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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- 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?
- John signed a 90-day note with a face value of $6,000 and a discount rate of 14.57%. How much did the John receive from the bank? (ordinary time)Travis currently owes $8,000 to a friend who is charging him interest of 2.70% p.m. He is required to settle the loan with two equal payments, one today and the other in five months. Calculate the size of the payments using five months as the focal date.Kathy borrows $10,000 from the bank. For a four year loan, the bank requires annual end of year payments of $3,223.73. The annual interest rate on the loan is