Gerardo Norega bought a dinette set for $900, which he paid in 12 monthly payments of $81.90. (a) What was the finance charge? $   (b) What was the APR on this sale? (Use the True Annual Interest Rate (APR) table.)   %

Q: Caridad borrowed $18,500 at 11% ordinary interest for 160 days. After 60 days, she made a partial…

A: Borrowed amount is $18,500 Ordinary interest rate is 11% for 160 days Partial payment made at…

Q: Hy Potenuse bought a $10,000 T-bill at a 0.115 percent discount rate for13 weeks (91 days).a. How…

A: a) Computation:

Q: The bank states they will charge you annual interest of 20% APR and interest is calculated…

A: The real interest that an investor earns on the investment and a borrower pays on loan after…

Q: Angela read an advertisement for a P50,000 loan. The ad informs the borrower that the company only…

A: Interest = Principal × Interest rate = 50,000(0.18) = 9000 Interest per annum = 9000

Q: What is the finance charge (in $) on the loan? $   (b) Use Table 13-1 to find what annual percentage…

A: Finance Charge: It is the cost in relation to borrowing money or the payment of any loan…

Q: Chuong Ngo borrows $4500 from a bank that advertises a 7% simple interest rate and re-pays the loan…

A: Number of payments = 5 Rate of interest = 7%

Q: A service car whose cash price was P 542,488 was bought with a down payment of P 172000 and monthly…

A: Here basically a loan was taken to pay for the car. We have been provided with the price of the car,…

Q: Casey Electronics sold some computers for $10,000 and established a promissory note requiring 9%…

A: In this type of problem, we are given the proceeds from sale of note. We need to calculate the…

Q: Ruth borrowed P200,000.00 with 20% simple interest rate from ABC bank. At the time the money was…

A:

Q: A buyer purchased an item worth P10,000 with no down payment at 0.85% per month for 24 months. What…

A: Using excel PMT function

Q: An electric cooperative charges 5% per month on any past due bills. If your bill of Php 4215.25 bill…

A: Monthly interest rate (r) = 5% Due bill (P) = Php 4215.25 Period (n) = 6 Months

Q: Chuong Ngo borrowed $2800 from my bank that advertises a 7% simple interest rate and re-pays the…

A: Here, Borrowed Amount is $2,800 Simple Interest Rate is 7% Time Period is 4 months

Q: A car dealer advertises the sale of a car model for a cash price of P 280,000. If  purchased on…

A: Formula to Calculate Monthly Payments Monthly Payments = (P X R/12) X [(1 +R/12)^N)/ [(1+R/12)^N -1]…

Q: A car dealer carries out the following calculations.What is the annual percentage rate?   List…

A: The APR is 19.59%.

Q: Dirk Ward borrowed $12,000.00 for investment purposes on May 8 on a demand note providing for a…

A: Accrued Interest - It is the amount of interest has been incurred over a specific period / date, on…

Q: Today, a businessman borrowed money to be paid in 10 equal quarterly payments. If the interest rate…

A: Number of quarterly payments (n) = 10 Annual interest rate = 10% Quarterly interest rate (r) = 10%/4…

Q: Determine the following: The rate of simple interest. The corresponding discount rate.

A: Simple Interest: It is the interest amount calculated by charging the interest rate on the…

Q: Can you please help me work out this problem in detail?   Minnie Rose deposited $15,000 in Street…

A: The question is based on the concept of compound interest calculation with quarterly compounding…

Q: nterest , a company that you regularly do business with, gives you a $11,000 note. The note is due…

A:

Q: Your business requests a 3-month loan for $550,000. What will be the interest paid at the end of the…

A: LIBOR rate is taken into consideration for calculating interest as it covers all risks associated…

Q: A car dealer carries out the following calculations. What is the annual percentage rate? List price…

A: Solution:- Given Values, Interest (r)= 7%  Months (N) = 48

Q: A $100,000 168-day T-bill is purchased for $99,004 on its issue date. What simple ate of interest…

A: Given: Face value =$100000Purchase value =$99004Days to maturity =168

Q: An item is sold for an initial installment of $600 and 18 payments of $500 at the end of each month,…

A: Amortization schedule:  An amortization schedule is a detailed table of periodic loan payments that…

Q: Otto Company borrows money on January 1 and promises to pay it back in four semiannual payments of…

A: Introduction: The concept of present value implies that money today is worth more than money…

Q: What is the approximate amount of each payments that Yumati will need to​ make?

