What will be the total interest earned on a 6%, $2,000 note receivable that is due in nine months?
Q: A loan of $21,919 was repaid at the end of 18 months. What size repayment check (principal and…
A: Answer - Given Data, P = $ $21919 r = 10.7% = 0.107 t = 18 months = 18/12 = 1.5 yrs Formula,…
Q: ARAB Bank pays 0.074 percent, compounded weekly (based on 52 weeks), on an 8-month certificate of…
A: The effective annual rate of interest is the real return on the savings account when the effects of…
Q: Sixty monthly deposits are made into an account paying 8% nominal interest compounded monthly. If…
A: We need to use future value of ordinary annuity formula to calculate monthly payment PMT =FVn(1+r)n…
Q: What is the monthly payment on a loan of $5,000 at APR = 8% for one year.
A: Loan amount (LV) = $5000 Interest rate = 8% Monthly interest rate (i) = 8%/12 = 0.666666666666667%…
Q: ARAB Bank pays 0.07 percent, compounded weekly (based on 52 weeks), on an 8-month certificate of…
A: The future value of the cash flow is the future worth of a cash flow at a certain rate of interest…
Q: A monthly deposit of R161 is made once a month into an account at an interest rate of 18% pa…
A: Monthly deposit (M) = R 161 r = 18% per annum = 1.5% per month n = 13 deposits
Q: A payday loan company charges a $95 fee for a $350 payday loan that will be repaid in 11 days.…
A: A payday loan is a short-term unsecured loan, often characterized by high-interest rates. The term…
Q: You sign a simple discount promissory note for $7,000 at a discount rate of 7%, for 24 months. What…
A: Discount = Amount*Interest rate*Time period/12 Proceeds= Principal Amount- Discount
Q: Suppose on January 1st you deposit $100 in an account that pays a nominal interest rate of 11.33463%…
A: Principal, P = $ 100Nominal interesr rate = Inom = 11.33463% Daily interest rate, Rdaily = Inom /…
Q: How many months will it take to pay off a credit card debt of $4,000 by paying $250 per month at an…
A: Using NPER function in excel
Q: What is the accumulated value of deposits of $1020.00 made at the end of every six months for three…
A: Accumulated deposits include the amount deposited and compounding interest accumulated over the…
Q: If the bank is paying 8% interest compounded quarterly, how much must you deposit today in your…
A: The formula to calculate the present value of future cash inflow is C/(1+r)n, where C is the cash…
Q: If a deposit of $100 is made on the first day of each month into an account that pays 6% interest…
A: The compounding method is used to determine the future value of cash that is deposited today. Given;…
Q: A 12-month certificate of deposit at Middlesex Savings Bank is advertising a 1.2% annua percentage…
A: The question is based on the concept of Cost Accounting.
Q: The monthly payment is $430.33. What is the total interest paid on a loan of $5,000 at APR = 6% for…
A: Monthly payment = $430.33 Number of monthly payments = 12 Loan amount = $5000 Interest rate = 6%
Q: What is the total interest paid on a loan of $5,000 at APR = 8% for one year.
A: Loan amount (LV) = $5000 Interest rate (r) = 8% Period (n) = 1 Year
Q: What are the proceeds (in $)?
A: A promissory note is a written form in which one party promises ta pay to other party for some…
Q: If $7,128 is deposited into an account that earns simple interest and it takes 9 years to earn…
A: Interest earned is 1796.26 No of years =9 Annual interest is = 1796.26/9 = 199.58
Q: If $19,000 is deposited in an account earning interest compounded weekly at 5.87% for 13 years, what…
A: Effective Rate of Interest: It is the annual rate on a loan or investment considering the effects…
Q: What is the monthly payment on a loan of $5,000 at APR = 10% for one year.
A: Loan amount = $5000 Interest rate = 10% Monthly interest rate = 10%/12 = 0.833333333333333% Number…
Q: If you deposit 2500 into an account paying 11% annual interest compounded quarterly, how long until…
A: The number of years: An initial investment grows to a certain given amount at a specified interest…
Q: A payday loan is made for six weeks, where the amount of the interest owed per $100 borrowed is $20.…
A: Payday loan: This is a short-term borrowing method where a high interest is charged to the borrower…
Q: How much must be deposited at the beginning of each quarter in an account that pays 5% compounded…
A: In this question payment per quarter has to be find out. Future value , rate of return and number of…
Q: $480 is deposited at the beginning of every 6 months into a savings account. This will continue for…
A: An account where deposit made by accountholder is credited and credit balance is added with interest…
Q: Suppose you invest $1,000.00 in an account with an annual interest rate of 6% compounded monthly…
A: To complete this table we have add simple interest on ending balance and then add deposit balance to…
Q: Assume you have a balance of $1000 on a credit card with an APR of 24%, or 2% per month You start…
A: By using credit cards, people usually spend more money and people who actually pay their credit…
Q: What is the simple interest on a Php 500 loan at 25% interest to be paid at the end of 6 months
A: Simple interest = Amount of loan * Interest rate % * time
Q: You owe the bank $1,245 in 9 months. How much do you need to deposit in an account today, earning…
A: As per the given information: Amount owed to the bank - $1,245 in 9 months Earning - 3.25% APR…
Q: Suppose an investor plans to make monthly deposits into an account that pays 9% interest, compounded…
A: We will first calculate the amount needed to pay on a monthly basis so we will take the period as…
Q: What is the total interest paid on a loan of $5,000 at APR = 6% for one year.
