Elisa needs money to repair her home air conditioner, so she pawns her bicycle. The pawnbroker loans Elisa $270. Twenty twodays later, Elisa gets her bicycle back by paying the pawnbroker $293.10. What annual simple interest rate did the pawnbrokercharge Elisa? Assume 360 days in a year.The pawnbroker charged Elisa a simple interest rate of(Round to the nearest whole number as needed.)

Total no. of days is 22 Final Amount is $293.1 Principle amount is $270 Total No. of Days in a year…

Answered: Elisa needs money to repair her home…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 68P

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Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?
Sally is in the business of purchasing accounts receivable last year Sally purchased an account receivable with a face value of 83,000 for 60,000. During the current year, Sally settled the account, receiving 65,000. Determine the maximum amount of the bad debt deduction for Sally for the current year.
Elisa needs money to repair her home air conditioner, so she pawns her bicycle. The pawnbroker loans Elisa $270. Seventeen days later, Elisa gets her bicycle back by paying the pawnbroker $303.15. What annual simple interest rate did the pawnbroker charge Elisa? Assume 360 days in a year The pawnbroker charged Elisa a simple interest rate of enter your response here
Elisa needs money to repair her home air conditioner, so she pawns her bicycle. The pawnbroker loans Elisa $270. Twenty five days later, Elisa gets her bicycle back by paying the pawnbroker $318.75.What annual simple interest rate did the pawnbroker charge Elisa? Assume 360days in a year. The pawnbroker charged Elisa a simple interest rate of ____% (Round to the nearest whole number as needed.)
George buys a car every 6 years for ₱18,000. He trades in his current car to count as the 20% downvpayment. The rest is financed at a nominal 12% interest with monthly payments over 6 years. When the loan is paid off, he trades in the car as the “20%” down payment on the next car, which he finances the same way.Jeanette has similar tastes in cars, and the dealer will count her trade-in vehicle as worth 20%. She has paid cash for old cars in the past, so she now has ₱14,400 in cash for the other 80% cost of a new car. In 6 years, her vehicle will be worth the “20%” down payment. She wants to make a monthly deposit so that she has the other 80% of the vehicle’s cost in 6 years. Her savings account has a nominal annual interest rate of 6% with monthly compounding.What is George’s payment? What is Jeanette’s deposit? If Jeanette also deposits the difference in a retirement account that pays 9% nominal interest with monthly compounding, what does she have for retirement after 40 years?…
Jan Guerra lends $9000 to her second cousin using a 180-day 10% simple interest note that was signed on October 30. Guerra subsequently has a car accident and desperately needs money, so she sells the note at a discount of 15% on January 3 to an investor. Find (a) the discount, (b) the proceeds, and (c) the amount of money Guerra gains or loses.
Candace borrows $4000 from Nick due in 10 years with simple interest at 8% monthly. Two years after the debt is contracted, Nick needs money. So, he sells the note to a random stranger on the street (To Nick’s defense, the stranger had cash.) for an amount based on 10% monthly. What are the proceeds?
After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $12,900 price, but financing through the dealer is no bargain. He has $2,500 cash for a down payment, so he needs an $10,400 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $10,400 for a period of four years at an add-on interest rate of 10 percent. What is the total interest on Richard’s loan? Note: Do not round intermediate calculations. Round your answer to the nearest whole number. What is the total cost of the car? Note: Do not round intermediate calculations. Round your answer to the nearest whole number. What is the monthly payment? Note: Do not round intermediate calculations. Round your answer to the nearest whole number.…

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