A 60-day note for $2,400 is issued with an annual interest rate of 6%. What is the total interest due on the maturity date? (Use a 360-day year.)
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- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383A 102-day note for $85 bears simple interest at 4.5% and is sold 22 days before maturity to a bank that uses a simple interest rate of 8%. What are the proceeds?A promissory note with a maturity value of 1300 matures in 60 days. The note is sold 23 days before the legal due date. How much money is it sold for if the discount rate is 5.5% simple interest?
- Assuming a 360-day year, when a $12,600, 90-day, 11% interest-bearing note payable matures, total payment will be Round your answer to the nearest whole dollar.If you sign a discount note for $9,500 at a bank discount rate of 9% for 3 months, what is the effective interest rate (as a %)?A 120-day, 10% interest-bearing note receivable is sold to a bank with recourseafter being held for 60 days. The proceeds are calculated using an 8% interest rate. In this situation,what happened to the notes receivable?
- What is the effective interest rate of a simple discount note for $27,500,at an ordinary bank discount rate of 10%, for 30 days? Assume that there are 360 days in a year. Question content area bottom The effective interest rate is ??? (Round to the nearest tenth as needed.)The interest charged on a $88000 note payable, at the rate of 6%, on a 60-day note would be (Use 360 days for calculation.) $5280. $2640. $880. $1320.The face value of a simple interest note and bank discount note is $8,000each. Assume both notes have 8.75 percent interest rates for 60 days.Calculate the following:a. The amount of interest charged for each.b. The maturity value of the simple interest note.c. The maturity value of the bank discount note.d. The amount the borrower receives for the simple interest note.e. The amount the borrower receives for the bank discount note.
- Suppose on January 1st you deposit $100 in an account that pays a nominal interest rate of 11.33463% with interest added (compounded) daily. How much will you have in your account on October 1st or 9 months later?If you sign a discount note for $5,500 at a bank discount rate of 9% for 3 months, what is the effective interest rate (as a %)? Round to the nearest tenth percent. %A 90-day note promises to pay 6,500 plus simple interest of 6 3/4%. It is discounted at 5 4/5% simple discount 20 days before maturity. Find the maturity value of the note and the proceeds of the sale.