The financial officer of Toys and Noise arranges a loan of $8,500, at 8.5% interest, for 35 months. Find the amount of simple interest. (Round to the nearest cent.) A. $1,445.00 B. $2,107.29     C. $2,528.75 D. $2,914.29

Q: A firm borrowed $50,000 from a mortgage bank. The terms of the loan specify quarterly payments for a…

A: Effective annual rate: It can be defined as an equivalent interest rate that is already provided for…

Q: A customer takes out a loan of $150,000 on January 1, with a maturity date of 36 months, and an…

A: Interest on loan:-It is the rate levy on the initial amount of loan and this is the additional…

Q: You have approached your bank for a 30 year mortage loan in the sum of $2,160,000. The bank has…

A: Monthly payments refers to the periodic payment of repayment of a loan. Monthly payments includes…

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: Splish Company purchased a machine at a price of $95,600 by signing a note payable, which requires a…

A: Purchase price = $95,600 Future value = $139,968 Tine  = 4 years So, Future value = Purchase…

Q: A local business received a $45,000 loan at 4.95% compounded semi-annually. The business settled the…

A: Here, Value of Loan is $45,000 Interest Rate is 4.95% Monthly Payment is $650 Compounding Period is…

Q: terprise ABC has contracted a credit for the amount of 300 000 zlotys. The credit is to be 5 equal…

A: In this we need to calculate the effective cost of credit.

Q: ANZ Bank lends $140, 000 to a customer for 7 years at a rate of 13.75% with monthly repayments. [All…

A: Installment is the periodic amount paid by the borrower to the lender in order to pay back the loan…

Q: ABC Company enters into an IRG arrangement with Ch-bank for a 9 months, P800,000 loan starting 3…

A: Loan is a value which is borrowed from other sources like banks for the period and this amount is…

Q: ABC’s bank offered a loan with conditions of a P5,000,000 face amount, 6-month term, 4% interest…

A: Effective annual interest rate is the interest rate which an investor expects in a year after taking…

Q: On March 1, Minnerly Motors obtains a business loan from a local bank. Theloan is a $25,000…

A: The formula to compute interest charge as follows:

Q: Automotive Excellence Inc. borrowed $18,000.00 on june 21 with an interest rate of 8.9% per annum.…

A:

Q: Mr samuel approached the arnett national bank for a 15,000 loan to purchase vehicle the bank charges…

A:

Q: A local business received a $45,000 loan at 4.95% compounded monthly. The business settled the loan…

A: Loan repayments of equal amounts can be defined as an annuity. The principal amount of loan is the…

Q: A credit is paid as follows: a down payment corresponding to 30% of the value of the credit, 16…

A: Fist we need to calculate present value of all payments starting at 3 months after by using annuity…

Q: e effective rate of interest of the loan?

A: Effective interest rate is calculated as follows; r = (1 + in)n -1 wherer - effective annual ratei -…

Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…

A: Present value if annuity due is when the payments, monthly or semi-annually or annually, are paid…

Q: Sunlight Growers borrows $250,000 from a bank at a 4% annual interest rate. The loan is due in three…

A: Formula: Interest amount = Principal amount x Interest rate x Time period

Q: Aragon credit Union offers to lend Cassidy $35,000 to buy a car; the loan calls for payments of…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: Ackerman Company enters into an IRG arrangement with Westbank for a 9 months, $800,000 loan starting…

A: nominal interest = 8% no. of compounding periods =12/3…

Q: Jhar Industries has borrowed $125,000 under a line-of-credit agreement. While the company normally…

A: Borrowed Amount is $125,000 Amount to be maintained in lenders account is $15,000 Compensating…

Q: Donna makes annual end of year payments of $5,043.71 on a four year loan with an interest rate of 13…

A: Present Value = Annuity * {1- 1/ [(1+rate)^year] } / rate where, rate = 13% or say 0.13 year = 4…

Q: A six-month bank loan in the amount of $12,000 had been obtained on September 1. Interest is to be…

A: Accrual Concept - According to this concept all the expenses incurred whether paid or not and all…

Q: 1. Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and…

A: Finance charges on a loan are the extra amount of cash flow paid by the borrower to the lender in…

Q: New Town Bank offers you a line of credit of $50,000 with an interest rate of 2.1 percent per…

A: Effective Annual interest rate(EAR) refers to the actual interest rate which is received on deposits…

Q: Onse took a loan of P2,000 that is repaid by a payment of P2,500 made 24 months later. Find the…

A: Loan amount is P2,000 Amount repaid is P2,500

Q: A loan of $2500 was repaid at the end of 39 weeks with a check for $2812.50. What annual rate of…

A: Loan amount (P) = $2500 Repayment after 39 weeks (A) = $2812.50 Interest Paid = (A - P) = $2812.50 -…

Q: A loan of ₱2,000 is made for a period of 13 months, from January 1 to January 31 the following year,…

A: The future amount due at the end of the loan period is the sum of the principal amount and the…

Q: William's student loan of $24,500 at 3.22% compounded quarterly was amortized over 6 years with…

A: The present value of loan is equal to the sum of the present values of all future monthly…

Q: ABC Bank granted a loan to a client on January 1, 20x1. The interest on the loan is 10% payable…

A: Effective Interest rate: It is the rate at which initial carrying amount of the loan receivable is…

Q: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an…

A: The process of creating financial statements to indicate an entity's financial condition is known as…

Q: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual…

A: The accrued interest is the interest due for payment but not paid yet by the business yet.

Q: Sheridan Service has a line of credit loan with the bank. The initial loan balance was $6000.00.…

A:

Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

A: Given Information: Credit line is $37,500Charges an annual percentage rate of 4% plus prime rate…

Q: A bank loaned JL's Boutique money at 8% simple interest for 90 days. If the amount of interest was…

A: Given information, Simple interest(SI)=P4,000 Rate(R)=8% Time(T)=90 days =0.25 years

Q: Sandhill Productions borrowed some money from the California Finance Company at a rate of 15.30…

A: Installment loans are personal or commercial loans that borrowers must repay with regularly…

Q: Suppose you secure a home improvement loan in the amount of $5,000 from a local bank. The loan…

A: The loan repayment schedule is the schedule of loan repayment which includes the bifurcation of the…

Q: You have taken a loan of $150,000 at an interest rate of 6% (annual). If the number of monthly equal…

A: Monthly payments towards interest and principal are based on the interest rate, beginning loan…

Q: A loan of $21,238 was repaid at the end of 10 months. What size repayment check (principal and…

A: Interest is the amount charged for amount of of loan borrowed. Interest is also received on the…

Q: A man loans $4,000 at one interest rate and $5,000 at a 1% greater rate. The $5,000 loan earns $110…

A: Let the interest rate for $4000 = r Interest rate for $5000 = r + 0.01

Q: Ms. Wadeson obtained a $15,000 demand loan from TD Canada Trust on May 23 to purchase a car. The…

A: Prime rate is the benchmark rate which is used in the calculation of loan rate. In the floating…

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

A: The calculation is:

Q: Go Debt Bank Limited quotes a 9 percent interest rate on loans for 1 year. You are seeking a loan of…

A: Interest rate that is charged on the loan is the rate of return that is expected by the Bank.…

Q: Sheridan Service has a line of credit loan with the bank. The initial loan balance was $8000.00.…

A: Present Value Future  value of sum of money  are measured  at the current value. It is called…

Q: discounted loan of $1,000 was taken out by a company for 6 months at a 10% simple discount rate. The…

A:

Q: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual…

A: Short-term notes payable is a current liability of the business as the repayment is to be made in…