Bennington Company has borrowed a certain amount from the bank that it will repay in 24 monthly installments. The bank charges 6% interest annually on this loan and the monthly payment is $6000. Find the amount of loan.

Q: Standard Chartered Bank Berhad pays 7 percent annual interest on its fixed deposit account, whereas…

A: Deposit = 5000   Standard Chartered Bank Annual Rate = 7% Time Period (N) = 8 years   UOB Bank…

Q: A bank offers all savings accounts 5% interest compounded annually. If one account has a principal…

A: An account doubles when the present value becomes 2 times of itself. In order to become two times,…

Q: how much will you have when it matures?

A: A certificate of deposit (CD) is a financial product that banks and credit unions offer to customers…

Q: Boyd earned $35,000 of cash revenue during Year 1. Required Prepare an income statement and balance…

A: Concept of Working capital finance Bank finance - Credit Line from Bank  Interest Calculation Profit…

Q: A local lending institution advertises the "51-50 Club". A person may borrow $2000 and repay $51 for…

A: P (Present value)= 2000 A (monthly payment)= $51 n (compounding periods)= 50 i%=?

Q: A company borrowed $100,000 from a local bank. The loan requires 10 equal annual payments beginning…

A: An annuity is a succession of payments used to cover or reimburse a one-time expenditure. Using the…

Q: A business wants to borrow $300,000 from a bank for a future investment. The bank offers a 5 year…

A: P= $300,000  T= 5 year compounded quarterly R= 5% interest on the debt Sinking fund interest= 4%,…

Q: You were considcring depositing your savings in one of three banks, all of which pay 7% interest;…

A: Bank Capital interest rate = 7% annually compounded Bank Daisani interest rate = 7% semiannually…

Q: Martinez Sporting Goods borrows $4,500, at 5% interest, for 120 days. Use the exact interest method…

A: Interest amount is the fixed amount that the lender will charge for lending some amount for certain…

Q: Bank A pays 10% interest compounded annually on deposits, while Bank B pays 9% compounded daily.…

A: Bank A interest = 10% annually compounded Bank B interest = 9% daily compounded (365 days of…

Q: What is the outstanding balance of the loan after the 2nd year

A: Compound interest is the amount of interest charged on interest. In this method the interest…

Q: Carey Company is borrowing $250,000 for one year at 10.0 percent from Second Intrastate Bank. The…

A: As per the given information:

Q: Laurier Inc. has borrowed $ 65000 from its bank. The annual interest rate on the loan is 4%…

A: Solution Given Amount borrowed $65000 Interest rate 4% Compounding Annually…

Q: A bank makes payments continuously at a rate of $400 a year. The payments are made between 5 and 7…

A: The present value is the discounted value of the future cash flows. It is calculated by discounting…

Q: Bank A offers a nominal annual interest rate of 4% compounded daily, while Bank B offers continuous…

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

Q: Bank A pays 7% simple interest on its savings account balances. Bank B pays 5.5% interest compounded…

A: STEP 1 Simple interest is the amount of interest charged on a specific principal amount at a…

Q: Doreen Short was looking over the repayment schedule for a loan of $37,858 at 7% interest for 5…

A: The remaining balance after making payments for 15 months as the remaining payments will be 45 is…

Q: KBL Bank Limited quotes a 21 percent interest rate on one-year loans. So, if you borrow $75,000, the…

A: Given information: KBL bank Limited quoted 21% interest one year loans. But payments are deducted…

Q: A bank makes a loan of $10,000. The loan will be paid back after 10 years with yearly payments of…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: card

A: The effective annual rate is the real rate of return earned on the investment. It does not take into…

Q: PLEASE HELP ASAPThe client has made a deposit in the bank in the amount of 10,000$. The duration of…

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

Q: Paul signed an $8100 note at citizens bank. Citizens bank charges a 6.4% discount assume the loan is…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: Your bank offers a 10-year certificate of deposit (CD) that pays 6.5% interest, compounded annually.…

A: Time = t = 10Interest Rate = r = 6.5%Present Value = pv = $2000

Q: Bank America offers a stated annual interest rate of 5.0 percent, compounded quarterly, while Bank…

A: Given data; Bank America interest rate = 5% compounding frequency by Bank America = quarterly Bank…

Q: Your bank is offering a certificate of deposit with an APR of 6.02% compounded monthly. What is the…

A: Effective annual rate is computed by following formula-EAR = - 1 Where,EAR = effective annual rate…

Q: British Columbia Savings offers three-year term deposits at 10.8% compounded annually while your…

A: The compounding technique is related to the concept of Time value of money. The time value of money…

Q: A bank features a savings account that has an annual percentage rate of r = 5.8% with interest…

A: (A) n=p/yt Given t=10 years (p/y)=4 (since interest is compounded quarterly)

Q: A bank quotes you a nominal interest rate of 12%, compounded monthly, on a savings account. What is…

A: Monthly nominal interest rate (r) = 0.01 (i.e. 0.12 / 12)Number of compounding in a year (n) = 12…

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: A bank pays 6% interest, compounded semiannuall formula to find how much should be deposited (in $…

A: Given, Interest rate = 6% or 0.06 Annual payment (A) = $700 Number of years = 16 years

Q: A bank gives6-month 7.2% interest rate compounded monthly(the interest rate is that the bank applies…

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

Q: A loan of $2700 collecting simple interest at a 7.9% annual rate was repaid with a check for…

A: Solution : Given Amount of loan $2700 Simple interest rate 7.9% Amount repaid…

Q: The bank is offering to the public their savings account scheme that pays 9.84% compounded annually.…

A: Annual rate (r) = 9.84% compounded annually Let the quarterly compounded rate = i Number of…

Q: A finance company uses the discount method of calculating interest. The loan principal is $5,000,…

A: Future Value = Present Value * (1+r)^n

Q: SureWin Company owes an amount of debt to a bank and the bank proposed the following annual payments…

A: The Present Value of a cash flow series: The present value of a cash flow series is calculated as…

Q: LEASE HELP ASAP The client has made a deposit in the bank in the amount of 10,000$. The duration of…

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

Q: Excellent bank has offered you, a GHC 60,000 35year loan to purchase an equipment in your Factory.…

A: GHC=60000 After 35 year the loan amount will be =$134,964.00 Effective Annual Interest Rate-…

Q: Jack Abrams borrowed $8,000 for nine months at an interest rate of 7% (simple interest). The bank…

A: Actual interest rate is computed below: