Henry takes out a $650 discounted loan with a simple interest rate of 12% for a period of 7 months. How much money does Henry receive into his bank account when the loan is drawn down?

Q: Karen owns a rental house in Ruston. Her policy requires the renter to make an initial deposit equal…

A: According to the information, the initial deposit is made on February 1, 2018 post which payments…

Q: Derek borrows $263,197.00 to buy a house. He has a 30-year mortgage with a rate of 5.93%. After…

A: A mortgage loan payment is a regular, typically monthly, installment made by a borrower to repay a…

Q: Nate bought a home for $143,000 with a down payment of $15,000. Nate's rate of interest is 6.75% for…

A: When we buy a large ticket item like a home we usually take loan for that. The loan is repaid…

Q: Tomás bought a house with a mortgage of $328,300. The mortgage is being finance interest rate of…

A: loans are paid by the monthly payments and these payments carry the payment of loa amount and…

Q: Daniel paid $825 simple interest on a $1400 loan for five years . What was the interest rate?

A: Given: Simple Interest =$825Principal amount =$1400Time =5 years

Q: vince has just opened an 18-month certificate of deposit on which interest compounds daily. he…

A: Certificate of deposit refers to a savings account that pays a fixed rate of interest for a definite…

Q: Luke borrows $200 000 from a bank to set up a medical practice. He agrees to pay a fixed interest…

A: Given: Loans = $200,000 Interest rate = 18.48% years = 10years

Q: Joe plans to deposit $300 at the end of each month into a bank account for a period of 3 yr, after…

A: To solve this question we have to first find the future value of monthly annuity of $ 300 after…

Q: Greg borrows $881,000 to buy a house. His mortgage requireds 22 years of monthly payments, with the…

A: The scenario requires identifying the amount required to be paid after the 36th monthly payment. It…

Q: George borrows $1200 at 15.5% interest from June 7 through July 21. How much (simple) interest does…

A: Simple Interest = P * R * TP = Principal = $1,200R = Rate = 15.5%T = Time = (June 7 to July 21) = 44…

Q: Mason borrows $41,217.00 to buy a car. He will make monthly payments for 6 years. The car loan has…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: Dominique has a mortgage of $445,000 through his bank for property purchased. The loan is repaid by…

A: Any sum borrowed to meet any specific personal or business needs is regarded as a mortgage/loan. The…

Q: Dan buys a property for $280,000. He is offered a 25-year loan by the bank, at an interest rate of…

A: Loan amortization is the systematic process of gradually reducing the outstanding balance on a loan…

Q: Sean buys a refrigerator for $899. The dealer gave him a 2-year add-on interest loan at 7.8%…

A: A method of the loan in which the amount of installment is evaluated by combining the principal and…

Q: Lauren plans to deposit $5000 into a bank account at the beginning of next month and $150/month into…

A: Time value of money (TVM) refers to the method used to measure the amount of money at different…

Q: Albert takes a loan out to buy a second-hand car. The loan is for £1,500. The interest rate on the…

A: Time Value of Money :— According to this concept, value of money in present day is greater than the…

Q: k borrows $318,449.00 to buy a house. He has a 30-yearmonthly payment mortgage with a rate of 5.70%…

A: Mortgage loans are secured loans and the home is collateral and being paid by the monthly payments…

Q: Antonio borrows $3,358 from the bank for 4 years at an annual interest rate of 7.08% compounded…

A: Variables in the question:PV= $3358N=4 yearsRate=7.08% (compounded quarterly)

Q: Mr. Smith has borrowed $20,000 from the bank to start his small book-keeping business. He has…

A: Using excel RATE function

Q: Dave borrowed $1,300 on January 1, 2022. The bank charged him a $5.00 service charge, and interest…

A: When a borrower takes out a loan from a lender, they are required to pay interest on the borrowed…

Q: Lawrence signs a note promising to pay Justin $2500 at 11.25% compounded monthly in 7 years.…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: Joel borrowed $2776.55 on November 2, 2021 at 4.5% p.a. How many days would it take for him to…

A: A loan refers to a contract between two parties where money is forwarded to one party by the other…

Q: Mr. Dalisay applied for a bank loan with a principal of P150,000 to be paid after five years in…

A: The amount of proceedings will be discouraged value of money today of future principal amount to be…

Q: On March 15th Ron went to the bank to borrow $3,000 at 8.5% interest. Ron plans to repay the loan…

A: Ordinary interest is an interest that is computed on the basis of a 360-day year instead of a…

Q: If Greg borrows $140.00 from the bank at 6.5% exact simple interest, how much interest does Greg owe…

A: The simple interest can be computed using the principal amount, the time period, and the interest…