21. Rica obtained a 3-year P40 000 discounted loan at 2% simple interest for her online business. Findthe discount.22. Rica obtained a 3-year P40 000 discounted loan at 2% simple interest for her online business. Findthe amount of money Rica received.23. Rica obtained a 3-year P40 000 discounted loan at 2% simple interest for her online business. Findthe true interest rate.

Simple interest is interest without the compounding that there is no interest on interest available.

ica obtained a 3-year P40 000 discounted loan at 2% simple interest for her online business. ne discount. ica obtained a 3-year P40 000 discounted loan at 2% simple interest for her online business. ne amount of money Rica received. ica obtained a 3-year P40 000 discounted loan at 2% simple interest for her online business. I

ica obtained a 3-year P40 000 discounted loan at 2% simple interest for her online business. ne discount. ica obtained a 3-year P40 000 discounted loan at 2% simple interest for her online business. ne amount of money Rica received. ica obtained a 3-year P40 000 discounted loan at 2% simple interest for her online business. I

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter1: Starting A Proprietorship: Changes That Affect The Accounting Equation

Section1.1: Accounting In Action

Problem 1OYO

See similar textbooks

Similar questions

Mrs. Shimizu borrowed money from a bank. She received from the bank P1,342 and promised torepay P1,500 at the end of 10 months. Determine (a) simple interest rate (b) discount offered asBanker’s discount. Show your complete solution.
1. Betty Thomas borrowed $6500 onher Visa card to install a hot tub with landscaping around it. The interest charges are 1.6% per month on the unpaid balance a) Find the monthly interest charges. b) Find the interest charges if she moves the debt to a credit card charging 1% per month on the unpaid balance. (c) Find the monthly savings.
rachel received a demand loan for $8795 from her bank on january 30 2011 at 5.13% p.a simple interest on march 24 2011 the interest rate on tge loan changed to 6.06% pa and rachel settled the loan on july 16 2011 cal. the total interest paid on the loan
Your family loaned in a lending institution which uses discount interest to cover the expenses for 2 months. Your parents grabbed the opportunity of being approved but not knowing the details of the transaction and the agreement. Since you have enough knowledge about the discount interest,here comes your role: to explain to your parents how discount interest works,and if the proceeds your family received was correct. Below are the details of the transaction. Amount loaned: php 50,000.00 Term: 1 year Discount interest rate:12% Proceeds: php 45,000.00
Michelle borrows a total of $2500 in student loans from two lenders. One charges 3.2% simple interest and the other charges 5.1% simple interest. She is not required to pay off the principal or interest for 2 yr. However, at the end of 2 yr, she will owe a total of $198 for the interest from both loans. How much did she borrow from each lender? Part: 0/ 2 Part 1 of 2 Michelle borrowed $ at 3.2%.
please answer with correct calculations and explanations. QUESTION: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed with a year mortgage at 8% and 4 discount points. Kari made a deposit of $30,000 (applied to the doen payment) when the sales contract was signed. Kari also has three expenses: credit report, $70; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $200; and attorney's fees, $500. Find the closing costs (in $).
Alphy Jurarim used a credit card from Citibank to help pay for tuition expenses while in college and now owes $5232.25.The interest charges are 1.75% per month. (a) Find the interest charges. (b) Find the interest charges if he moves the debt to a credit card charging .8% per month on the unpaid balance. (c) Find the savings
1. Hernandez decided to borrow $85,000 for 10 months. She found that banks would lend to her only if she had a cosigner on the note-fortunately her uncle was a successful business owner and he agreed to cosign. Bank One offered the funds at a 10% simple discount. Find the maturity value of the loan and the discount. 1. 2. Once Hernandez's uncle agreed to cosign on a loan, Union Bank offered to lend Hernandez $85,000 at 10.5% simple interest. Find the interest and maturity value. 2. 3. Find the loan with the lower interest and find the difference in interest. 3. 4. Find the effective interest rate for both loans to the nearest hundredth of a percent. Bank Interest Loan Amount Effective Rate Bank One $7727.27 $85,000 Union Bank $7437.50 $85,000 4.
Q. Jayden borrows $10500 from his grandmother for 4 years. Jayden’s grandmother gives Jayden a simple annual interest loan at 4.5% interest. How much will Jayden need to repay grandma in interest? How much in total will Jayden pay? Answer it only using Excel spreadsheet showing all formula. I will really upvote. Thanks Please don't give me answer without using Excel
Jennifer Richards went to her credit union to borrow $5,500 at a rate of 8.11 % p.a. The date of the loan was September 7. Jennifer hoped to repay the loan on January 15. How much will Jennifer pay on January 15 if she pays off the loan on that date?
1. Terry Bergolt's bank granted him a single-payment loan of $4,400 at an interest rate of 6% exact interest. The term of the loan is 72 days. 1a. What is the exact interest? 1b) What is the maturity value of the loan? 2. Jane Dimas obtained a single-payment loan of $420 to pay a repair bill. She agreed to repay the loan in 90 days at an interest rate of 6.25% ordinary interest 2a. What is the ordinary interest? 2b. What is the maturity value of the loan?
Interest Earned. On June 1, Mia deposited $5,500 in an MMDA that pays 3% interest. On October 31, Mia invested $1,400 in a three-month CD that pays 2.99%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is $___________