lisa needs money to repair her home air​ conditioner, so she pawns her bicycle. The pawnbroker loans Elisa ​$270. Seventeen days​ later, Elisa gets her bicycle back by paying the pawnbroker ​$303.15. What annual simple interest rate did the pawnbroker charge​ Elisa? Assume 360 days in a year The pawnbroker charged Elisa a simple in

Q: Jo deposits $5000 into an account on July 15, 2014. The account earns 4% compounded monthly. Just to…

A: Deposit amount (PV)=$5,000 Duration (n)=44 months and 12 days Rate of interest (i)=0.0033

Q: How much finance charge will he get credit for if he pays the loan in full​ immediately?

A: A finance charge is the total cost of borrowing money or getting credit, which includes interest and…

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: Darcy holds a 200 day note from Brenda. This note was given by Brenda to Darcy since the former ow…

A:

Q: Jan Guerra lends $9000 to her second cousin using a 180-day 10% simple interest note that was signed…

A: The note can be long-term or short-term. The notes issues for less than a year are called short-term…

Q: While buying a new car, Monica made a down payment of $900 and agreed to make month-end payments of…

A: Down payment (D) = $900 Month end payment (m) = $240 Monthly period of repayment (p) = 56 (i.e. 4…

Q: ds to borrow $5000 to pay for NHL season tickets for her family. She can borrow from the credit…

A: The annual percentage rate (APR) is the total cost of a loan to a borrower, including fees which is…

Q: Helen recently received a credit card with a nominal interest rate of 21 percent.  With the card,…

A: We can determine the time taken for Helen to repay back the loan by rearranging the PV of ordinary…

Q: evin bought a washer and dryer for $1050 but only had a down payment of $150.00. He financed the…

A: In add on method we simply add interest for given period and add to that with principal amount.

Q: A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 4…

A: Amortized loan: The method of loan where the borrower makes the periodic payments which include both…

Q: Carol Miller went to Europe and forgot to pay her $800 mortgage payment on her New Hampshire ski…

A: The question is based on the concept of Financial Management. Interest charged by the bank is an…

Q: Carol Miller went to Europe and forgot to pay her $740 mortgage payment on her New Hampshire ski…

A: The bank charges interest on the loan provided to the customers. Interest is one of the main sources…

Q: Alan loans $3750 to Betty at a 6.2% simple interest rate. Betty agrees to repay the loan after 13…

A: Simple rate of interest is calculated by multiplying the rate with principal and adjusting the same…

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: o help open up a jewelry store, Kaitlin borrowed money from her credit union. She took out a…

A: Time value of money is used to calculate the monthly instalments, rate of interest, total amount to…

Q: Dakota takes a car to a title loan business to borrow some money. Dakota is giving $900. He must pay…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: Q. Sarah and Joshua each use their credit cards to buy holiday packages to Adelaide. The cost of the…

A: Cost of Package = $1700a. Sarah's credit card Interest rate = 0.9%Payment after 1 month =…

Q: Jean borrowed $3600 from the bank in order to buy a new piano. She will pay it off by equal payments…

A: Interest-  The monetary payment for the privilege of borrowing money is known as interest, and it is…

Q: Suzanne opens a line of credit at a local bank, and immediately borrows 1510 dollars. 5 months…

A:

Q: Assume simple interest and find the rate of interest paid by the bank.

A: The amount deposited in the bank is $6,400. The amount received is $6,453.33 The interest paid by…

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: for just one year of spending $100 on dinner every other saturday how much would debbie pay in…

A: For one year of spending $100 every other Saturday, the total number of charges would be:Number of…

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: Julio buys a koi fish pond (and fish to put in it) for his wife on their anniversary. He pays $8,000…

A: Introduction Interest may be defined as those types of monetary payments which are made for…

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: Jennifer Richards went to her credit union to borrow $5,500 at a rate of 8.11 % p.a. The date of the…

A: Data given: P=Loan amount = $ 5,500 r=Rate= 8.11% p.a. Date of the loan = September 7 Date of…

Q: Rebecca carries a balance on her credit card each month. Today is the first day of the new. 28-day…

A: A credit card is a financial service offered by banks and other financial institutions to their…

Q: рауm parents agree to lend her money at an annual rate of 5%, charged as sir interest. They lend her…

A: Simple interest is plain simple and there is no interest on interest and so there is no compounding…

Q: Kim needs to borrow money. In order to borrow money he writes a note that states that he will pay…

A: Given information: Kim borrowed money and writes a note that he will pay $4280 in 12 months, Kim…

Q: Mr. Smith did not pay his full credit card balance on June 5th, the due date each month for payment.…

A: Interest charge refers to an amount that is being charged on the balance amount over the period that…

Q: Flip opened a credit card account. During the first month he purchased new cloths that totaled…

A: Purchase made on credit card: $1,505.57.Monthly decrease in balance: 1.9%

Q: 1. Lilibeth borrowed $1,200 from her aunt to buy a book. She promised to pay her after a month. Her…

A: Simple Interest may be defined as Interest that is calculated as a simple percentage of the original…

Q: Ms. Daphnee Rosagas needs 5,500 on August 19, 1991 for her children's school expenses. She plans to…

A: Future Value Required = 5500 Loan Date = August 19,1991 Repayment Date = December 6, 1991 N = Time…

Q: Sarah borrows some money to buy a new car. The car dealership allows her to defer payments for 12…

A: Monthly payment refers to an amount that is paid every month including interest and principal amount…

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…