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.

Q: I borrowed $3650 from a bank for 8 months. The bank discounted the loan at 7.5%. How much interest…

A: We need to use simple interest formula below to calculate interest or discount on loan.Simple…

Q: Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge…

A: Principal Amount = p = $1400Interest = i = $70Service Charges = sc = $12Number of Payment = n = 12

Q: Juan Pablo borrowed $1500 from a bank for 13 months. The bank discounted the loan at 5.7%. What is…

A: The loan discount refers to the loan in which the borrowers get the money after reducing the…

Q: John signed a 90-day note with a face value of $6,000 and a discount rate of 14.57%. How much did…

A: Ordinary time means day convention of 360 days. Here, the proceed or amount received from bank is…

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: Since the maturity value is know which is $27,500 Discount Rate = 16% Made on 15 February Days till…

Q: Martinez Sporting Goods borrows $4,500, at 5% interest, for 120 days. Use the exact interest method…

A: Interest amount is the fixed amount that the lender will charge for lending some amount for certain…

Q: A recent college graduate got a good job and began a savings account. He authorized the bank to…

A: Amount of the present cash flows at a given rate when computed by the future value (FV) factor gives…

Q: Mark signs a note promising to pay $825 in 3.5 years with simple interest at 10.75%. Then, 9 months…

A: The promissory notes are those legal instruments where one party promises to pay a sum of money to…

Q: "Ten years ago, when Nigel was still a college student, he deposited 10,000 in a bank. The bank's…

A: Deposit amount (P) = 10,000 Period = 10 Years Quarterly period (n) = 10*4 = 40 Interest rate = 2%…

Q: bank discount and proceeds for these notes. Assume that the notes were discounted on June 10 at a…

A: Notes are issued by the banks on discount and the customer have to pay the face value on the…

Q: Use the ordinary interest method, 360 days, to solve the fol problem. Round to the nearest cent when…

A: Interest amount on promissory note = note value (principal) x rate x time /100

Q: How much was the check he gave to the bank for payment?

A: Future value can be referred to as the value of an underlying asset or security at a future date.…

Q: A person has some money in his/her checking account (say $100) and five transactions each of 10, 20…

A: As per withdraw & deposit methods synchronization helps to establish a lock to the object and…

Q: Joey Espinoza has $1,000 in cash, he deposits the total amount in Legion Banc. Legion Banc lends the…

A: The banks have to deposit certain amount of money with central bank depending on the deposit made in…

Q: Sheridan Service has a line of credit loan with the bank. The initial loan balance was $6000.00.…

A: We have a loan account where borrowing and payment is a continuous process as per requirement. We…

Q: On May 1, Cleveland Livingston opened a savings account that paid 3.5% interest at Fulton Savings…

A: Saving account: A savings account is an interest-bearing deposit account with a bank or other…

Q: Odom Company received from a customer a one-year, 250,000 note bearing annual interest of 8%. After…

A: Notes receivable are considered assets that are receivable after a certain period. It is generated…

Q: Is. Kim borrowed an amount from ne principal at the end of 9 months iscount is 13.73%, what is the…

A: In this we have to find out the future value of amount. Principal amount=P 1340 Discount rate=13.73%…

Q: Karen's Katering borrows $5,500 at 8.5% interest for 280 days. If the bank uses the exact interest…

A: Given data; Borrowed amount = $ 5,500 interest rate = 8.5% number of days of borrowing = 280 days

Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…

A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…

Q: David makes a sequence of 35 monthly deposits of 645 dollars each into an account paying interest…

A: Nominal rate of interest is the rate of interest expressed in percentage is the amount that is paid…

Q: Paul signed an $8100 note at citizens bank. Citizens bank charges a 6.4% discount assume the loan is…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: Paul and Sandy Moede signed an $8000 note at Citizen's Bank. Citizen's charges a 6.50% discount…

A: Computation of effective rate of interest:Hence, the effective rate of interest is 6.87%.

Q: Paul and Sandy Moede signed an $8,100 note at Citizen's Bank. Citizen's charges a 6.4% discount…

A: A note is a debt instrument where the borrowing party promises to pay back the face value of the…

Q: an has a simple discount note for $6,100, at an ordinary bank discount rate of 8.53%, for 40 days.…

A: Effective Interest Rate -The rate used to compute the real return on investment and interest rate…

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: A promissory note is a written agreement that outlines a borrower's promise to repay a specific…

Q: Trina Alcala deposited $1,950 in a new credit union savingsaccount on the first of the quarter. The…

A: To calculate the amount in Trina's account at the end of 6 months, we need to use the following…

Q: Mr. Bacani borrowed money from the bank. He received from the bank P1,842 and promised to repay…

A: PRESENT VALUE Present Value is the Current Value of Future Cash Flows at a Discounting Rate.…

Q: Mr. Keith loaned $258,530 from the bank. After nine months, he paid back $291,192 and closed the…

A: Borrowings are the loan which is taken by the individual to meet its financial requirements. The…

Q: A person invested two amounts in a bank for a full year at a common interest rate. The total…

A: in this question one has to find the interest of the first amount in numerical terms as well as in…

Q: Mr. Navarro received a loan with maturity value of 811,000 at a discount rate of 11.22 % for 11…

A: Formulas. 1. Bank discount = (Maturity value × discount rate × time period.) ÷ 12. 2 . Proceeds  =…

Q: Mike Drago took out a for $3,900 at the Gold Coast Bank for 270 days. If the bank uses the ordinary…

A: Rate of Interest = Amount of Interest / (Principal * time)

Q: A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.53%, for 60…

A: Discount rate is 8.53% Time period 60 days Face value of note is $6,100 To Find: Effective interest…

Q: Gene McDonald's bank granted him a single-payment loan of $5,000 for 90 days at 9% ordinary…

A: A fundamental method of calculating interest in finance is called simple interest. It is calculated…

Q: John and Susan just opened saving accounts at two different banks. They each deposited $1000. John's…

A: In case of simple interest the interest is computed and paid only on the principal amount. In…

Q: Sheridan Service has a line of credit loan with the bank. The initial loan balance was $8000.00.…

A: We have a loan account where payment and borrowing keeps happening. We need to find the balance when…

Q: Ms. Kim borrowed an amount from a bank but she only recieved from the bank P1,340. She promised to…

A: Actual amount received = P 1340 Discount rate = 13.73%

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:

Q: 5. On June 1, Bertha Hammond deposited $545 in a savings account at Metro Sav- ings and Loan…

A: A method of computing interest amounts in which the compounding effect was not considered by the…