Hong took out a $10,000 loan for 73 days and was charged simple interest. The total interest he paid on the loan was $106. As a percentage, what was the annual interest rate of Hong's loan? Assume that there are 365 days in a year, and do not round any intermediate computations. If necessary, refer to the list of financial formulas. 11% Explanation Check X 4

Q: Calculate the amount of simple interest payable if a person borrowed $25 500 at a simple interest…

A: Simple interest is the method of calculating interest when the interest earned does not get…

Q: You have taken a loan of $88,000.00 for 30 years at 4.1% compounded quarterly. Fill in the table…

A: Solution:- Given, Loan = $88,000 Life time = 30 years Compounded quarterly  at 4.1%

Q: Prepare the following calculations. principle on a note is $ 4,000, interest rate is 5%, time is 2…

A: 1. Interest = Principle x Interest rate x Time in Years = $4000 x 5% x 2 = $400 2. Interest =…

Q: Armita deposits $150 in an account paying a nominal interest rate 9.900% compounded semi- annually.…

A: Interest rate refers to the rate which is charged by the lender from the borrower on the loan amount…

Q: Who will have more money in their account after 20 years? How much more? x within your choice.

A: Time value of money (TVM) means that the amount of money received in the present period will have…

Q: 1. Vincent deposited $1,650 in a savings account that earns 3.5% interest compounded daily for 90…

A: Maturity value of Vincent account would be future value of saving account at 3.5% rate compounded…

Q: A friend of yours borrows $19,500 from the bank at 8% annually to be repaid in 10 equal annual…

A: Calculation of installment amount: Installment amount = Amount / Present value annuity factor (PVAF)…

Q: Suppose you borrowed $3,000 at a rate of 8.8% and must repay it in 4 equal installments at the end…

A: Present Value = pv = $3000Rate of Retunr = r = 8.8%Number of Payment = n = 4

Q: You have taken a loan of $95,000.00 for 27 years at 5.5% compounded quarterly. Fill in the table…

A: Given Loan amount is $95000 Term is 27 years Rate is 5.5%

Q: Antonio borrows $2,428 from the bank for 5 years at an annual interest rate of 3.92% compounded…

A: Compound interest is the interest which is interest applicable on interest earned before.

Q: You have taken a loan of $64,000.00 for 26 years at 4.7% compounded quarterly. Fill in the table…

A: Here, Particulars Values Loan Amount  $ 64,000.00 No. of years  26.00 Interest rate 4.700%…

Q: Need the amounts of each person for the given period for their deposits period

A:

Q: You have taken a loan of $5,000.00 for 4 years at 2.3% compounded monthly. Fill in the table below:…

A: We need to calculate the monthly payment(PMT) of loan by using this equation PMT…

Q: Suppose that ​$290,000.00 is owed on a house. The monthly payment for principal and interest at 8.0%…

A: The amount paid by the borrower on the amount owed is regarded as interest rate.

Q: An amount of $3000.00 is deposited in a bank paying an annual interest rate of 5 % compounded daily.…

A: The future value of the cash flow is the future worth of a cash flow at a certain rate of interest…

Q: 1. If $100 is deposited today in an account paying 9 percent compound annual interest, how much will…

A: The concept of time value of money will be used here. As per the concept of time value of money the…

Q: You are told that a note has repayment terms of $900 per quarter for 6 years, with a stated interest…

A: The principal value of a loan is the amount that is the basis for the interest computation whether…

Q: Mr. Hyson borrowed $15,550 from the bank for 3 yrs. If the quoted rate (APR) is 6.55% and the…

A: The Effective Annual Rate (EAR) for daily is calculated by compounding daily rate wit the number of…

Q: 1. If $100 is deposited today in an account paying 9 percent compound annual interest, how much will…

A: The first question is asking for the future value of a single sum. The formula for future value is…

Q: Hinton Inc. borrowed$35,000for 7 years at a simple interest rate of6.1%. The interest was to be paid…

A: Formula:I=PrtI= InterestP= Principal amount = $35,000r= Interest rate = 6.1%t=time in years =…

Q: A bank gives Mr. Aldama the amount $1,255,000.00 for a loan for one year, three months and fifteen…

A: Amount = m = $1,255,000Time = t = 1 year, 3 months and 15 days = 1 + (3 / 12) + (15 / 365) = 1 +…

Q: You have taken a loan of $55,000.00 for 30 years at 4.9% compounded quarterly. Fill in the table…

A:

Q: Interest component of monthly payment: Solomon's student loan balance is now $26,764, with a 7.9%…

A: Interest Compounded Monthly rate means that interest rate which is charge on monthly basis on loan…

Q: Jefferson Bank made a loan at 7% interest for 238 days. If the amount of interest was $300.81, use…

A: Interest rate = r = 7% Time = t = 238 days Interest amount = i = $300.81   Number of days under…

Q: Luis Rivera has taken out a mortgage loan for $225,000 at 4% for 5 years. What will be the total…

A: A mortgage is a type of loan that is typically used to purchase real estate, such as a house or a…

Q: You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments…

A: Present value factor is computed as follows:-Present value factor = wherer = interest raten = time…

Q: You have taken a loan of $6,000.00 for 3 years at 2.9% compounded monthly. Fill in the table below:…

A: Loan Amount = $6000 Year = 3 years  Compunded monthly = 2.9%   CI = P(1 + (r/12) )12t - P where, P…