A: Here is the calculation for the above question.

Q: A merchant sells a product on credit for S/ 50,000 and offers to pay it to a client in three bills…

A: 1. The face value of the bills.   Particulars Bill 1 Bill 2 Bill 3 Credit sales amount…

Q: Assume that a one-year CD purchased for $1000 pays an APR of 6% that is compounded semi-annually.…

A: Here, Value of CD is $1,000 Time Duration is one year Interest Rate is 6% Compounding period is…

Q: what is the annual interest rate cost (Use 360-day year)?

A: If the firm foregoes the cash discount offered then they would be paying higher for the goods. This…

Q: On June 21, Fat Tires Ltd borrowed $9000.00 with an interest rate of 5.9%. The loan was repaid in…

A: Interest=9000*5.9%14/365+6500*5.9%*35/365+3400*5.9%*62/365 =20.35+36.77+34.07 =91.19

Q: our year end is December 31. You lent $120,000 to another company on Oct 1. If the interest rate is…

A: Solution Concept The amount of the interest receivable is mathematically equal to =principal *…

Q: Williams Electronics sold some computers for $6,500 and established a promissory note requiring…

A: The deposits’ or payments’ present value is the discounted value of the future value at interest…

Q: Williams Electronics sold some computers for $6,500 and established a promissory note requiring…

A: The present value of any deposit or payment is the discounted value of the future value at interest…

Q: A debt of $200,000 is accruing interest at 9% compounded daily. If it is to be repaid by monthly…

A: in this we have to calculate present value FACTOR and period required.

Q: For items 1-10, refer to the following The owner of Dawn Winery decided to lend kegs of we amounting…

A: The rate of interest is the rate at which an investment grows. In the case of compounding, the…

Q: A woman bought an expensive bag costing P 60,000 payable in 12 quarterly payments each installment…

A: Given: Particulars Amount Loan           P60,000 Periods 12 Interest rate 24%

Q: From a bank, an engineer borrows $18000 that is to be repaid in 2 years with end-of-month payments…

A: Using the rate function in excel

Q: Yukihira paid a 10% down payment of P200,000 for a restaurant and agreed to pay the balance of…

A: We need to use the following equation to calculate monthly payment PMT =P*i1-1(1+i)n where…

Q: Pamela borrowed $12,000 for investment purposes on March 12 on a demand note providing for a…

A: In the given question:-  Pamela borrowed $12000.  We have been given four different dates for…

Q: If an electric appliance present worth is 11,712 and is being paid 1,636 indefinitely, calculate the…

A: Perpetuity is the stream of cash flows that do not have any end. They continue forever for an…

Q: Cooper Stereos has a $22,500 line of credit which charges an annual percentage rate of prime rate…

A: The calculation is:

Q: Chrome Co. borrows $1,665,000 at an interest rate of 7.32% APR monthly with equal monthly payments…

A: PV of loan = $ 1,665,000; Annuity payment, A = 15,265;Period = 1 monthinterest rate per period, r =…

Q: Don't know how to solve

A: Ending balance after 3rd month = $2103.29 Monthly payment (M) = $150 Interest rate (r) = 0.75% per…

Q: Otto Company borrows money on January 1 and promises to pay it back in four semiannual payments of…

A: The question is based on the concept of Financial Management.

Q: Friendly's Quick Loans, Inc., offers you $8.50 today but you must repay $10.75 when you get your…

A: Given: Current value is $8.50 Future value is $10.75

Q: Dirk Ward borrowed $13,000.00 for investment purposes on May 8 on a demand note providing for a…

A: Accrued interest is the interest which is to be paid to the lender of the loan but which has not…

Q: A sala set is offered for sale for a P50,000 down payment and P1,500 every 3 months for the balance…

A: Down payment (DP) = P 50,000 Quarterly payment (P) = P 1500 Number of monthly payments (n) = 24/3 =…