10) Compute the simple interest and final amount of each loanPrincipalRateTimeP 4007%1 yearP 6409%3 monthsP 98510%180 days (ordinary time period)60 days (exact time period)P 8506%ABCDInterest????Final amount????

Simple interest is that amount of interest which is being charged on the principal amount for the…

10) Compute the simple interest and final amount of each loan Principal Rate Time A P 400 7% 1 year B P 640 9% 3 months C P 985 10% 180 days (ordinary time period) 60 days (exact time period) D P 850 6% Interest ? ? ? ? Final amount ? ? ? ?

10) Compute the simple interest and final amount of each loan Principal Rate Time A P 400 7% 1 year B P 640 9% 3 months C P 985 10% 180 days (ordinary time period) 60 days (exact time period) D P 850 6% Interest ? ? ? ? Final amount ? ? ? ?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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Question

10) Compute the simple interest and final amount of each loan
Principal
Rate
Time
P 400
7%
1 year
P 640
9%
3 months
P 985
10%
180 days (ordinary time period)
60 days (exact time period)
P 850
6%
ABCD
Interest
?
?
?
?
Final amount
?
?
?
?

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