Answered: Melissa Allen need to take out if she…

Melissa Allen need to take out if she needed $4,500 at 7% for 85/360 days for a simple discount note? (Round your answer to the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Friendly's Quick Loans, Incorporated, offers you "$4.20 for $5.20 or I knock on your door." This…

A: The interest rate on a credit card or loan is commonly expressed as APR, or annual percentage rate.…

Q: 2b. You decide to take advantage of the store's payment plan. The payment plan's terms are as…

A: As per Bartleby honor code, when multiple questions are there, the expert is required only to solve…

Q: You have $480 to put into a savings account, and a bank offers you two options: Account A pays 3.1%…

A: Simple Interest is the method in which we calculate the interest on a specific principal amount at a…

Q: What’s the equivalent interest rate to the terms 3/20, n/60? In other words, what is the effective…

A: Time Value of Money: The term 3/20 means if the customer makes payment within 20 days he will enjoy…

Q: When preparing for a business trip to China, Kaylee Putbrese borrow for a simple discount note at 5%…

A: A simple discount, also known as a bank discount, is a financial concept that refers to the interest…

Q: merchant receives an invoice for $8000 with terms 2/10, n/50. a) What is the maximum interest rate…

A: Discount is the amount to be paid less than actual prices and that is done for the early payment of…

Q: Paul Stetson is offered credit terms of 3/10 net 40 by his suppliers. Paul, however, usually pays in…

A: I advise Paul Stetson not to take the bank loan and instead prioritize paying his suppliers within…

Q: You currently have a credit card with a balance of $450. If you have a credit limit of $2,000, what…

A: In order to find out the credit utilization rate, we need to divide the credit availed by total…

Q: the apr on the card is 12%, and you are not going to use the cardinal paid in full. assume you owe…

A: Credit debt = $1,383 Interest Rate = 12% APR Monthly Payment = 140

Q: Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple…

A: Simple interest: concept and terminology. Simple interest is a type of fee that is charged (or…

Q: Angela has a Macy’s credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy’s…

A: Card Balance is $2088.74 APR is 28.99% Minimum payment rate is 3.9% To Find: Minimum Payment…

Q: 3. Trudy takes out an easy access loan for $500. It cost her $10 for every $100 and a one-time fee…

A: Trudy takes out an easy access loan = $500 Cost for every $100 = $10 Cost for $500 loan = $500 x…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…

Q: 6. Nita is preparing to go on a trip and determined she needs to bring $ 7,600. How much must she…

A: Amount to bring7600Simple Discount note6.50%Tenure, days90

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Annual percentage rate refers to the charge which is paid by the borrower to the lender on the loan…

Q: How much must Ms. Santos get in pawning her jewelry at 5% simple interest rate per month if she…

A: The question is related to simple Interest. Simple Interest is calculated with the help of following…

Q: II. Solve the following problems involving credit cards. Round your answers to the nearest…

A: Variables in the question:12. APR=22.2%13. Average balance for last credit card…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Interest Rate = 6% APR Previous Balance = $1,173 Calculation of Number of days between is as follow:…

Q: 13. A discounted loan of $3,000 at a simple discount rate of 6.5% is offered to Mr. Jones. If the…

A: A Simple Discount Loan refers to the type of loan where the interest is deducted at the time of…

Q: Paige is planning on depositing $1,000 in one of two different savings accounts from two financial…

A: Annual percentage rate (APR) refers to the stated interest rate or the nominal rate that is being…

Q: Consider a $5,000, 6%, 180-day interest-bearing note and a non-interest- pearing note for the same…

A: Note means an instrument acknowledging as debt due from one party to another party. Interest bearing…

Q: Dallas Pierce wants to know what rate she is paying on her simple discount note. The maturity value…

A: Understanding the rate on a simple discount note involves calculating the interest paid over a…

Q: Vijay

A: The objective of the question is to determine whether Paul Stetson should borrow money from his bank…

Q: our mother received an offer from a bank. The flier is offering your mother to open a credit card…

A: The 15% mentioned in the flier is the stated rate or the nominal rate. It is not the effective…

Q: Mint.com, GoodBudget, Mvelopes, BillGuard, PocketExpense, HomeBudget, and Expensify. After using…

A: Notes payable are promissory notes because one party promises to pay the other party money within a…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: APR = 9%Previous balance = $1156No of days = 31To find: Amount owed.

Q: Suppose you owe $1,000 on your credit card. The annual percentage rate (APR) is 15%, compounded…

A: A credit card refers to an instrument that provides debt financing to both individuals as well as…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Finance Charge is the amount of interest being charged on the borrowed amount from the lenders.

Q: You just bought a new TV for $2,559.72 on your credit card; assume no other purchases The APR is 18%…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: A savings and loan charges 2.075 points for a home buyer to obtain a loan of $255,000. To calculate…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: Using the daily balance method of calculating interest, how much interest will you owe on a $500…

A: Given, Credit card balance = $500 interest = 20% = 20/100 = 0.2 time = 3 weeks = 21/365

Q: Linda is buying a car for $12,560.00. Her down-payment is S3000.00 followed by 24 monthly payments…

A: The real interest that an investor earns on the investment and a borrower pays on the loan after…

Question

How much would Melissa Allen need to take out if she needed $4,500 at 7% for 85/360 days for a simple discount note? (Round your answer to the nearest cent.)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Sharla is comparing a credit plan to buying an appliance for cash. The sticker price is $1200. The down payment for the credit plan is 10% and then 24 monthly payments of $53.25. What is the cost of buying on credit?
You wish to buy a $10,900 dining room set. The furniture store offers you a 2-year loan with an APR of 7.2 percent. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
** HINT: Look online or look back at your worksheets for "add- on interest" problems! Melanie bought a used car for $10,000. (S)he put $100 down and financed the balance with the dealer at 5% add-on interest. If they agreed to make 36 monthly payments, then: (Round each answer to the nearest penny) What is the total payback amount of the loan? $ What is the amount of each payment? $ /month What is the total amount of interest paid on the loan? $
You want to buy a house for $250,000. The bank requires a down payment of 25%. What is the amount of the mortgage loan the bank will provide for you? Round to the nearest $ and use the $ symbol.
If Greg borrows $140.00 from the bank at 6.5% exact simple interest, how much interest does Greg owe if he pays back the money after 250 days? (Note: You should include a dollar sign and be accurate to two decimal places)
If you owe $5,000 on a credit card that charges 18.99% apr and you decide to put no more charges on the account until it is paid off, how much money will you save if you make $200 payments vs $150 payments?
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?
Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both had the same terms: $18,850 at 7% for 4 years. Use ordinary interest as needed. a. Calculate the simple interest note proceeds. Simple interest note proceeds $ Simple discount note proceeds b. Calculate the simple discount note proceeds. $ 24,128 13,572
Suppose you want to have $600,000 for retirement in 25 years. Your account earns 4% interest. How muc would you need to deposit in the account each month? Submit Question /course/showcalendar.php?cid=179278 Search