Answer 10. Bella Sandino paid 9% interest on an $11,500 loan balance. Joseph Marks paid $5,610 interest on a $85,000loan. Based on 1 year:a. What was the amount of interest paid by Bella?Interest paid by BellaWhat was the interest rate paid by Joseph? (Round your answer to the nearest tenthb.percent.)Interest rate paid by Joseph

The question is based on the concept of Financial Management.

Answered: Bella Sandino paid 9% interest or loạn.…

Bella Sandino paid 9% interest or loạn. Based on 1 year: a. What was the amount of inter Interest paid by Bella What was the interest rate pai b. percent.) Interest rate paid by Joseph

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 6MC: On July 1, a company sells 8-year $250,000 bonds with a stated interest rate of 6%. If interest...

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Concept explainers

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.

Question

Answer

10. Bella Sandino paid 9% interest on an $11,500 loan balance. Joseph Marks paid $5,610 interest on a $85,000
loan. Based on 1 year:
a. What was the amount of interest paid by Bella?
Interest paid by Bella
What was the interest rate paid by Joseph? (Round your answer to the nearest tenth
b.
percent.)
Interest rate paid by Joseph

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