Determine the interest on the following notes. (Round to the nearest cent.) SHOW COMPUTATIONS. Just writing an answer will earn you a zero. a. $77,520 at 10 percent for 90 days. b. $54,400 at 12 percent for 60 days. c. $61,200 at 9 percent for 30 days. d. $102,000 at 15 percent for 120 days. e. $36,720 at 6 percent for 60 days.

Determine the interest on the following notes. (Round to the nearest cent.) SHOW COMPUTATIONS. Just writing an answer will earn you a zero. a. $77,520 at 10 percent for 90 days. b. $54,400 at 12 percent for 60 days. c. $61,200 at 9 percent for 30 days. d. $102,000 at 15 percent for 120 days. e. $36,720 at 6 percent for 60 days.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Calculating Interest Using 360 days as the denominator, calculate interest for the following notes using the formula I = P x R × T. Round your answers to the nearest cent. Principal Rate Time Interest $5,000 6.00% 30 days 1,000 7.50 60 4,500 8.00 120 %24 950 6.80 95 1,250 7.25 102 2,900 7.00 90 %24 %24
You owe $2,500 in 5 months and $4,750 in 15 months. Your creditor has agreed to let you make one interest rate and a Focal Point Now. What single cash payment will make? single cash payment NOW using a 4% simple Round Each calculation to the nearest penny (even if zero), USE dollar signs, USE commas if and where needed I
Calculate the simple interest earned. Round to the nearest cent. P = $9070, r = 6.50%, t = 8 months
Find the finance charge on an unpaid balance of $1219.27 in a revolving charge account if the monthly interest rate is 1.5%. The finance charge is $ (Round to the nearest cent.) ...
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days ong. (Round your answers to the nearest cent.) $3000 balance, 17%, $2,500 payment (a) previous balance method (b) adjusted balance method (c) average daily balance method
Answer
You were offered either a simple interest note or a simple discount note with the following terms: $30,878 at 6% for 36 months. a. Calculate the effective interest rate. Note: Do not round intermediate calculations. Round your final answer to the nearest tenth percent. Effective interest rate % b. Based on the effective interest rate, which would you choose? simple discount note simple interest note
Suppose Eli deposits $1,000 into a savings account. The savings account earns4.2% compounded monthly. Find the APY for the account. Round the percent to two decimals.
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.
When $8,600 is invested in a savings account paying simple interest for the year, the interest, i in dollars, can obtained from the equation i=8,600r, where r is the rate of interest in decimal form. Graph i=8,600r, for r up to including a rate of 16%. If the rate is 7%, how much interest is earned? OA. $6,020 OB. $602 O C. $586 OD. $622 I
Suppose you deposit $1,751.00 into an account today that earns 5.00%. It will take ___ years for the account to be worth $2,806.00. Answer format: Number: Round to: 2 decimal places.
So.2