Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?

Q: Bozo borrowed $10,000 from Ernie due in 4 years at 6% compounded monthly. Immediately after the debt…

A: Ernie sells the note to Max, then Ernie shall receive the present value based on 5% compounded…

Q: Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a service charge of…

A: Annual Percentage Rate (APR)= (2 * N * FC) / [ (P * (N+1)]

Q: Mark borrowed an amount of 10,865 from Brian and after 3 years, he borrowed again an amount of…

A: Equation of value : It is a concept where a sum of money has different values at different times.…

Q: Elwin Tulpo invests Php1,000 in a Bank at 10% a year for five years, but when the interest is…

A: The future value function or concept can be used to determine the future value of a present sum or…

Q: The bank requires that the Dotkoms pay their homeowner's insurance, property taxes, and mortgage in…

A: The term mortgage refers to the loan taken from bank against which bank against some collateral…

Q: Jacob needed money for some unexpected expenses, so he borrowed $3,813.23 from a friend and agreed…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: What was Patrick’s monthly payment?

A: Re-payment of loan is a combination of principal loan amount and interest amount.  Loan is paid as…

Q: Cardo borrowed money from a local cooperative. He received P18,420 but promised to pay P20,000 in…

A: Present Value = 18,420 Future Value = 20,000

Q: A person deposits 200.00 riyals at the end of each month for a year in a bank, and it has been found…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: Alice Reed deposits $16,500 in Rye Bank, which pays 10% interest compounded semiannually.  What will…

A: In this we have to calculate the future value of the present value.

Q: Diego invested 10,500 the bank gives him 2,520 simple interest per month.If you receive 2,520 as…

A: Solution:- Interest means the increase in amount invested for a certain time period for deferring…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: Salma borrowed $600from a bank for 2 years and was charged simple interest. The total interest that…

A: The annual interest rate on the loan is calculated using the simple interest formula given as below:…

Q: John deposits $2,000 in the first year, $800 in the second year and $600 in the third year to WMW…

A: future value formula: future value = present value×1+rateyear

Q: Tom borrowed money from a credit union for 6 years and was charged simple interest at an annual rate…

A: The loan is the sum of money borrowed by the borrower from the lender, where the borrower agrees to…

Q: Matt purchased a car for 22,000 he paid 4400 as a down payment and financed the balance at 3.7%…

A: given, price of car = 22000 downpayment = 4400 r=3.7% m=12 (monthly compounding) n=5 years

Q: On the first day of the year, a man deposits $4,000 in a bank at 8% per year, compounded annually.…

A: Deposit at the begining of the year is $4,000 Interest rate is 8% per year Withdrawal at the end of…

Q: Mr. Al Khasim deposited OMR 20,000 in a bank which offers a compound annual interest of 6%. How long…

A: Compound interest is one of the form of interest under which interest is charged on both principal…

Q: Luis paid off a loan by making a payment of $4,050, which included simple interest of 3% p.a. If he…

A: Payment amount after 6 months (FV)= $ 4050 Annual interest rate (R) = 3% Period  (T) = 6 Months =…

Q: Jack has borrowed money from his financial institution, and has agreed to pay $200 at the end of…

A: 1) Computation:

Q: Sixteen Months after borrowing money, Ronron Cayabyab Pays an interest of ₱8,426. How much did he…

A: Simple compound interest calculation is a technique for calculating the portion of interest paid to…

Q: Harlan made equal payments at the end of each month into his RRSP. If interest in his account is…

A: Calculation of size of monthly payment: Answer: Size of monthly payment is $174.84

Q: Juan took out a $20,000 loan for 146 days and was charged simple interest. The total interest he…

A: We need to use simple interest formula to solve this problem Simple interest =Principal*Rate*Time

Q: Sean purchased an interest-bearing promissory note for $11,000.00 at 5.00% p.a., due in 90 days. If…

A: The promissory note refers to a debt instrument that is issued by a person who writes a note by…

Q: Mr. Joe pays $2068 a month for the loan he took from a bank. If the total payment period is 3 years…

A: Mr. Joe pays monthly loan = $2068 Total payment period = 3 years Interest rate per annum = 29%…

Q: Miss Evilla borrowed money from a bank. She receives from the bank P1,340.00 and promised to pay…

A: Banker's discount is the discount amount calculated on the future value of payable.

