Use the ordinary interest method to find the rate of interest that Valley Mountain Vineyards pays on a loan of $5,700 for 235 days, if the amount of interest is $375.67. (Round to nearest tenth percent.) 4.1% 6.6% 10.1% 12.8%
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- Use the ordinary interest method to find the rate of interest that Make Over Picture Photo pays on a loan of $8,000 for 265 days, if the amount of interest is $540.00. (Round your answer to the nearest tenth percent.) O 8.0% O 8.9% O 9.0% O 9.2%A financing company charges 1.5% every two months on a loan. Find the equivalent effective rate of interest. 11.34% 12.34% 10.34% 9.34%What is the rate of interest on a loan of $2,000, for 282 days, if the amount of interest is $139.07, using the exact interest method? (Round your answer to the nearest tenth percent.) O 7.0% 8.9% 9.0% O 14.2%
- You have taken a loan of $78,000.00 for 20 years at 4.9% compounded quarterly. Fill in the table below, rounding all values to the nearest cent. Note that the principal column is listed before the interest column even though the interest calculation is done first. Many lending institutions use this order in the amortization schedules they provide to their customers. Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) $ S $ $ s Balance $78,000.00 $Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $54,000 % ? 60 days $846Using the ordinary interest method, find the amount of interest on a loan of $5,000 at 10% interest, for 274 days. (Round to the nearest cent.) $380.56 $394.11 $399.58 $575.00
- Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Rate (%) Principal $185,000 % Time 2 years Interest $24,050Find the interest on the following loan. $5324 at 8%; loan made on August 12 and due December 15 The simple interest for this loan is $ (Round to the nearest cent as needed.)You borrow $800 from a payday lending company and pay $40 interest for one month. What is the nominal annual interest rate? Group of answer choices 6% 79.6% 5% 60%
- A financing company charges 1% every week on a loan. Find the equivalent effective rate of interest. O 67.77% O 66.77% 68.77% 69.77%Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Principal: 24,000 Rate (%): Time:60 days Interest: $384Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $135,000 % 2 years $25,650