financial calculator. Round to nearest whole dollar amount.A bank charges a simple discount at 11% interest rate on short term loans. Find the sum received by the borrower who request (i) GH¢900 for 90days, (ii) GH¢1500 from May 3 to October 15.