Shawn Bixby borrowed $37,000 on a 150-day, 10% note. After 70 days, Shawn paid $4,000 on the note. On day 101, Shawn paid anadditional $6,000. 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 interestb. Determine the ending balance due use the U.S. Rule.Note: Do not round intermediate calculations. Round your answer to the nearest cent.rchEnding balance dueBM< Prev3 of 13Next >men*********Go to35°F Cl

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

Answered: Shawn Bixby borrowed $37,000 on a…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. $ Principal 1,328 Interest rate 5% Date borrowed June 08 Date repaid January 19 Exact time Interest Maturity value
The amount of simple interest on a deposit varies jointly with the principal and the time in days. If $17.85 is earned on a deposit of $3500 for 12 days, how much interest would be earned on a deposit of $3700 for 20 days? ... The deposit would earn S in interest. (Simplify your answer. Round to the nearest cent as needed.)
On March 24, 2014, Brendan and Madison borrow $18,000 each at a simple interest rate r = 12%. Brendan’s bank calculates interest using exact interest, while Madison's bank uses the Banker's Rule (ordinary interest). Let X = amount Brendan pays back on September 24, 2014, and Y = amount Madison pays back on September 24, 2014. What is the value of X - Y?
nt Shawn Bixby borrowed $25,000 on a 120-day, 15% note. After 60 days, Shawn paid $2,800 on the note. On day 96, Shawn paid an additional $4,800. 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
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
plz solve!!!
A note with a face value of BD 2,600 will mature after 3 Years from today is sold to a bank that uses a 6% annual compound interest rate. The bank deducted BD15 as a commission and BD72 as a collection charge. Find the net present value and total discounts.
On March 24, 2014, Brendan and Madison borrow $18,000 each at a simple interest rate r = Brendan's bank calculates interest using exact 12%. interest, while Madison's bank uses the Banker's Rule (ordinary interest). Let X = amount Brendan pays back on September 24, 2014, and Y = amount Madison pays back on September 24, 2014. What is the value of X - Y?
Khamis deposited RO. 12,000 each in two different banks ,bank A and bank B at a rate of 3.1 % per annum for (55+1) years. If Bank A follows simple interest method and Bank B follows compound interest method, calculate and compare the simple interest and the compound interest that Khamis receives on his deposits. please solve manually
Navy Bank requires borrowers to keep a 13 percent compensating balance. Gorman Jewels borrow $380,000 at a 6 percent stated APR. What is the effective interest rate on the loan? (Round answer to 2 decimal places, e.g. 12.25%.) Effective interest rate ________ %
Slingerland borrowed $7,000 on July 20 at 11% interest. If the loan was due on October 15, what was the amount of interest on the loan using the exact interest method? options are: a. 120.25 b. 166.85 c. 183.53 d. 256.67
Find the simple interest of the given loan amount. (Round your answers to the nearest cent.) (a) $5,662 borrowed at 11 3/4 % from July 1 to December 31 of the same year I = $ (b) $5,662 borrowed at 11 3/4% from July 1 through December 31 of the same year I = $

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