If $5,000 is borrowed at a simple interest rate of 5.65% p.a., calculate the interest charged for 6 months. Marissa lent $7,700 at 5% p.a. on March 27, 2014. Calculate the amount of interest he should receive if the loan extends until February 18, 2015.

If $5,000 is borrowed at a simple interest rate of 5.65% p.a., calculate the interest charged for 6 months. Marissa lent $7,700 at 5% p.a. on March 27, 2014. Calculate the amount of interest he should receive if the loan extends until February 18, 2015.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Martinez and Martinez Inc. makes monthly payments of $152.11 and pays 6% interest on a current loan. The initial loan was scheduled to be paid off in 3 years. Determine the loan amount.
Tim Houston purchased a wall unit for $2,200. He made a $800 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $43.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.)
Wyatt signs a note for a discounted loan agreeing to pay $4,100 in 6 months at a discount rate of 13%. Determine the amount of the discount and the proceeds to Wyatt.Discount = $ Proceeds = $
On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27, Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Interest b. What is the total amount Jody must repay at maturity? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Maturity value
Tim Houston purchased a wall unit for $2,400. He made a $800 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $43.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.)
On September 1, the home mortgage balance was $262,000 for the home owned by Kim Thompson. The interest rate for the loan is 8 percent. Assuming that Kim makes the September monthly mortgage payment of $2620 , calculate the following: (a) The amount of interest included in the September payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Kim makes this monthly mortgage payment.
David held a loan of $2,400 for 6 months and was charged interest of $132.00. What was the annual simple interest rate on this loan?
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 ordinary interest. How much will Jim repay on March 11? (Use Days in a year table.) (Round your answer to the nearest cent.) Jim Repay
Tim Houston purchased a wall unit for $2,200. He made a $800 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.)
Tim Houston purchased a wall unit for $2,300. He made a $800 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.)
On September 1, the home mortgage balance was $238,000 for the home owned by Susan Gonzalez. The interest rate for the loan is 6 percent. Assuming that Susan makes the September monthly mortgage payment of $2856, calculate the following: (a) The amount of interest included in the September payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Susan makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: 2 H D 4 A
On October 31st, David signed a 4-month, $5,000 simple interest loan earning 7. Find the maturity date, interest, and maturity value.