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?

Q: I borrowed $3650 from a bank for 8 months. The bank discounted the loan at 7.5%. How much interest…

A: We need to use simple interest formula below to calculate interest or discount on loan.Simple…

Q: John borrows $700 from a bank. He promises to pay $749 in 1 year's time. How much interest is john…

A: Time value of money is one of important concept of finance. It means a dollar amount invested today…

Q: Jesse borrowed from a bank at 5.92% compounded semi-annually; he settled the loan by repaying $3,055…

A: Interest rate is 5.92% compounded semi-annually Amount repaid is $3,055 every 6 month Time period is…

Q: Daniel paid $825 simple interest on a $1400 loan for five years . What was the interest rate?

A: Given: Simple Interest =$825Principal amount =$1400Time =5 years

Q: vince has just opened an 18-month certificate of deposit on which interest compounds daily. he…

A: Certificate of deposit refers to a savings account that pays a fixed rate of interest for a definite…

Q: John signed a 90-day note with a face value of $6,000 and a discount rate of 14.57%. How much did…

A: Ordinary time means day convention of 360 days. Here, the proceed or amount received from bank is…

Q: Kim deposits $1,000 in a savings account. Four years after the deposit, half the account balance is…

A: Compounding is a technique through which future value of present amount is computed at given rate of…

Q: Cathy makes a single deposit into an account earning 2.5% compounded monthly. After five years,, the…

A: Interest rate = 2.5% Monthly interest rate (r) = 2.5%/12 = 0.208333333333333% Period = 5 Years…

Q: Melisandre deposits $500 in an account paying an effective monthly interest rate 0.62708%. Kobe…

A: Present Value:  The present value (PV) is the present sum of the future payments. The future…

Q: What was Patrick’s monthly payment?

A: Re-payment of loan is a combination of principal loan amount and interest amount.  Loan is paid as…

Q: Owen borrowed $28,500 at 9% compounded monthly to buy a car. The loan will be repaid with equal…

A: The loan schedule gives information to the lender and borrower about the loan payments due and the…

Q: Maya borrowed $700 from a lender that charged simple interest at an annual rate of  6%. When Maya…

A: A loan is a borrowing that an individual or entity takes into account. A lender is the other side in…

Q: What is Frank's balance right after his last contribution?

A: The time value of money recognizes the idea that the value of an amount of money today differs from…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: Future value = Present value ( 1 + rate of interest )Period Future value = Amount deposited * Future…

Q: A friend of yours borrows $19,500 from the bank at 8% annually to be repaid in 10 equal annual…

A: Accumulated interest paid:Accumulated interest paid is the comprehensive sum of interest accrued and…

Q: Antonio borrows $3,358 from the bank for 4 years at an annual interest rate of 7.08% compounded…

A: Variables in the question:PV= $3358N=4 yearsRate=7.08% (compounded quarterly)

Q: CJ borrowed from a bank at 3.34% compounded semi-ann $1,049 at the end of every six months for 7…

A: The periodic payments are paid to pay the loan and these periodic payments carry the payment for…

Q: Mr. Smith has borrowed $20,000 from the bank to start his small book-keeping business. He has…

A: Using excel RATE function

Q: A year ago your Aunt Sheri deposited $ 1 comma 000 in a bank account. One year later, there was $ 1…

A: To find the Annual Percentage Rate (APR) compounded monthly, we can use the formula for compound…

Q: Dave borrowed $1,300 on January 1, 2022. The bank charged him a $5.00 service charge, and interest…

A: When a borrower takes out a loan from a lender, they are required to pay interest on the borrowed…

Q: Corey received a $36,750 loan from a bank that was charging interest at 3.50% compounded…

A: We need to use loan amortization formula below to calculate semi-annual payment.  where P=Loan…

Q: How much was the check he gave to the bank for payment?

A: Future value can be referred to as the value of an underlying asset or security at a future date.…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: on for 6 years and was charged om borrowed money from a simple interest at an annual rate of 8%. The…

A: Simple Interest can be calculated using the formula given below Simple Interest = (Principle x Rate…

Q: On March 15th Ron went to the bank to borrow $3,000 at 8.5% interest. Ron plans to repay the loan…

A: Ordinary interest is an interest that is computed on the basis of a 360-day year instead of a…

Q: how much money is requested from the bank if the simple interest rate is 9.766% a. 36,857.114 b.…

A: Simple interest refers to the amount paid by the borrower to bank on the amount borrowed at a fixed…

Q: Joaquin deposits $400 at the end of each month into his bank account. The bank account pays 13.2%…

A: The difference between the future value and present value of money refers to the concept of the time…

Q: Interest Earned. On June 1, Mia deposited $2,700 in an MMDA that pays 4% interest. On October 31,…

A: Money market scheme refers to the mutual fund type which is used for the investment purpose in cash,…

Q: Peter buys an item from Sue and signs a note to pay $315 in 10 months. Then, 3 months before the…

A: Due to the legal duty for a business to return borrowed monies in the future, sometimes with…

Q: Can you please help me work out this problem in detail?   Minnie Rose deposited $15,000 in Street…

A: The question is based on the concept of compound interest calculation with quarterly compounding…

Q: John deposits $2,000 in the first year, $800 in the second year and $600 in the third year to WMW…

A: future value formula: future value = present value×1+rateyear

Q: Avril deposited $800 in his bank at 1.5% for five years. Use the simple interest formula to…

A: INTRODUCTION Simple interest is calculated by multiplying the interest by the Principal amount.…

Q: Tom borrowed money from a credit union for 6 years and was charged simple interest at an annual rate…

A: The loan is the sum of money borrowed by the borrower from the lender, where the borrower agrees to…

Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…

A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…

Q: red decides to invest $1000 into an account which earns a floating interest rate. For the first…

A: Future value of the amount is the amount that is being deposited and amount of interest accumulated…

Q: What is the interest on interest if interest is compounded

A: Calculate the compound interest amount as follows:- Total amount after 3 years =P x (1+R/100)n…

Q: Raul Fletes borrowed ​$9,500 on a 120​-day note that required ordinary interest at 12.03​%. Raul…

A: In this we have to calculate the interest of both and than get the remaining interest.