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- Jane Marks has a restaurant in which she accepts credit cards and checks.Several of the places that Jane shops now accept debit cards and do notaccept checks. Jane’s banker explained that a debit card would immediatelytransfer money into her account, but it would cost $50 per monthfor the equipment and bank charges. Although she requires proper identification,Jane loses approximately $590 a year as a result of bad checks.She also determined that on average, she loses 115 days of interest onall checks because the banks are closed on 11 holidays and weekends (52 weeks * 2 weekend days = 104 + 11 holidays). Jane currently earns3 percent interest on her bank accounts and accepts an average of $2,000 aday in checks.a. What is the total annual cost to Jane for the debit card service?b. What is the benefit?c. Should Jane implement the system?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.On September 30, Ashley and Jason started arguing about who is better off. Jason said he wasbetter off because he owned a PlayStation console that he bought last year for $250. He figures that, if needed, he could sell it to a friend for $180. Ashley argued that she was better offbecause she had $1,000 cash in her bank account and a piece of art that she bought two yearsago for $800 but could now probably sell for $1,400. Jason countered that Ashley still owed$250 on a loan and that Jason’s dad promised to buy him a Porsche if he does really well in hisaccounting class. Jason said he had $6,000 cash in his bank account right now because he justreceived a $4,800 student loan. Ashley knows that Jason also owes a tuition installment of $800for this term.Ashley and Jason met again in early November. They asked how each other was doing. Ashleyclaimed that she’d become much more successful than Jason. She had a part-time job, where sheearned $1,500 per month. Jason laughed at Ashley because…
- Rochelle needed to borrow $3,000 for three months in order to pay for college expenses while waiting for her scholarship to arrive. After Rochelle filled out the loan application, the loan officer at the bank asked her if she would like to pay the interest up front or at the maturity of the note. He went on to explain that it didn’t make a difference, but he preferred that she pay it up front because it would make his paperwork easier. He also told Rochelle that the interest rate and amount would be the same. Rochelle agreed, signed the three-month, 8%, discounted note and left with a check for $2,940. Did the loan officer offer Rochelle an acceptable explanation of the interest rate? Justify your answer. What is the effective rate of interest on Rochelle’s loan? Round to the nearest tenth of a percent.While she was travelling, Kadijah took advantage of the convenience of cash withdrawals on her credit card since her Canadian debit card wasn't accepted in the country she was in. According to her travel budget she withdrew $150 every day for food, activities and shopping for 21 days. When she got home, on the 21st day, she checked her credit card bill on-line and it showed that she had been charged interest already even though her payment wasn't past due. It turns out that interest is compounded daily on cash withdrawals, from the day the cash is withdrawn. If the interest rate on cash withdrawals is 28%, what was her total bill when she got home? What would be the total interest paid?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?
- Rob asks his good friend Ted to borrow $5,000 and says he will pay it back to him in 6 months with 8% interest, meaning Rob will owe Ted $5,200 if he pays it back at that time. Ted asks Rob to "make" a promissory note payable to Ted stating these terms. Rob does prepare the "note" and signs and gives it to Ted and at the same time Ted gives Rob the $5,000. Ted in need of money unexpectedly, because he loses his job, contacts his buddy Gullible, and asks him if he will buy the note at a discount of $4,800. Gullible accepts and stands to make a nice profit when the note owed by Rob comes due. When Gullible gives Ted the $4,800, Ted writes on the note "Without Recourse" and signs his name and tenders the note to Gullible. Gullible does see Ted write this on the note, but is not sophisticated with regard to legal lingo, and thinks nothing of it. He therefater gets nervous and thinks maybe he should sell the note himself right away. He calls his aunt Saviour who says she will buy the…Zoe Robinson has several credit cards, on which she is carrying a total current balance of $14,000. Her current cards charge her 12% per year. She is considering transferring this balance to a new card issued by a local bank. The bank advertises that, for a 3 percent fee, she can transfer her balance to a card that charges a 0 percent interest rate on transferred balances for the first 12 months. How much will Zoe save during the first twelve months if she transfers the balance?Five years ago, alex loaned his son Liam $20,000 to start a business. A note was executed with an interest rate of 8%, which is the Federal rate. The note required monthly payments of the interest with the $20,000 due at the end of 10 years. Liam always made the interest payments until last year. During the current year, Liam notified his father that he was bankrupt and would not be able to repay the $20,000 or the accrued interest of $1,800. Tom is an accrual basis taxpayer whose only income is salary and interest income. The proper treatment for the nonpayment of the note is: a.$3,000 deduction. b.$20,000 deduction. c.No deduction. d.$21,800 deduction.
- John deposits $2,000 in the first year, $800 in the second year and $600 in the third year to WMW Bank with an interest rate of 12%. Sky deposits $3,800 in the third year to the same bank. At the end of the fifth year, Sky and John have the same amount of money in their accounts. What is the interest rate for Kuzey?Ann’s grandmother put some money in an account for her on the day she was born. She is now 18 years old and is allowed to withdraw the money for the first time. The account currently has Ksh400,000 in it and pays an 8% per annum interest rate.i. Calculate how much money would be in the account if she left the money there until her 70th birthday.Kate deposited P5,000 to her bank account every year when she was in high school for four years to prepare for her college degree. She took an engineering course and since then, she stopped depositing to her bank account. Right after graduation (she graduated on time), she got a job that pays P250,000 a year. If she continues to deposit to the same bank account P50,000 every year for 10 years, calculate the future worth after 30 years if the deposits are made at the end of each year and the bank pays 2% interest per year. *Please show your correct and complete solutions to this problem. Thank you!*
