Mr. Keith loaned $258,530 from the bank. After nine months, he paid back $291,192 and closed the loan. What is the rate of interest in %? (Input only the numerical value rounded off to one decimal place.
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Mr. Keith loaned $258,530 from the bank. After nine months, he paid back $291,192 and closed the loan. What is the rate of interest in %? (Input only the numerical value rounded off to one decimal place.
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- Max Wholesaler borrowed $2,000 on a 10%, 120-day note. After 45 days, Max paid $700 on the note. Thirty days later, Max paid an additional $630. What is the final balance due? use th U.S rule to determine the total interest and ending balance due. use ordinary interest.On May 1, Year 1, Benz’s Sandwich Shop loaned $14,000 to Mark Henry for one year at 8 percent interest. Requireda. What is Benz’s interest income for Year 1?b. What is Benz’s total amount of receivables at December 31, Year 1?c. How will the loan and interest be reported on Benz’s Year 1 statement of cash flows?d. What is Benz’s interest income for Year 2?e. What is the total amount of cash that Benz’s will collect in Year 2 from Mark Henry?f. How will the loan and interest be reported on Benz’s Year 2 statement of cash flows?g. What is the total amount of interest that Benz’s earned on the loan to Mark Henry?The owner of a hotel borrowed $36,000 at 7.8% p.a. compounded semi-annually and agreed to repay the loan by making payments of $1050 at the end of every 3 months. How much payments will be needed to repay the loan? How much will be owed at the end of 5 years? By the end of 5 years of payments, what is the total interest paid?PS PLEASE DO WITH FULL PROCESS NOT WITH EXCEL
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