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: Suppose that you took out a loan at 12% interest for 200 days. If the amount of interest was…

A: Interest rate = r = 12% Time = t = 200 days Interest amount = i = $710.14   Number of days in Exact…

Q: Suppose you deposit $1,030.00 into an account 4.00 years from today. Exactly 13.00 years from today…

A: Future Value refers to the value of the current asset or investment or of cash flows at a specified…

Q: A bank that provides overdraft protection charges 12 percent for each $100 (or portion of $100)…

A: Part (a)The overdraft protection charge = 12% for each $100 (or portion of $100) borrowedThus 12% is…

Q: Carey Company is borrowing $375,000 for one year at 12.5 percent from Second Intrastate Bank. The…

A: The effective rate is the nominal rate after making adjustments for the frequency of interest in a…

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: Two banks pay simple interest on short-term deposits. Bank A pays 5% p.a. over 3 years, and Bank B…

A: Simple interest is quite simple and only there is interest on the pricipal amount and there is no…

Q: For a S 1,314 deposit, a bank offers two choices: Account "A" pays interest at an APR of 8.3%.…

A: Variables in the question:Initial deposit =$1314Bank offers two choices:Account A pays interest at…

Q: Hernandez Engineering borrows $5,500, at  6 1 2 %  interest, for 150 days. If the bank uses…

A: Detailed explanation:1. Principal amount borrowed: $5,500  Interest rate: 6.12% (converted from…

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: 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: You deposit $100, $150, & $200 in a bank account at the end of years 1,2,& 3 and earn 7% interest.…

A: Solution:- Present value means value in today’s terms by discounting it back at the given interest…

Q: The following certificate of deposit (CD) was released from a particular bank. Find the compound…

A: Deposit amount (P) = $3500 Interest rate (r) = 8% Number of compounding per year (m) = 365 Period…

Q: Bank A offers a nominal annual interest rate of 5% compounded daily, while Bank B offers continuous…

A: Here, Bank A: Annual Interest rate = 5%  No. of Compounding Periods = 365 days Present value of…

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: Suppose you deposit $1,016.00 into an account 4.00 years from today. Exactly 13.00 years from today…

A: Present Value = pv = $1016Time = t = 13 - 4 = 9 YearsFuture Value = fv = $1741

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: The following certificate of deposit (CD) was released from a particular bank. Find the compound…

A: A certificate of deposit(CD) is a type of savings account that offers a higher interest rate than a…

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: How much interest will you have to pay for a credit card balance of $757 that is 1 month overdue, if…

A: Given, Credit Card Balance = $757 Annual Rate charged = 23%

Q: You deposit $ 70,565 in your account today. You make another deposit at t = 1 of $ 51,167 . How much…

A: Time value of money is one of important concept being used in finance. As per this concept, a dollar…

Q: The following certificate of deposit (CD) was released from a particular bank. Find the compound…

A: A Certificate of Deposit refers to a time deposit that provides the holder with fixed interest for a…

Q: f the interest that 6000 TL will bring in 3 months over 21% interest rate is brought by the same…

A: Simple Interest: When at the time of returning the loan to the bank, we have to pay back an amount…

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

A: Interest is amount paid by borrower and received by lender in exchange of funds. Interest is charged…

Q: LEASE HELP ASAP The client has made a deposit in the bank in the amount of 10,000$. The duration of…

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

Q: A bank pays an interest of 6.8% for a 6 month term deposit. Calculate the amount that Stacy must…

A: Interest=$480.47Rate=6.8%Time=6 monthsRequired:Principal amount of investment =?

Q: 6. Murni signed a 300-day simple interest note for $6750 with a bank that uses exact interest. If…

A: Principal = 6,750 Interest = 7.75% Days = 300    Simple interest = Principal x Interest Rate x Time…

Q: Big Warehouses borrowed $102,700 from a bank and signed a note requiring 13 annual payments of…

A: Calculation of interest rate implicit in this agreement.

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: One bank offers to loan you money at an interest rate of 12% compounded quarterly, and another bank…

A: Effective annual rate offered on each of the loan is calculated. Effective annual rate of 12%…

Q: The following certificate of deposit (CD) was released from a particular bank. Find the compound…

A: Principal amount is $2500 Interest rate is 6% Compounded daily Time period is 2 years To Find:…