James signed a simple discount promissory note for $50,000. The discount rate is 12% and the term of the note is 90 days. What are James's proceeds on the loan?
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What are james's proceed on the loan
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- 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?Carol borrowed $5,200 and signed a straight note with an interest rate of 7% per annum. If she paid $1125 in interest during the term of the note, What was the term of the note?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?
- 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 = $Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?Freddy agreed to make quarterly payments of $781.25 for 4 years on a loan of $10,000. What simple interest rate is he paying?
- Sean purchased an interest-bearing promissory note for $11,000.00 at 5.00% p.a., due in 90 days. If he sold the note in 36 days by discounting it at 6.00% p.a., calculate the proceeds of the note. Round to the nearest centNikulJason Stein from Topeka, Kansas, borrows $1,500 (including interest) for four years (48 months) at an interest rate of 7% per year. The loan uses the discount method for determining the amount of interest. How much of the loan amount ($1,500) consists of interest? How much of the loan is actually given directly to Jason? What is the monthly payment (rounded to the nearest penny), assuming 48 monthly payments?
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