Mickey Sporn took out a loan for $5,880 at the Linville Ridge Bank for 110 days. The bank uses the ordinary method for calculating interest. What rate of interest was charged if the amount of interest was $275? Round to the nearest tenth of a percent.

you deposit $5,000 in a bank t years ago. Your current account balance is $8,200, and the bank compounded intrest monthly at an intrest rate of 3.5%. how long ago did you deposit the money? that is, find t. round your answer to the nearest tenth of a year.

Springer Products wishes to borrow ​$90,000 from a local bank using its accounts receivable to secure the loan. The​ bank's policy is to accept as collateral any accounts that are normally paid within 30 days of the end of the credit​ period, as long as the average age of the account is not greater than the​ customer's average payment period. ​ Springer's accounts​ receivable, their average​ ages, and the average payment period for each customer are shown in the following​ table: Customer Accounts Receivable Average age of account     Average payment period of customer A ​$11,000   42 days   50 days   B ​$25,000   70 days   65 days   C ​$10,000   48 days   45 days   D ​$28,000   55 days   50 days   E ​$14,000   50 days   60 days   F ​$19,000   21 days   35 days   G ​$30,000   10 days   30 days   H ​$16,000   25 days   40 days…

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 It

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).

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If you sign a discount note for $7,500 at a bank discount rate of 5% for 3 months, what is the effective interest rate? Round to the nearest tenth percent. Step 1 The effective interest rate is the actual interest rate charged on a discounted note and takes into account the fact that the borrower does not receive the full amount of the principal. It is calculated using the bank discount, the proceeds, and time. The bank discount is calculated as follows where the discount rate is given as a decimal and the time will be a fraction whose numerator is the given amount of time in months and denominator is 12 months. bank discount = face value ✕ discount rate ✕ time The rate was given to be 5%. As a decimal, we have  . Calculate the bank discount (in $) for the $7,500 promissory note at a discount of 5% for 3 months. bank discount  =  face value ✕ discount rate ✕  amount of time in months 12 months      =  $7,500 ✕  ✕  3 12      =  $

2. On April 1 Kendrick opened a savings account at a bank that paid 3.55 $1,000. On April 20 he withdrew $500. On April 30 the bank calculated the daily percent interest. His initial deposit was $3,200. On April 9 he deposited another interest. a) How much simple interest did his money earn? b) How much was in the account after the bank calculated the daily interest on April 30?

John Smith has a credit card that charges 11% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 29 days. For 14 days his balance was $2,536.28. For 7 days the balance was $1,536.28. And for 8 days the balance was $1,807.15. Find the average daily balance. Find the amount of interest. The average daily balance is $ The amount of interest is $ (Round to the nearest cent as needed.) ...

John Smith has a credit card that charges 11​% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 30 days. For 17 days his balance was ​$2,536.51. For 7 days the balance was ​$1,536.51. And for 6 days the balance was ​$1,895.33. Find the average daily balance. Find the amount of interest.