Determine the interest on the following notes: (a) $5,000 at 6% for 90 days. (b) $800 at 9% for 5 months. (c) $6,000 at 8% for 60 days. (d) $1,600 at 7% for 6 months.
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- What will be the total interest earned on a 6%, $2,000 note receivable that is due in nine months?From the information given below, calculate the accrued interest for the following notes (round to two decimal places, if necessary). Assume 360 days in a year.:1. The interest on a $4,800 note at 5% for 4 months is ________. Please show steps.
- Is the interest on a 6%, 60 day note for 5,000, 300?Answer the following questions. (Round interest rate to 0 decimal places, e.g. 7%.)(1) If the note has been outstanding 3 months, what is the annual interest rate on that note? Interest Expense: $511 Notes Payable: $4,700The 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.
- Answer the following questions. (Round interest rate to 0 decimal places, e.g. 7%.)(1) If the note has been outstanding 3 months, what is the annual interest rate on that note? Interest Expense: $511 Interest Payable: $141 Note Payable: $4,700Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $24,000 % 60 days $396Calculate the effective rate (APY) of interest for 1 year. The principal is $15,500 with an interest rate of 12%. The interest is compounded quarterly.
- Determine the interest rate earned on a $1,500 deposit when $1,680 is paid back in one year.You are told that a note has repayment terms of $1,700 per quarter for 6 years, with a stated interest rate of 8%. How much of the total payment is for principal, and how much is for interest? Calculate using (a) financial calculator or (b) Excel function PV. (Round answers to 2 decimal places, eg. 5,275.25.) Total payment for principal Total interest Determine if the total interest will be higher or lower than with an annual payment. The total interest will be than with an annual payment.You were offered either a simple interest note or a simple discount note with the following terms: $33,353 at 7% for 18 months.a. Calculate the effective interest rate. (Do not round intermediate calculations. Round your final answer to the nearest tenth percent.) Effective Interest Rate %