Ahmad took out a loan for $7500 and was charged simple interest at an annual rate of 4.7%. The total interest he paid on the loan was $141. How long was the loan for, in days? Assume that there are 365 days in a year, and do not round any intermediate computations.

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: Dion took out a mortgage of $459,000 for a house and just made the 91st end of month payment.…

A: Mortgage refers to the amount borrowed for a defined period at the rate of interest. The borrowed…

Q: Gabrielle held a loan of $1,900 for 6 months and was charged interest of $106.40. What was the…

A: Two types of interest calculations are there: Simple Interest = As the name suggest it simply…

Q: Daniel paid $825 simple interest on a $1400 loan for five years . What was the interest rate?

A: Given: Simple Interest =$825Principal amount =$1400Time =5 years

Q: Sally borrows $25,000 for a loan, and she repays the loan by making quarterly end-of-quarter…

A: The principal amount is $25,000.The quarter payment is $650.The maturity of the loan is 15

Q: Brett purchased a machine for $22,500 for his company. He paid 5.00% of this amount as a down…

A: An amortization schedule is created to understand the breakdown of the loan payments and to find out…

Q: Justin owes $900 in 4 months and $224 in 8 months. The lender agrees to allow Justin to pay off…

A: The problem case focuses on calculating the present value of the loan payment at the present time…

Q: Prepare an amortization schedule for a three-year loan of $111,000. The interest rate is 10 percent…

A: The problem case wants to create the loan amortization schedule for the loan that is to be repaid in…

Q: b) A man borrowed GH¢164,000 from a bank to help finance the purchase of a store. The bank charges…

A: Interest is the cost of borrowing money. It can be simple or compounded.

Q: Krista borrowed $17,838. The loan is to be repaid by three equal payments due in 83, 167, and 283…

A: The objective of the question is to determine the size of the equal payments Krista needs to make to…

Q: José borrowed 8100 at 5 1/2% for  three years compounded, semi am annually. What is the future…

A: Future value is the value of an investment or cash flow at a future point in time, based on the…

Q: CJ borrowed from a bank at 3.34% compounded semi-ann $1,049 at the end of every six months for 7…

A: The periodic payments are paid to pay the loan and these periodic payments carry the payment for…

Q: Ocean Spray has applied for a mortgage of $205,000. Interest is computed at 5.5 percent compounded…

A: The question is asked to determine the monthly payment, weekly payment, and biweekly payment.   We…

Q: Corey received a $36,750 loan from a bank that was charging interest at 3.50% compounded…

A: We need to use loan amortization formula below to calculate semi-annual payment.  where P=Loan…

Q: Jacques has just been notified that the combined principal and interest on an amount he borrowed 19…

A: Loans carry the interest rate so value of loans increases with time and interest.

Q: compounded daily. Answer the questions below. Do not round any intermediate computations, and round…

A: More is compounding of interest more is annual effective interest rate and more is accumulated…

Q: Jackie obtained a new credit card from a national bank, MBNA with a stated rate of 18% per year,…

A: The Compound interest is simply the interest on interest. It is the interest that is given on both…

Q: Amit borrowed $2000 at a simple interest rate of 5.5% per annum. At the end of the term, he owed…

A: Step 1 Simple Interest When someone lends money to a borrower, the borrower typically has to pay the…

Q: John took out a loan for 7,800 pesos that charges an annual interest rate of 9.9%, compounded…

A: The amount owed after a year can be calculated as future value of sum

Q: Jacob has just agreed to take a loan that will require him to make payments of $107 at the end of…

A: Loan amount refers to an amount that is paid every month for the repayment of a loan by the borrower…

Q: Dave took out a $5700 loan at 14% and eventually repaid $8892 (principal and interest). What was the…

A: STEP 1 The amount that a depositor is expected to earn on a principal sum at a predetermined rate,…

Q: Tom Bond borrowed $6,200 at 6-% for three years compounded annually. What is the compound amount of…

A: Compound amount = Principal(1 + Rate/100)t Interest = Compound amount - Principal

Q: An accountant purchases a T-bill with a face value of $4,000 for $3,955. If the term of the T-bill…

A: Treasury bills, often referred to as T-bills, are short-term debt securities issued by a government,…

Q: An accountant purchases a T-bill with a face value of $5,000 for $4,975. If the term of the T-bill…

A: The question is based on the concept of Financial Management. In the given question the difference…

Q: Gabrielle received a loan at 6% p.a. simple interest for 8 months. If he was charged an interest of…

A: Interest rate = 6%Number of periods = 8 monthsInterest received = $272.00

Q: Engr. Tongol borrowed money from a loan shark. He receives from the loan shark an amount of P…

A: Simple interest = Amount borrowed * Interest rate * (Number of months / 12)

Q: nnual

A: In this we have to calculate future value in two steps for different rate of interest.

Q: Dave took out a $6200 loan at 14% and eventually repaid $10,540 (principal and interest). What was…

A: Future value of amount includes the original amount and amount of interest being accumulated over…

Q: Krista borrowed 15,268. The loan is to be repaid by three equal payments due in 52, 146, and 261…

A: TVM refers to the concept that considers the effect of money's interest-earning capacity, which…

Q: Fatima received a $49,800 mortgage that is amortized over 6 years. She negotiated a fixed interest…

A: Amount of mortgage is $49,800 Time period is 6 years Interest rate compounded semi annually is 5.06%…

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

A:

Q: On October 5, Tristan Sandino borrowed $3,050 to buy an English bulldog. The loan carried a rate of…

A: Simple Interest=  Principal* rate of interest* number of days/Number of days in a year.

Q: A person spent 7000 TL with a credit card and could not pay his debt. Credit card applies 36%…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: David held a loan of $2,400 for 6 months and was charged interest of $132.00. What was the annual…

A: A simple way of computing interest on a loan or investment that is based only on the original…

Q: Greg owes two debt payments – a payment of $5763 that was due in 10 months ago and a payment of…

A:

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: onth, En Bey borrowed P 25,000 at 12% interest rate. He repaid the loan in four installment…

A: Simple interest is simple interest and there is no compounding of interest and no interest on…