Q: what is the amount (in $) of interest on the loan?
A: Simple interest are calculated on the basis of principal amount of loan. Simple interest does not…
Q: 7. On April 1, Michael Reeves deposited a refund check for $240.85 in a savings account at Northern…
A: Simple interest is concept where the interest is never capitalized to the original loan/investment…
Q: Jesse borrowed from a bank at 5.92% compounded semi-annually; he settled the loan by repaying $3,055…
A: Interest rate is 5.92% compounded semi-annually Amount repaid is $3,055 every 6 month Time period is…
Q: Mickey Sporn took out a loan for $5,880 at the Linville Ridge Bank for 110 days. The bank uses the…
A: The formula that will be used will be: loan amount * rate * no. of days/360 = interest Here loan…
Q: A man borrowed from a bank with a promissory note that he signed in the amount of P25000 for a…
A: Given, Amount is P25000 Amount received is P21915 Inspection fees P85.00
Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…
A: Interest on note = Notes payable x interest payable x no. of days/365 = 34,560*10%*45/360 = $432
Q: "Ten years ago, when Nigel was still a college student, he deposited 10,000 in a bank. The bank's…
A: Deposit amount (P) = 10,000 Period = 10 Years Quarterly period (n) = 10*4 = 40 Interest rate = 2%…
Q: Dan invested Php 25,000 in a time deposit account that earns 1.25% simple interest rate for 30 days.…
A: In finance interest can be simple interest or compound interest. Simple interest is that interest…
Q: 4. Peter Sarnoff deposited $1000 in a new savings account at First National Bank. He made no other…
A: A method of computing interest amounts in which the compounding effect was not considered by the…
Q: On April 13, Thomas Ash deposited $2,500 in a passbook savings account at 3.5% interest compounded…
A: Given: Principal amount =$2500Interest rate =3.5% No. of days between April 13 to August 5 =115 days
Q: A man borrowed from a bank with a promissory note that he signed in the amount of P25000 for a…
A: The following information has been provided in the question: Amount of promissory note = P25000…
Q: how much money is requested from the bank if the simple interest rate is 9.766% a. 36,857.114 b.…
A: Simple interest refers to the amount paid by the borrower to bank on the amount borrowed at a fixed…
Q: On May 1, Cleveland Livingston opened a savings account that paid 3.5% interest at Fulton Savings…
A: Saving account: A savings account is an interest-bearing deposit account with a bank or other…
Q: Can you please help me work out this problem in detail? Minnie Rose deposited $15,000 in Street…
A: The question is based on the concept of compound interest calculation with quarterly compounding…
Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…
A: The journal entries are prepared to record daily transactions of the business.
Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…
A: Journal entries is the term of accounting which means reporting of the transactions of the business…
Q: Will borrowed$1205 from his bank for 16 months using a 4.1%discount note. Determine how much…
A: The amount of money invested over a period of time with the assumption of investment growth at a…
Q: Jason borrowed $2,500 on March 1 from a bank and promised to pay back the money in 90 days at 6%…
A: Amount borrowed “P” = $2500 Number of days “n” = 90 Stated rate of interest = 6%
Q: 6. On May 1, Cleveland Livingston opened a savings account that paid 3.5 percent exact interest at…
A: Deposit 1 (D1) = $5000 on day 0 Deposit 2 (D2) = $2000 at day 10 Deposit 3 (D3) = $8000 at day 24 We…
Q: On March 1, 1996 Mr. Almagro obtains a loan of P1500 from Mr. Abella and signs a note promising to…
A: In this we have to calculate discount value of both notes and find the proceeds from the notes.
