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.

A bank pays an interest of 6.8% for a 6 month term deposit. Calculate the amount that Stacy must invest to earn an interest of $480.47. (Calculate to the nearest cent eg. 123.45) Answer:

Jeff Rakhnovich has a simple discount note for $35,000 at an ordinary bank discount rate of 7%, for 60 days. What is the APR? Round to the nearest hundredth of a percent. Show all your work in a neat and organized format.   The true rate of interest that you pay on a loan is called the..?

One bank offers to loan you money at an interest rate of 12% compounded quarterly, and another bank offers to loan you money at 11.8% compounded continuously. Which loan would you prefer, and why?

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).

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      =  $

Please do it by hand. If not please do not respond. Write clear

Jami'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 Ⓒ$8,200.00

Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $130 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 16 months? (Round your answer to the nearest cent.)

Shawn Bixby borrowed $29,000 on a 120-day, 8% note. After 55 days, Shawn paid $3,200 on the note. On day 95, Shawn paid an additional $5,200. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Ending balance due