Juan Pablo borrowed $1500 from a bank for 13 months. The bank discounted the loan at 5.7%. What is the loan's discount? $ What is the net amount of money Juan Pablo receives? $ What is the loan's actual rate of interest? (to the nearest hundredth of a percent)

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: Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge…

A: Principal Amount = p = $1400Interest = i = $70Service Charges = sc = $12Number of Payment = n = 12

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: Derek borrows $263,197.00 to buy a house. He has a 30-year mortgage with a rate of 5.93%. After…

A: A mortgage loan payment is a regular, typically monthly, installment made by a borrower to repay a…

Q: Nate bought a home for $143,000 with a down payment of $15,000. Nate's rate of interest is 6.75% for…

A: When we buy a large ticket item like a home we usually take loan for that. The loan is repaid…

Q: Michael Perez deposited a total of $3000 with two savings institutions. Bank A pays interest at the…

A: Total amount deposited = $3,000Bank ALet Amount deposited in Bank A be P.Annual interest rate = 6%…

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: Sol Pine borrows $8,200 for one year at 12 percent interest. What is the effective rate of interest…

A: The effective rate of interest refers to the interest on a loan to be accumulated the compound…

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: 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: Raul Fletes borrowed $9,500 on a 90-day note that required ordinary interest at 11.97%. Raul paid…

A: Interest PaymentsInterest payments refer to the money paid by a borrower to a lender for the use of…

Q: Cardo borrowed money from a local cooperative. He received P18,420 but promised to pay P20,000 in…

A: Present Value = 18,420 Future Value = 20,000

Q: Stacy took out a loan for $15,000. Her note was for 300 days at 5% ordinary interest. On day 100 she…

A: The formula for calculating simple interest Simple Interest(I) = P*r*t Where, I = Interest Amount P…

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: Caridad borrowed $17,500 at 11% ordinary interest for 160 days. After 60 days, she made a partial…

A: The final amount is computed by adding the loan amount and interest due and then subtracting the…

Q: Joel borrowed $2776.55 on November 2, 2021 at 4.5% p.a. How many days would it take for him to…

A: A loan refers to a contract between two parties where money is forwarded to one party by the other…

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: To go on a summer trip, Bob borrows s700. He makes no payments until the end of 4 years, when he…

A: The total interest to be paid is calculated as simple interest amount for 4 years whereas total…

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: 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: 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: Is. Kim borrowed an amount from ne principal at the end of 9 months iscount is 13.73%, what is the…

A: In this we have to find out the future value of amount. Principal amount=P 1340 Discount rate=13.73%…

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: Manuel has a $300,000 loan to be paid back with 5.329% interest over 30 years. What are Manuel's…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Will borrowed$1205 from his bank for 16 months using a 4.1%discount note. Determine how much…

A: The amount of money invested over a period of time with the assumption of investment growth at a…

Q: John borrowed $7250 at 12 % ordinary simple interest for 120 days. How much interest was earned by…

A: Interest is a financial term that represents a monetary charge payable by a borrower on the…

Q: Jason borrowed $2,500 on March 1 from a bank and promised to pay back the money in 90 days at 6%…

A: Amount borrowed “P” = $2500 Number of days “n” = 90 Stated rate of interest = 6%

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.

Q: Luis paid off a loan by making a payment of $4,050, which included simple interest of 3% p.a. If he…

A: Payment amount after 6 months (FV)= $ 4050 Annual interest rate (R) = 3% Period  (T) = 6 Months =…

Q: Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in…

A: Given informationPrincipal = $600 Rate = 0.05645% per day or 0.0005645 Time = 28 days

Q: 8. Joseph borrowed a single-payment loan of $12,000 at an interest rate of 15%. The term of the loan…

A: For calculating exact interest, 365 days for normal year and 366 days for leap year will be taken as…

Q: nnual

A: In this we have to calculate future value in two steps for different rate of interest.

Q: Sixteen Months after borrowing money, Ronron Cayabyab Pays an interest of ₱8,426. How much did he…

A: Simple compound interest calculation is a technique for calculating the portion of interest paid to…

Q: Mr. Bacani borrowed money from the bank. He received from the bank P1,842 and promised to repay…

A: PRESENT VALUE Present Value is the Current Value of Future Cash Flows at a Discounting Rate.…

Q: Sean purchased an interest-bearing promissory note for $11,000.00 at 5.00% p.a., due in 90 days. If…

A: The promissory note refers to a debt instrument that is issued by a person who writes a note by…

Q: Mr. Navarro received a loan with maturity value of 811,000 at a discount rate of 11.22 % for 11…

A: Formulas. 1. Bank discount = (Maturity value × discount rate × time period.) ÷ 12. 2 . Proceeds  =…

Q: Arnold purchased a note from Sylvester for $4300. The note will mature in 240 days, and bears 0.065…

A: Simple interest is the interest calculated on the principal and it is not compounded. The borrower…