Q: On the first day of the year, a man deposits ₱1,000 in a bank at 8% per year compounded annually. He…
A: Total Deposits = ₱1,000 1st withdrawal =₱80 2nd Withdrawal = ₱90 3rd Withdrawal = Remaining Value…
Q: Devante borrowed $4200 from the bank for 21 months. The bank discounted the loan at 3.6% How much…
A: formula for monthly payment: pmt=p×rm1-1+rm-n
Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…
A: Interest on notes = face value of notes x rate of interest x no. Of days/360 = 37440*8%*30/360 =…
Q: Collin borrowed $2100 from the bank for 21 months. The bank discounted the loan at 2.5%. How much…
A: Interest = Principal * Rate of Interest Amount received from Bank = Amount - Interest Interest =…
Q: Ken borrowed $3400 from the bank for 20 months. The bank discounted the loan at 7.4%. How much was…
A: Calculate the interest by multiplying amount borrowed , rate and the time period. Amount received…
Q: Ann deposits $500 at the end of each month into her bank savings account. The bank paid 8% nominal…
A: The future value of certain recurring payments at a specified certain intervals is the future sum at…
Q: Alana Olsen borrowed $5,000 for 90 days from First Bank. The bankdiscounted the note at 7 percent.a.…
A: Borrowed amount=$5000Discount rate=7%Time period=90days
Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: A man borrows money from a bank which uses a simple discount rate of 14%. He signs a promissory note…
A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…
Q: A person invested two amounts in a bank for a full year at a common interest rate. So the total…
A: Interest is amount paid by borrower and received by lender in exchange of funds. Interest is charged…
Q: 11. Paul Koski deposited $21,000 in a savings account on April 1 and then deposited an additional…
A: Introduction Future Value: The value of money or sum of money invested at compound interest, will…
Q: On August 1, 20A Mr. Vincent Clarin, owner of Debonaire Salon borrowed money from Sofia Goden…
A: Formula: Maturity value = Principal amount + Interest amount
Q: A man borrowed P18,400.00 from a credit union that charges 8% simple interest for 1 year and 9…
A: Total months = 12 + 9 = 21 months
Q: A man borrows money from a bank but he only received 83% of the amount requested. He signs a…
A: Simple interest rate is computed on the principal portion of the amount borrowed. Unlike compound…
Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: A man borrowed $3800 from a bank for 9 months. A friend was cosigner of the man's personal note. T…
A: Given p=3800 T=9months Rate = 3.5%
Q: arrie borrowed $2100 from a bank for 9 months. The bank discounted the loan at 3.5%. What is the…
A: In discounted loan, the lender estimates the interest and other associated costs and subtracts them…
Q: a) How much did the woman pay for the use of the money? b) Determine the amount she repaid to the…
A: Simple interest is the amount of interest that a borrower pays on the loan acquired by him or her…
Q: Hillary borrowed $3700 from the bank for 10 months. The bank discounted the loan at 3.6%. How much…
A: Calculation of interest amount for 10 months at the rate 3.6% per annum [$3700 ×( 3.6÷100)]×10÷12 =…
Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…
A: Total amount receivable from Darnell Jones = notes payable + service charges =(40320 +…
Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…
A: Interest on note = face value of the note x rate of interest x no. Of days/360 = (48960-4000)…
Q: Ten years ago, when Franco was still a college student, he deposited 10,000 in a bank. The bank's…
A: Amount deposited 10 years ago (X) = 10000 r = 2% per annum = 0.5% per quarter n = 10 years = 40…
Q: Oliver Lopez deposits $12,000 in a bank account that pays 7% annual interest. Calculate the balance…
A: Deposit amount = $ 12,000 Annual interest rate = 7% Period = 5 Years
Q: Engr. De Robles borrowed Php 10,000 from a bank and promised to pay the amount for 1 year. But he…
A: Proceeds = Php 9600 Discount = Php 400 Borrowed amount (P) = Php 10000 n = 1 year Let the discount…
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: A man bonowed $3700 from a bank for 6 months A friend was cosigner of the man's personal note. The…
A: On simple interest it should be noted that the interest amount is computed only on the principal…
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- Nick borrowed $6000 for 24 months from his bank using an 11 and a 1/2 percent discount note. A. How much interest did Nick pay the bank for the use of the money? B. How much did he receive from the bank?Ken borrowed $3400 from the bank for 20 months. The bank discounted the loan at 7.4%.How much was the interest?$Correct State your result to the nearest penny.How much did Ken receive from the bank?$Correct State your result to the nearest penny.What was the actual rate of interest?John signed a 90-day note with a face value of $6,000 and a discount rate of 14.57%. How much did the John receive from the bank? (ordinary time)
- 9. Liam borrowed $12,500 for 5 months from a bank using a 2% discount note. a) How much interest did Liam pay the bank for the use of its money? b) How much did he receive from the bank? c) What was the actual rate of interest he paid?I borrowed $3650 from a bank for 8 months. The bank discounted the loan at 7.5%. How much interest did I pay the bank for the use of the money? How much did I receive from the bank? What was the actual rate of interest that I paid?Raquel borrowed $2300 from the bank for 18 months. The bank discounted the loan at 3.4%.How much was the interest?$How much did Raquel receive from the bank?$ What was the actual rate of interest?%
- A woman borrowed $3800 from a bank for 3 months. A friend was cosigner of the woman's personal note. The bank collected 512% simple interest on the date of maturity. a) How much did the woman pay for the use of the money? b) Determine the amount she repaid to the bank on the due date of the note.Collin borrowed $2100 from the bank for 21 months. The bank discounted the loan at 2.5%. How much was the interest? State your result to the nearest penny. How much did Collin receive from the bank? $ State your result to the nearest penny. What was the actual rate of interest? % State your result to the nearest hundredth of a percent.Alana Olsen borrowed $5,000 for 90 days from First Bank. The bankdiscounted the note at 7 percent.a. What proceeds did Olsen receive?b. What is the effective rate to the nearest basis point?
- Will borrowed$1205 from his bank for 16 months using a 4.1%discount note. Determine how much interest will paid the bank for the use of its money and how much Willreceivedfrom the bank.June Peters deposits $6400 in a savings account at her bank. When she withdraws the money 8 months later, she receives a check for $6453.33. Assume simple interest and find the rate of interest paid by the bank.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?