Future value and simple interest are two types of interest. The following amounts due by its sophisticated customer are owed to La Costanera, S.A., a pawnshop, and it would want to know the future or ultimate worth, as well as simple interest (360 days per year). a) $57,500.00 note #7376 for a set of diamond wedding rings, payable in 90 days at 14% interest. b) Note #9425, covering $74,500.00 for a Rolex watch (probably from a congressman) expiring on September 18, assuming the promissory note was signed on February 6 and a 10.5 percent interest rate. c) Note #8836, for $31,000, signed on August 2 and due on October 3 at an interest rate of 8.25 percent. Note: The original exercise is shown in the image; it is in Spanish, but it is simple to grasp. Interesting Caveat: You must first build a solution approach before moving on to the outcome. Above all, especially when using Excel, double-check the technique and/or formulae
Future value and simple interest are two types of interest. The following amounts due by its sophisticated customer are owed to La Costanera, S.A., a pawnshop, and it would want to know the future or ultimate worth, as well as simple interest (360 days per year).
a) $57,500.00 note #7376 for a set of diamond wedding rings, payable in 90 days at 14% interest.
b) Note #9425, covering $74,500.00 for a Rolex watch (probably from a congressman) expiring on September 18, assuming the promissory note was signed on February 6 and a 10.5 percent interest rate.
c) Note #8836, for $31,000, signed on August 2 and due on October 3 at an interest rate of 8.25 percent. Note: The original exercise is shown in the image; it is in Spanish, but it is simple to grasp.
Interesting Caveat: You must first build a solution approach before moving on to the outcome. Above all, especially when using Excel, double-check the technique and/or formulae employed.
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