ett figure out the time on her simple discount note: $3,750 at 5% paying $100 in interest. (Use 360 days.)
Q: Jill pays $2000 at time 0 in order to receive $1400 at time 1 and $1400 at time 2. Find the annual…
A: Payment in year 0 = $ 2000 Receipt in year-1 = $ 1400 Receipt in year-2 = $ 1400
Q: Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge…
A: Principal Amount = p = $1400Interest = i = $70Service Charges = sc = $12Number of Payment = n = 12
Q: Melissa wants to check the accuracy of the finance charge on her promissory note. She has a $6,000,…
A: Given information,Amount: Number of years: YearsAnnual rate: To calculate,Monthly payment
Q: Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a service charge of…
A: Annual Percentage Rate (APR)= (2 * N * FC) / [ (P * (N+1)]
Q: Today, you borrowed $6,200 on your credit card to purchase some furniture. The interest rate is 14.9…
A: Compound = monthly = 12 Present value = pv = $6200 Interest rate = r = 14.9 / 12% Payment = p =…
Q: amika Harms needs $18,000 to prepare her web-page design business for opening. Her bank will loan…
A: the face value of a discount note. A discount note is a financial instrument used when someone…
Q: You recently graduated from Miami University and are looking to purchase a new vehicle. The car…
A: Monthly Payment:A "monthly payment" refers to a recurring amount of money that is paid on a monthly…
Q: Angela has a Macy’s credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy’s…
A: Card Balance is $2088.74 APR is 28.99% Minimum payment rate is 3.9% To Find: Minimum Payment…
Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…
A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…
Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…
A: Data given: 31 day billing cycle 10/1 Previous balance $ 1,177.00 10/3 Credit $ 66 cr…
Q: monthly payments for th
A: Monthly payment refers to the amount which is due and paid in regular intervals to an organization…
Q: Doug Black bought a jet ski with a 6% add-on interest installment loan from his credit union. The…
A: In the given question, total purchase price of Jet Ski is $ 1,950. However 15% down payment is made.…
Q: Stacy took out a loan for $15,000. Her note was for 300 days at 5% ordinary interest. On day 100 she…
A: The formula for calculating simple interest Simple Interest(I) = P*r*t Where, I = Interest Amount P…
Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…
A: WORKING AND EXPLANATION
Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…
A: Annual percentage rate refers to the charge which is paid by the borrower to the lender on the loan…
Q: How many months does it take to pay off the card, and what is the total amount paid including…
A: APR is the annual interest rate. It's like the annual fee for your borrowing. exist In other words,…
Q: Caridad borrowed $17,500 at 11% ordinary interest for 160 days. After 60 days, she made a partial…
A: The final amount is computed by adding the loan amount and interest due and then subtracting the…
Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…
A: Interest Rate = 6% APR Previous Balance = $1,173 Calculation of Number of days between is as follow:…
Q: Helen needed $5500 to start a web page design company and signed a 210-day note with a face value of…
A: Notes are considered as negotiable instruments.that can be issued to get credit for some time.it is…
Q: If Rita receives $36.44 interest for a deposit earning 6% simple interest for 10 days, what is the…
A: Interest received = $36.44 Interest rate = 0.06 or 6% Number of days = 10 Amount deposit = ? In…
Q: Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time extension on his bill…
A: No. of Days from Feb 26 to May 10 = 74Days Interest on Note at Maturity = 4,400 x 0.06 x 165/360…
Q: Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time e lay note. On May…
A: Notes are financial instruments in which interest is paid on maturity along with principal amount.
Q: Joyce Mesnic bought an HP laptop computer at Staples for $699. Joyce made a $100 down payment and…
A: The question is based on the concept of Loan amortization, an amortization is a method of dividing…
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,…
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A: The monthly payment is the payment that includes the principal amount as well as interest amount and…
Q: Marcia Rodger borrowed $3,500 from Valley Bank at a rate of 9%. The date of the loan was October 10.…
A: In a case of borrowing, we need to find the interest using ordinary method and exact method. We then…
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: Yolanda deposited $1,600 at the end of each six months for 2 years in a savings account. If the…
A: Future value (FV) refers to the sum value of current assets of the company which is evaluated at a…
Q: 5000. She can borrow from a finance company at 6.90% add-on interest for 4 years. Or she can borrow…
A: In the add on method of interest all interest for the period of the loan is added at one time and…
Q: ou loaned your brother a substantial amount of money and are working out a payment system. You’ve…
A: The Person loaned your brother a substantial amount of money and are working out a payments system.…
Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…
A: Credit cardA sort of credit facility offered by banks is a credit card, which enables users to…
Q: 2. Remi deposits $2,000 into a savings account at her bank. If the interest rate is 3.25 percent,…
A: Deposit = 2000 Interest rate = 3.25℅ N = 5
Q: uston purchased a wall unit for $2,200. He made a $600 down payment and financed the balance with an…
A: The given problem can be solved using RATE function in excel. RATE function computes interest rate…
Q: 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment…
A: To find out the amount owed, closing balance needs to be added with monthly finance charge.
