5. Homer borrowed P1,340 from a credit cooperative and promised to pay back P1,500 after nine months. Determine the discount rate applied.
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Please solve this using the proper formula, thank you very much
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- Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600Juan dela Cruz borrowed money from a bank. He received P1, 340 and promised to pay P1, 500 at the end of 9 months. Determine the following:The rate of simple interest.The corresponding discount rate.Miss Evilla borrowed money from a bank. She receives from the bank P1,340.00 and promised to pay P1,500.00 at the end of 9 months. Determine the corresponding discount rate or often referred to as the “banker’s discount”?
- Alana Olsen borrowed $5,000 for 90 days from First Bank. The bankdiscounted the note at 7 percent.a. What proceeds did Olsen receive?b. What is the effective rate to the nearest basis point?Juan Pablo borrowed $1500 from a bank for 13 months. The bank discounted the loan at 5.7%.What is the loan's discount?$What is the net amount of money Juan Pablo receives?$What is the loan's actual rate of interest? (to the nearest hundredth of a percent)Ken borrowed $3400 from the bank for 20 months. The bank discounted the loan at 7.4%.How much was the interest?$Correct State your result to the nearest penny.How much did Ken receive from the bank?$Correct State your result to the nearest penny.What was the actual rate of interest?
- Ms. Kim borrowed an amount from a bank but she only recieved from the bank P1,340. She promised to pay the principal at the end of 9 months. If the corresponding discount rate or often referred toas the banker's discount is 13.73%, what is the amount borrowed?Ms. Glydel Marquez borrowed money from a bank. She received from the bank Php1,342 and promised to repay Php1,535 at the end of 9 months. Determine the following: (a) simple interest rate (b) discount rate or often referred as Banker’s discount.Gene McDonald's bank granted him a single-payment loan of $5,000 for 90 days at 9% ordinary interest. What is the amount of ordinary interest owed?
- 7. Bellina borrowed RM7,500 from Bank Z for 2 years to pay off some bills and catch up on car payments. If the proceeds received were RM6,375, find the discount rate that was charged.Stacy borrowed $2700 from the bank for 9 months. The bank discounted the loan at 3.1%.How much was the interest?$ State your result to the nearest penny.How much did Stacy receive from the bank?$ State your result to the nearest penny.What was the actual rate of interest?% State your result to the nearest hundredth of a percent. Not use excelJoshua borrowed $500 for one year and paid $50 in interest. The bank charged him a service charge of $5. If Joshua repaid the loan in 12 equal monthly payments, what is the APR? (Enter your answer as a percent rounded to 1 decimal place.)