Q: Ryan invests $4400 in two different accounts, the first account paid 8%, the second account paid…

A: The simple interest is calculated by multiplying interest rate by principal amount for a certain…

Q: Quinn opened an account with an initial deposit of $2500. At the end of the 2nd and 8th years, he…

A: Initial Deposit = $2500 2nd Year Deposit = $3,000 8th Year Deposit = $5,050 Withdraw = $3,000…

Q: usinessman borrowed P300,000 with interest at the rate of 6% compounded annually. He agrees to…

A: The annual payment depends on the interest rate and original amount of loan and deferred period of…

Q: Frank borrowed $200 from a lender that charged simple interest at an annual rate of 9%. When Frank…

A: Simple interest is the additional amount paid on the amount of principal borrowed for a specific…

Q: Marcy borrowed P1M in a bank that charged 18% compounded monthly and agreed to make monthly payments…

A: Monthly Compounding: It is the interest of interest to the principal sum of a loan or deposit and…

Q: Mason owes $6,700 on his credit card. The bank charges an annual interest rate of 12%, compounded…

A: Amount owes by Mason $6,700 Interest Rate (12% /12) 1% Period  13

Q: Ali took a loan of 180000 to buy an apartment the bank offered the loan with an apr of 16 compounded…

A: Amount of Annuity "A" is 31,280 Total number of annual payments are 30 Loan amount is 180,000…

Q: Jack borrowed $12,000 from a bank for 3 years at 15% interest annually.    What is the total…

A: Simple interest is the fixed rate of interest which is paid or payble on amount borrowed. It is…

Q: Ahmad took out a loan for $7500 and was charged simple interest at an annual rate of 4.7%. The total…

A: Simple Interest = Principal * Rate of interest * [ Number of days / 365 ]

Q: Lauren purchased a car for $53,000; she paid $13250 as a down payment and financed the balance…

A: The loan amount would be the difference between the car price and the down payment.  Total Interest…

Q: Carl borrowed P183,074 from his friend to pay for remodeling work on his house. He repaid the loan…

A: Amount borrowed P183,074. Simple interest 4.38% Loan repaid after 14 months.

Q: Erica borrowed money from Charles an amount of 58,744 and promise to pay at the end of second and…

A:

Q: How much must Riley have in the account for Scott to receive the $220 payments for 5 years? If Riley…

A: A stream of equal cash flows paid or received periodically is termed as annuity. Annuity is either…

Q: bank offers 5%compound interest calculated on half - yearly basis. A customer deposit 1600.00 each…

A: In this question future value is to be find out. Future value is the value of an asset grown to some…

Q: Jack has borrowed money from his financial institution, and has agreed to pay $200 at the end of…

A: To calculate amount borrowed when monthly payments are given, present value of annuity formula will…

Q: On the first day of the year, a man deposits ₱1,000 in a bank at 8% per year  compounded annually.…

A: future value = present value *(1+ rate) value at the end of 1st year = 1000 * 1.08 = 1080 amount…

Q: Muhammad borrowed $ 5,000 from a bank 7% annual interest, provided that Muhammad pays the loan in…

A: Annual payments for the loan is calculated y present value of annuity formula. Total interest on…

Q: Carol borrowed $5,200 and signed a straight note with an interest rate of 7% per annum. If she paid…

A: A straight promissory note can be defined as that note which does not require periodic payments over…

Q: Ericson deposited PhP 35,000 into his savings account that earns 4% interest. How much will he have…

A: Interest is calculated by multiplying the principal and rate by the time period.

Q: Deon borrowed money from a credit union for 2 years and was charged simple interest at an annual…

A: given information  total interest paid = $144 annual interest rate = 8% credit union = 2 years

Q: Eleven months after borrowing money, Dorah pays an interest of ₱2,800. How much did she borrow if…

A: In order to find the principal amount one has to find the yearly interest rate and then principal.

Q: arie deposits 1,000 into an account that pays interest at an annual nominal rate of interest of ?,…

A: Money is deposited into account that earn the interest on the account and that interest is being…

Q: ohn deposits Ghs|250 at the of each month for 5 years account that credits interests at a nominal…

A: Annuity means where regular payment is made at the end of regular period and full amount with…