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11. What is the maturity date of a loan taken out on May 7, for 74 days?
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- 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. $2,383Define each of the following loan terms, and explain how they are related to one another: the prime rate, the rate on commercial paper, the simple interest rate on a bank loan calling for interest to be paid monthly, and the rate on an installment loan based on add-on interest. If the stated rate on each of these loans was 5%, would they all have equal, effective annual rates? Explain.what is the due date for a loan dated Nov 7 for 120 days?
- What is the maturity date of a loan for $6,000 at 15% exact interest taken out on June 6? The amount of interest on the loan was $180.( A)What is the rebate fraction of a 36 month loan paid off after the 12th payment? (b) What is the rebate fraction of a 54 month loan paid off after the 16th payment?Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 5 * $90,000 6% 120 days b. February 15 * 21,000 4 30 days c. May 19 68,000 8 45 days d. August 20 34,400 5 90 days e. October 19 50,000 7 90 days * Assume a leap year in which February has 29 days. Assume 360 days in a year when computing the interest. Jan. 17 Mar. 16 May 4 July 3 Nov. 18 Note Due Date Interest (a) $fill in the blank 2 (b) $fill in the blank 4 (c) $fill in the blank 6 (d) $fill in the blank 8 (e) $fill in the blank 10
- Determine the maturity date of the loan. Loan Date Time of Loan (days) Maturity Date July 10 220 ---Select--- January February March April May June July August September October November December5. Determine the number of days of the loan. Loan Date Due Date Number of Days March 8 July 2215. Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 7 6 months $3,325
