On April 5, 2022, Janeen Camoct took out an 8.25% loan for $24,000. The loan is due March 9, 2023. Use ordinary interest tocalculate the interest.What total amount will Janeen pay on March 9, 2023? (Ignore leap year.) (Use Days in a year table.)Note: Do not round intermediate calculations. Round your answer to the nearest cent.Maturity value

An interest rate is the amount of money that a lender charges a borrower for the use of money. It is…

Answered: On April 5, 2022, Janeen Camoct took…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Find the interest on a loan of $3300 at 7% if I borrow on April 7 and repay on June 2 using the following THREE time methods: Exact Time, Ordinary Time, AND Banker's Time
ou were paying your fully amortising loan at 8.2% per annum for 12 years. The current monthly payment is $1,492 per month. What is the remaining loan balance at the end of year 2? Please rounded your answer to two decimal points (e.g. 8000.158 is rounded to 8000.16)
Answer the following (up to two decimal points) by showing the working calculation. The rates of the months for 2018 are shown in the table below. There are 28 days in February and assume you withdraw hibah at the end of each month. Any positive or negative increment in the monthly rates shown is based on the basic rate. You open a new wadiah account with a deposit of RM5000 on 28.01.2018. You deposit another RM1000 and RM5500 on 13.02.2018 and 30.03.2018 respectively. Again, you deposit another RM1550 on 31.05.2018. Then, you deposit another RM8500 on 10.06.2018 but withdraw RM5000 on 28.06.2018. On 15.12.2018, you withdraw another RM2000 from the account and then withdraw again another RM3250 on 28.12.2018. What will be your total hibah on 30.12.2018? Table 1: Monthly rates Month Rate (%) Jan 4.00%* Feb +0.00% March +0.10% April -0.10% May +0.10% June +0.20% July -0.10% Aug +0.20% Sept +0.10% Oct +0.20% Nov -0.10% Dec +0.00% * Basic rate 2. Suggest two (2) financial instruments or…
Need only handwritten solution only (not typed one).
If a lender makes a simple loan of $500 for 5 years and charges 3%, then the amount that the lender receive at maturity is $ (Round your response to the nearest two decimal place) If a lender makes a simple loan of $2000 for one year and charges $90 interest, then the simple interest rate on that loan is %. (Round your response to the nearest whole number) If a borrower must repay $106.50 one year from today in order to receive a simple loan of $100 today, the simple interest on this loan is OA. 6.0% OB. 6.5% OC. 65% OD. 5.0%
On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7 1/2% interest. Jim plans to repay the loan on March 11. Assume the loan is on ordinary interest. How much will Jim repay on March 11? (Use Days in a year table.) (Round your answer to the nearest cent.) Jim Repay
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