Joy had a tax refund of 733.43 due. She was able to get her tax refund immediately by paying a finance charge of 43.08 What simple interest rate is Joy paying for this loan assuming the following are true? Assume 360 days in a year. a) The tax refund check would be available in 5 days. b) The tax refund check would be available in 10 days. c) The tax refund check would be available in 20 days.

Joy had a tax refund of 733.43 due. She was able to get her tax refund immediately by paying a finance charge of 43.08 What simple interest rate is Joy paying for this loan assuming the following are true? Assume 360 days in a year. a) The tax refund check would be available in 5 days. b) The tax refund check would be available in 10 days. c) The tax refund check would be available in 20 days.

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

Valerie refinanced her home loan. The new loan of $103,000.00 has an interest rate of 5.9% compounded monthly. She is planning to pay off the loan in 21 years, what will her monthly payment be? (Round all answers to 2 decimal places.) The monthly payment would be $. Assuming Valerie paid all of the payments on time and did not prepay on the loan. What is the total amount Valerie paid and the total interest? The total amount Valerie paid was $ and the total interest was
Nona purchased a new car earlier today for $33,000. She financed the entire amount with a six-year loan that has a 6 percent interest rate (compounded monthly). a. Compute the monthly payments for the loan. Do not round intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive value. $ b. How much will Nona owe on the loan after she makes payments for 3 years (i.e., after 36 payments)? Do not round intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive value. $ tA
What dollar amount can you expect to receive if you file your taxes under a modest income? Select one:a. At least $350 over 12 months.b. At least $400 over 12 months.c. At least $250 over 12 months.d. At least $300 over 12 months.
a. Andrea wants to know how much money she will have in 8 years if she deposits her $700 tax refund now and then deposits an additional $70 per month in her account that pays an APR of 1.6% compounded monthly. Use Excel to determine how much money will Andrea have in the account in 8 years? $ b. If Andrea changes her mind and decides that instead of setting aside $70 per month she wants to know how much she will have to deposit each month to save up a total of $5500, we can use goal seek to find the value for PMT which yields $5500 at the end of 8 years. How much money will Andrea need to deposit per month? $
Answer each of the following independent questions. Ignore personal income taxes. Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required: 1. Suppose you invest $4,100 in an account bearing interest at the rate of 10 percent per year. What will be the future value of your investment in five years? 2. Your best friend won the state lottery and has offered to give you $11,600 in four years, after he has made his first million dollars. You figure that if you had the money today, you could invest it at 8 percent annual interest. What is the present value of your friend’s future gift? 3. In four years, you would like to buy a small cabin in the mountains. You estimate that the property will cost you $68,500 when you are ready to buy. How much money would you need to invest each year in an account bearing interest at the rate of 4 percent per year in order to accumulate the $68,500 purchase price? 4. You have estimated that your educational expenses…
Linda is buying a car for $12,560.00. Her down-payment is $3000.00 followed by 24 monthly payments of $450.00 each. What is the effective interest rate that Linda is paying?
Liz buys a new car for $18,600. She puts 15% down and obtains a simple interest amortized loan for the balance at 6. 25% for 5 years. Find her monthly payment and the total interest paid.
Nikul
Jessica charges $8500 to a credit card with a 15.54% interest rate. (a) If Jessica makes a payment of $185.56 each month, how many payments will it take to retire the balance? (b) If Jessica doubles the payment to $371.12, how many payments will it take to retire the balance? (c) If Jessica pays $371.12 each month instead of $185.56, how much will she save in interest charges? (a) It will take payments to pay off the debt. (Round up to the nearest integer as needed.)
Answer each of the following independent questions. Ignore personal income taxes. Required: 1. Suppose you invest $4,000 in an account bearing interest at the rate of 12 percent per year. Complete the table to show how your accumulation grows each year to equal $7,896.00 after six years. 2. You have estimated that your educational expenses over the next three years will be $14,500 per year. Your account bears interest at 9 percent per year. Complete the table given below to show that $36,699.50 is the amount you need to fund your educational expenses. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Suppose you invest $4,000 in an account bearing interest at the rate of 12 percent per year. Complete the table to show how your accumulation grows each year to equal $7,896.00 after six years. (Round your answers to 2 decimal places.) Year Beginning Balance Interest 1 2 3 4 5 6 End Balance
1. Ginny took out a 3-year loan of $5800 for her son's wedding at an annual interest rate of 4.1% compounded monthly. a) What is Ginny's monthly payment on this loan? $. N = 1% = PV = PMT= 2. b) After making payments for 14 months, Ginny decided to repay the loan in full. Use this information and the monthly payment, found above, to calculate her payoff amount (PV) on the loan. FV = P/Y = C/Y = PMT: END BEGIN How many payments does Ginny have left (Win the TVM Solver below)? The payoff amount (PV) will be $ N = 1% = PV = PMT= FV = P/Y= C/Y = PMT: END BEGIN A career counselor decides to make monthly payments of $170 on credit card debt of $6845.21 and discontinue using the credit card. Assuming the annual interest rate is 22.3%, how many months will it take her to repay the debt? Round UP to the nearest month. "Hint: Make PMT a negative