Q: Use the unpaid balance method to calculate the finance charge on Joanna's credit account if last…
A: Computation:
Q: Eugene is offered a 5% discount for immediate payment of a bill which is due in 90 days. What is the…
A: Simple interest rate is the rate which is calculated without taking any compounding frequency.
Q: LaTisha owed $65,000 when she graduated from college. Suppose her 10-year loan had an APR of 4.5%…
A: The total interest spent on loan will be Total interest on loan =Monthly payment*number of periods…
Q: Michelle wants to borrow $4,500. Bank A will lend Michelle the money at a simple annual interest…
A: Formula: Interest amount = PTR / 100 P = Principal T = Time period R = Rate of interest.
Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…
A: APR = 9%Previous balance = $1156No of days = 31To find: Amount owed.
Q: Tim Huston purchased a wall unit for $2,200. He made a $600.00 down payment and financed the balance…
A: An asset purchase has been financed by loan. The loan is amortized by a monthly payment. We have to…
Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…
A: Finance Charge is the amount of interest being charged on the borrowed amount from the lenders.
Q: Heather borrowed $4700 on her credit card to purchase new furniture. Find the monthly interest…
A: The credit card information consists of the credit card number, expiration date, etc. The best thing…
Q: Big Sean is buying a new truck from Willie’s Auto Sales, the dealer is providing the financing and…
A: Calculation of monthly payment: Answer: Monthly payment is $995.40
Q: Jennifer has a 60-month fixed installment loan, with a monthly payment of $223.04. The amount she…
A: Unearned Interest: Unearned interest is interest that a lender has collected but has not yet earned…
Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…
A: Here's a breakdown of Kathy Lehner's credit card balance, incorporating the interest calculation and…
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- You wish to buy a $10,900 dining room set. The furniture store offers you a 2-year loan with an APR of 7.2 percent. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.)Karen has a QuikTrip credit card. The card has a balance of $988.62 with an APR of 28.75%. The QuikTrip expects the minimum payment to be 4.1% of the balance. What is Karen’s minimum payment? How long will it take Karen to pay off her QuikTrip credit card? How much interest will Karen pay if she only pays the minimum payment? Show stepsHow much would Melissa Allen need to take out if she needed $4,500 at 7% for 85/360 days for a simple discount note? (Round your answer to the nearest cent.)
- How do we work out how much was saved by making the partial payment? I know the answer is $26.91, but I don't know how to get there. Please help me. Polly Flynn borrowed $6,000 for 90 days at 7%. On day 20, Polly made a $2000 partial payment. (Assume ordinary interest) What is Polly’s ending balance due? How much did Polly save by making the partial payment?An online lending company is offering simple interest personal loans based on consumer creditscores. With your credit score, you can borrow $5000 for 3 years at an interest rate of 17.73%. Howmuch money will you pay the lending company at the end of 3 years?If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 9% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun Amount owed $84 cr. $143 $260 cr. $316 $56 Check my $ 1,159
- If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle $ 1,173 $ 70 cr. 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers $ 157 $ 400 cr. $ 330 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun $ 70On May 4 Ariel signed a simple discount note for $3,500 at 31/2% for 60 days. Use the simple interest formula to calculate the amount of interest Ariel will pay using ordinary interest.Please help me answer the following time value of money question. Edison borrowed $10,000 from the Niederriter Loan Company. He has to pay off the loan in 36 monthly payments of $500. What interest rate is he being charged?
- You wish to buy a $9,700 dining room set. The furniture store offers you a 2-year loan with an APR of 9 percent. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.)Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $56,000 loan at 7.5% for 48 months. What is his monthly payment by table lookup? (Use Table 14.2) Note: Round your answer to the nearest cent. What is the monthly payment. Table 14.2 states at 7.5% interest for 48 months it is 24.18Help me with step by step answers on a TI 83, TVM solver and forumulas and timelines. You want to buy a car and need to see how big of a car loan you can afford. Your budget allows you allocate $289.99 per month for car loan payments. The bank will offer you a loan at 6% interest on an APR basis and monthly payments over five years. What is the amount of the loan you can afford? Use the $ symbol and round to the nearest dollar (no decimal places). Use commas in your answer if applicable.
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