Mike Drago took out a for $3,900 at the Gold Coast Bank for 270 days. If the bank uses the ordinary interest method, what rate (in %) of interest was charged if the amount of interest was $239? Round your answer to the nearest tenth of a percent.

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: If you deposited P1,000 a couple of years ago in a bank that pays the interest bimonthly. After…

A: The effective rate implies for percentage figure which shows proportion of increase that will occur…

Q: Mickey Sporn took out a loan for $5,880 at the Linville Ridge Bank for 110 days. The bank uses the…

A: The formula that will be used will be:   loan amount * rate * no. of days/360 = interest   Here loan…

Q: If you sign a discount note for $4,400 at a bank discount rate of 8%, for 90 days, what is the…

A: Effective annual rate is defined as the actual rate that is earned on the investment. It shows the…

Q: I'm not sure what I'm doing wrong here. Please help me.   Warren Ford borrowed $15,000 on a…

A: Maturity Value = $15,000 Because, Note is a Discount note so maturity value will be the par value…

Q: Paul and Sandy Moede signed an $7,200 note at Citizen's Bank. Citizen's charges a 2.5% discount…

A: Given data, Face value of Note = $7,200 Bank discount rate = 2.5% Loan is for 320 days Number of…

Q: anice Dart signed a 140-day simple discount note at a rate of 9.9% with a maturity value of $82,000.…

A: calculation of Discount on original Note = Maturity value x Interest rate x (No.of days/365) =…

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

A: Frist we need to calculate the bank discount by using this equation  Bank discount =Maturity…

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: 2 The lawyer for a credit union member has sent a cheque for $2062.68 in full settlement of the…

A: Interest rate for six months = 8+2/3% * 6/12 = 8.6666% * 6/12 = 4.3333%

Q: If the bank states an effective interest rate of 13.5% per year, and there are 52.15 weeks, how much…

A: Formula for calculating weekly interest rate is:

Q: Comet Lee borrowed $16,000 on a 6%, 90-day note. After 20 days, Comet paid $2,000 on the note. On…

A: I = P x R  x T   P = Principal amount R = Rate = 6% T = Period

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: First National Bank charges 13.4 percent compounded monthly on its business loans. First United Bank…

A: The effective annual rate (EAR) is the annual interest rate that takes into account the effect of…

Q: a bank offered its clients a credit card which had a rate of 18.55% compounded daily. if it added…

A: The nominal rate is the stated interest rate or advertised rate on a financial product or loan…

Q: Mr samuel approached the arnett national bank for a 15,000 loan to purchase vehicle the bank charges…

A:

Q: Karen's Katering borrows $5,500, at 8.5% interest, for 220 days. If the bank uses the exact interest…

A: The objective of the question is to calculate the exact interest that the bank will collect on a…

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

A: The promissory note is a legal instrument that is written by one party to another by making a…

Q: mad, a bank c 000 and agre -nthly for one

A: Introduction: The rate that is actually earned on an investment is called the effective annual rate.…

Q: Assume that a firm has a $1,000,000 line of credit at an 4.94 percent rate of interest that requires…

A:

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: 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: get help with this question please

A: When the effects of compounding over time are taken into account, the effective annual interest rate…

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: You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. You pay…

A: Given : Owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. Pay…

Q: Your bank pays an interest rate quoted as 5.0% per annum compounded semi-annually. You invest $1,000…

A: Semi-annual interest rate (r) = 5%/2 = 2.5% Number of Semi-annual compounding (n) = 5 years x 2 = 10…

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: On July 1, 2020 Trolley & Train World borrowed money from First Friendly National Bank by issuing a…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Shawn Bixby borrowed $37,000 on a 150-day, 10% note. After 70 days, Shawn paid $4,000 on the note.…

A: According to the US rule, the lender does not calculate interest until the payment has been made.…

Q: Problem 4: What end-of-month deposits for the first six m hould Joshua have if he is planning to…

A: The future value of amount includes the amount being deposited and amount of interest being…

Q: Suppose I secure a simple interest note for $4500.  The length of the note is 102 months and the…

A: Interest = Principal * rate * time  Interest = $4500 * 6.20% * 102 /12 Interest = $2,371.50

Q: A bank wishes to earn a 17% simple interest in discounting notes. If the term of the discount is 3…

A: Simple Interest: When the interest on the borrowed amount is computed on the principal at the loan…

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

A: Discounted notes are issued at a discount to the face value and the discount depends on the interest…

Q: ome time ago, you put £500 into a bank account for a “rainy day.” Since then, the bank has been…

A: Compound Interest is calculated by multiplying the initial principal amount by one plus the annual…

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: Derek currently has $14,618.00 in an account that pays 6.00%. He will withdraw $5,134.00 every other…

A: Savings Accounts is a deposit facility offered by commercial banks. It allows accountholders to…