A loan of $1060 was repaired at the end of 12 months with a check for $1075. what annual rate of interest was charged?
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A loan of $1060 was repaired at the end of 12 months with a check for $1075. what annual rate of interest was charged?
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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. $2,383If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?A loan of $2500 was repaid at the end of 39 weeks with a check for $2812.50. What annual rate of interest was charged?
- A loan of $1500 is repaid with a check for $1575. If the annual simple interest rate was 15%, what was the time length of the loan in years? In months?A loan of $2700 collecting simple interest at a 7.9% annual rate was repaid with a check for $2806.65. How long did it take the borrower to repay the loan?Create a loan repayment schedule for a loan of $30295 and payments of $8482 made annually. Assume a rate of interest of 6.13% per year compounded annually. What is the balance remaining after the second payment?
- A loan of $20,483 was repaid at the end of 11 months. What size repayment check (principal and interest) was written, if a 7.8% annual rate of interest was charged?A loan of $14,865 was repaid at the end of 7 months. What size repayment check (principal and interest) was written, if an 8% annual rate of interest was charged?A loan company advertises that $100 borrowed for one year may be repaid by 12 monthly installments of $9.46. Assuming the difference between the amount repaid and the amount borrowed is interest only, what is the effective annual interest rate being charged?
- Sheridan Service has a line of credit loan with the bank. The initial loan balance was $7000.00. Payments of $2500.00 and $3000.00 were made after five months and nine months respectively. At the end of one year, Sheridan Service borrowed an additional $4000.00. Ten months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage loan if the line of credit interest was 7% compounded monthly? The amount of the loan is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)Sheridan Service has a line of credit loan with the bank. The initial loan balance was $8000.00. Payments of $3000.00 and $4000.00 were made after four months and eight months respectively. At the end of one year, Sheridan Service borrowed an additional $5000.00. Six months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage loan if the line of credit interest was 7% compounded monthly? The amount of the loan is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)Sheridan Service has a line of credit loan with the bank. The initial loan balance was $6000.00. Payments of $2000.00 and $2500.00 were made after five months and eight months respectively. At the end of one year, Sheridan Service borrowed an additional $4000.00. Nine months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage loan if the line of credit interest was 5% compounded monthly? The amount of the loan is $
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