A: Loan amount = $5000 Interest rate = 6% Period = 1 Year
Q: A $25,000 loan has a yearly 3.2% interest applied to it monthly. The loan is being paid off with…
A: Monthly payment refers to the periodic payment extended by the borrower against loan repayment. The…
Q: A $10,000 note with 6% interest payable quarterly is purchased for $8,000. The note matures in 5…
A: Par value = $10,000 Coupon rate = 6% Quarterly coupon amount = 10000*0.06/4 = $150 Period = 5 Years…
Q: Sixty monthly deposits are made into an account paying 8% nominal interest compounded monthly. If…
A: Payment per period can be calculated using PMT function in excel. PMT(rate, nper, pv, [fv],…
Q: You agree to make 24 deposits of $500 at the beginning of each month into a bank account. At the end…
A: Data given:: No. of deposits = 24 Amount deposited at the beginning of each month = $500 FV= $12800…
Q: What is the present value of 5,275 due in 6 months if 11% interest is paid
A: Future Value = (P * R * T) + PWhere P = Present ValueR = Rate of InterestT = Time Period
Q: The balance on a credit card, that charges a 20% APR interest rate, over a 1 month period is given…
A: Average daily balance is the average of the monthly expenses Date No of days Balance…
Q: Four hundred dollars is deposited into an account that compounds interest quarterly. After 10…
A: Formula to calculate rate of interest in compound interest: r = n[(A/P)^1/nt - 1] Where r is the…
Q: You can buy a car for $6,998 with $798 down and payments of $164.51 each month for 48 months.…
A: Using excel rate funtion
Q: What is the monthly payment on a loan of $5,000 at APR = 6% for one year.
A: Loan amount (PV) = $5000 Interest rate = 6% Monthly interest rate (r) = 6%/12 = 0.50% Number of…
Q: How much must be deposited at the beginning of each month in an account that pays 6% compounded…
A: Monthly rate = 6%/12 = 0.5% Number of periods = 7*12 = 84 Future value required is $31,000 Find…
Q: What is the annual payment on a 8-year, 8 percent, $52,000 note payable?
A: Definition: Notes payable: Notes Payable is a written promise to pay a certain amount on a future…
Q: you deposited ₱5,000 from the savings of your daily allowance in a time deposit account with your…
A: Solution:- When an amount is invested somewhere, it earns interest on it. The amount invested is…
Q: An account pays 3.3% interest compounded quarterly. Marson will make a regular deposit at the end…
A: Interest - Interest is a regular payment that is made at a certain rate of interest for a fixed…
Q: Federal Savings Bank is offering a 6-month CD (certificate of deposit) with a rate of 4.5%…
A: The real interest that an investor earns on the investment and a borrower pays on loan after…
Q: What amount must be deposited today, if, starting one year from today, you wish to make 15 equal…
A: Given, annual withdrawals $3,450. Number of payments 15. Interest rate is 0%.
Q: You’re prepared to make monthly payments of $190, beginning at the end of this month, into an…
A: NPER is the number of payments required to make to have an account balance 10,000 in future. Given:…
Q: Merchandise is received for $25,000 now and $50,000 in 6 months. If $10,000 is paid within a month,…
A: Solution:- Balance due in three months means the value outstanding at third period.
Q: A 12-month certificate of deposit at Middlesex Savings Bank is advertising a 1.2% annual percentage…
A: The future value is the future worth of the amount that will be paid or received at the end of the…
Q: You have $2,000 invested in a bank account that pays a 4 percent nominal annual interest with daily…
A: Invested amount (P) = $ 2000 Annual interest rate = 4% Daily interest rate (r) = 4%/365 =…
What will be the total interest earned on a 6%, $2,000 note receivable that is due in nine months?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?If a nine-month term deposit at a bank a simple interest rate of 9% per annum, how much will have to be deposited to earn $ 225 of interest?
- How much interest will you have to pay for a credit card balance of $875 that is 1 month overdue, if a 17% annual rate is charged?Suppose on January 1st you deposit $100 in an account that pays a nominal interest rate of 11.33463% with interest added (compounded) daily. How much will you have in your account on October 1st or 9 months later?For a personal loan amount of $5,000 @ 10.5% APR due in nine (9) months, a) what is the total interest paid, and b) what is the monthly payment?
- If a credit card charges 1½% interest every month, what are the nominal and effective interest rates per year?What is the number of months required for a deposit of $1320 to earn $16.50 interest at 3.75%?The annual interest rate on a credit card is 24.99%. If a payment of $100.00 is made each month, how long will it take to pay off an unpaid balance of $2,487.56?
- the annual interest rate on a credit card is 12.99%. If a payment of $300.00 is made each month ,how many months will it take to pay off an unpaid balance of $2,446.16?What will a deposit of $4,500 at 7% annual interest is worth if left in the bank for nine years?How much interest will you have to pay for a credit card balance of $1,007 that is 1 month overdue, if a 19% annual rate is charged? You will have to pay $ in interest. (Round to two decimal places.)