Polly Flynn borrowed $5,000 for 60 days at 7%. On day 20 Polly made a $2,000 partial payment ( assume ordinary interest). What is her final payment? How much did she save by making the partial payment?

Q: On March 1, 2012, Jason's Deli loaned $12,000 to Mark Johnson for one year at 5 percent interest.…

A: Given the following information: Principal amount: $12,000 Interest rate: 5% Time period: From…

Q: A woman went to the Beneficial Loan Company and borrowed $10,000. She must pay $323.53 at the end of…

A: Given information: Borrowed amount is $10,000 Monthly payment is $323.53 Number of periods is 60…

Q: On June​ 1, Mia deposited $3,800 in an MMDA that pays 4​% interest. On October​ 31, Mia invested…

A: The amount earned on any deposits is the sum total of interest earned taking into consideration the…

Q: Andrew Bolkonsky borrows $200,000 to purchase a house for investment purposes on January 1st 2006.…

A: The concept of present value states that a sum of money is worth today more than the same sum of…

Q: Lyndsay puts $1,000.00 into a savings account that pays 3% interest, compounded annually. As the…

A: When the interest is deposited after a year, interest is also received on the interest component…

Q: Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer…

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

Q: Lennon invests $8500 in two different accounts. The first account paid 13%, the second account paid…

A: We need to Create Two equations here to solve this  We will assume that Amount invested in First…

Q: Daryl Yap invested the amount of Php100,000 in a bank that offers 15 % per annum simple interest.…

A:

Q: A mother purchases a piece of furniture for P25,000. She pays a 20% down payment and agrees to pay…

A: Finance charge is calculated by multiplying simple interest rate by the value of the borrowed…

Q: Vanessa initially borrowed $6,400 from RBC Bank at 3.64% compounded semi-annually. After 4 years she…

A: The future value function can be used to determine the future value of a sum at a given discount…

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: Helen contributed $500 at the end of every month for the past 5 years into an RRSP account, earning…

A: Annuity means series of no. of finite payments which are same in size and made in equal intervals.…

Q: * Shara Jane Mariano buys a 137,000 laundry business by paying 26,000 at the end of each year. At…

A: The amortization table means a table showing the schedule of payments in each period including the…

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: 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: I need help working out this problem. Please explain in detail.   Polly Flin borrowed $5,000 for 60…

A: The question is based on the concept of simple interest calculation and adjustment in principle by…

Q: 17. In January, Joanna deposited $250 into her savings account. In February, she deposited an…

A: Solution:- When an amount is invested somewhere, it earns interest.

Q: Jacqueline purchased a machine for $25,000 for his company. He paid 5.00% of this amount as a down…

A: We know that if any down payment is made in the beginning then such an amount will be reduce from…

Q: Polly purchased a car. She paid P150,000 as down payment and pays P5,500 at the end of each month…

A: Polly purchased a car and paid ₱ 1,50,000 as the down payment and thereafter pays ₱ 5500 at the end…

Q: Suzanne opens a line of credit at a local bank, and immediately borrows 1510 dollars. 5 months…

A: Line of credit is a type of bank account which allows business to borrow a certain amount of money…

Q: On March 1, 2012, Jason's Deli loaned $12,000 to Mark Johnson for one year at 5 percent interest.…

A: Given the following information: Principal amount: $12,000 Interest rate: 5% Time period: from…

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: LaTisha owed $65,000 when she graduated from college. Suppose her 10-year loan had an APR of 4.5%…

A: The total interest spent on loan will be Total interest on loan =Monthly payment*number of periods…

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: Diane Wallace bought a​ living-room suite on​ credit, signing an installment contract with a finance…

A: Principal amount refers to the amount of money that is borrowed from the lender and is also the…

Q: Phillip purchased a machine for $20,000 for his company. He paid 5.00% of this amount as a down…

A:

Q: A young engineer borrowed P 10,000 at 12% interest and paid P 2,000 per annum for the last 4 years.…

A: Loan amount = P 10000 Interest rate = 12% Annual payment = P 2000 Number of annual payments = 4

Q: Ms. Harake gave a Php100,000.00 to Ms. Gonzaga at 18%. How much was the interest after 45 days?

A: Simple interest is a method of calculating the proportion of interest paid on an amount over a…

Q: Victoria buys a property for $2,500,000 by paying $500,000 down payment and the rest on a 15-year…

A: The amount taken on credit or financed by the person is ascertained by deducting the down-payment…

Q: Marisol finances a sports car for $27,700 by taking out an installment loan for 36 months. The…

A: Amount financed = $27,700 Number of instalments = 36 Monthly payment = $998.61 Payment made = 21…

Q: Grace borrowed P150,000 payable in 2 years. To repay the loan, she must pay an amount every month…

A: Borrowed amount = P150,000 Time period = 2 years Rate = 6%

Q: Theresa borrowed $7258.00 compounded monthly to help finance her education. She contracted to repay…

A: Given:

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: Patricia promises to pay Patsy $2400.00 plus interest at 8% in one year. After 3 months passed, she…

A: Time has been valuable in all aspects but in terms of finance, time has a money value. The worth of…

Q: On April 16, Anthony borrowed$1279 to buy a new laptop. The loan had a simple interest rate of 3.8%…

A: The main source of income for banks or financial institutions is the difference between the interest…

Q: Aretha ran up $38,800 on her credit card, which charges 13.95%. If she decides to cut up her card…

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

Q: How much interest will Galvin pay?

A: Loan payment refers to the net amount that a borrower pays to the lender in exchange of principal…

Q: Uncle Ben borrowed 10,000 at 12% interest and paid $2,000 per annum for the last 4 years. What does…

A: The simple interest rate is the interest rate where the interest is determined only on the principal…

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: Kim deposits 4,700 pesos into an account earning 1.25% intererst per annually. How much money will…

A: We need to use simple interest  formula given below Simple interest =Principal*Rate*Time

Q: Mrs. Pores invested P150,000 in a bank that pays an 13% interest converted monthly. If her account…

A:

Q: Sun Jung finances a sofa for $1,125 by taking out an installment loan for 60 months. The payments…

A: Computation:

Q: interest will she pay when she repays her loan on June 15?  2. What is the total amount

A: A loan amount refers to the amount which a person should borrow from the bank or financial…

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: Polly purchased a car. She paid ₱250,000 as down payment, and ₱15,000 payable at the beginning of…

A: Present Value can be calculated using PV function in excel   PV (rate, nper, pmt, [Fv], [type])…

Q: Raul Fletes borrowed ​$7,500 on a 270​-day note that required ordinary interest at 11.58​%. Raul…

A: Since this is an ordinary interest, we need to use 360 days in a year. Interest saved can be…

Q: Mr. Tan borrowed ₱15,000 from the faculty fund at 13.25% simple interest for 210 days.How much would…

A: Simple Interest = Principal * Rate * time