Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7 1/2% interest. Jim plans to repay the loan on March 11. Assume the loan is on exact interest. How much will Jim repay on March 11? (Use Days in a year table.) (Round your answers to the nearest cent.)
| Loan Amount |
Transcribed Image Text:TABLE 7-1
Exact days-in-a-year calendar (excluding leap year)*
Day of
31
28
31
30
31
30
31
31
30
31
30
31
Jan.
Feb.
Mar.
Аprг.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
month
1
1
32
60
91
121
152
182
213
244
274
305
335
2
33
61
92
122
153
183
214
245
275
306
336
3
34
62
93
123
154
184
215
246
276
307
337
4
4
35
63
94
124
155
185
216
247
277
308
338
36
64
95
125
156
186
217
248
278
309
339
6.
6.
37
65
96
126
157
187
218
249
279
310
340
7
7
38
66
97
127
158
188
219
250
280
311
341
8.
8.
39
67
98
128
159
189
220
251
281
312
342
9
9.
40
68
99
129
160
190
221
252
282
313
343
10
10
41
69
100
130
161
191
222
253
283
314
344
11
11
42
70
101
131
162
192
223
254
284
315
345
12
12
43
71
102
132
163
193
224
255
285
316
346
13
13
44
72
103
133
164
194
225
256
286
317
347
14
14
45
73
104
134
165
195
226
257
287
318
348
15
15
46
74
105
135
166
196
227
258
288
319
349
16
16
47
75
106
136
167
197
228
259
289
320
350
17
17
48
76
107
137
168
198
229
260
290
321
351
18
18
49
77
108
138
169
199
230
261
291
322
352
19
19
50
78
109
139
170
200
231
262
292
323
353
20
20
51
79
110
140
171
201
232
263
293
324
354
21
21
52
80
111
141
172
202
233
264
294
325
355
22
22
53
81
112
142
173
203
234
265
295
326
356
23
23
54
82
113
143
174
204
235
266
296
327
357
24
24
55
83
114
144
175
205
236
267
297
328
358
25
25
56
84
115
145
176
206
237
268
298
329
359
26
26
57
85
116
146
177
207
238
269
299
330
360
27
27
58
86
117
147
178
208
239
270
300
331
361
28
28
59
87
118
148
179
209
240
271
301
332
362
29
29
88
119
149
180
210
241
272
302
333
363
30
30
89
120
150
181
211
242
273
303
334
364
31
31
90
151
212
243
304
365
-
|
"Often referred to as a Jullan calendar.
2.
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