Engr. De Robles borrowed Php 10,000 from a bank and promised to pay the amount for 1 year. But he received Php 9,600 only after the bank deducted an advance interest of Php 400. Find a) the rate of discount and b) the rate of interest that the bank charged him.

Q: I borrowed $3650 from a bank for 8 months. The bank discounted the loan at 7.5%. How much interest…

A: We need to use simple interest formula below to calculate interest or discount on loan.Simple…

Q: 6. Jasper Brown deposited $743.20 in a savings account at the Suburban Trust Com- pany on May 1. At…

A:

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Discount on notes = Notes payable x discount rate x no. of days/360 =$18,000*10%*90/360 = $450

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Interest on note = Notes payable x interest payable x no. of days/365 = 34,560*10%*45/360 = $432

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Michael Perez deposited a total of $2000 with two savings institutions. Bank A pays interest at the…

A: Interest refers to the cost of borrowing money or the return earned on invested funds. When someone…

Q: on for 6 years and was charged om borrowed money from a simple interest at an annual rate of 8%. The…

A: Simple Interest can be calculated using the formula given below Simple Interest = (Principle x Rate…

Q: Assume simple interest and find the rate of interest paid by the bank.

A: The amount deposited in the bank is $6,400. The amount received is $6,453.33 The interest paid by…

Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…

A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Interest on note = Notes x interest rate x no. of days/365 = (30000-4000)*10%*30/360 = $217

Q: 10) Furniture Co. owed $880.00 for merchandise plus $20.00 for insurance. The bill was due on May 6…

A: a) Computation of the amount of repayment to the bank:

Q: Gene McDonald's bank granted him a single-payment loan of $5,000 for 90 days at 9% ordinary…

A: A fundamental method of calculating interest in finance is called simple interest. It is calculated…

Q: 3.) Michael Perez has a total of $2000 on deposit with two savings institutions. One pays interest…

A: Let the deposit amount in a institution that pays 8% a year = a Therefore, deposit amount in a…

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Maturity value of jones note = Face value + interest = 30000 + 30000*10%*75/360 = $625

Q: 3. Mr. Econ borrowed money from the bank last January 16, 2005. He receives from the bank P…

A: We can define discount rate as that rate at which if the future value is discounted then it will be…

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Interest on note = face value of note x rate of interest x no. of days/360 = $20,000*8%*45/360 =…