Pace Co. borrowed $12,000 at a rate of 7.25%, simple interest, with interest paid at the end of each month. The bank uses a 360-day year. How much interest would Pace have to pay in a 30-day month? a. $89.18 b. $55.1 c. $72.50 d. $89.9 e. $75.4
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- A bank charges an interest rate of interest is 6% compounded annually. A customer takes a loan of $159,348.29, which is to be paid back by annual payments of $18,000 at the end of each year for 13 years. What is the outstanding balance of the loan after the 2nd year? a. $141,963.74 b. $20,224.80 c. $37,080.00 d. $123,348.29 e. $33,001.07BhaCarey Company is borrowing $250,000 for one year at 10.0 percent from Second Intrastate Bank. The bank requires a 18 percent compensating balance. The principal refers to funds the firm can utilize effectively (Amount borrowed - Compensating balance) a. What is the effective rate of interest? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest b. What would the effective rate be if Carey were required to make 12 equal monthly payments to retire the loan? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest
- Billy Thornton borrowed $155,000 at a rate of 7.25%, simple interest , with interest paid at the end of each month. The bank uses a 360-day year. How much interest would Billy have to pay in a 30-day month?Pasco Co. borrowed Php20,000 at a rate of 7.25% p.a., simple interest, with interest paid at the end of each month. The bank uses a 360-day year. How much interest would Pasco have to pay in a 30-day month? A. Php120.83 B. Php126.88 C. Php133.22 D. Php139.88 E. Php146.87XYZ Bank pays simple interest of 2% with quarterly compounding for deposits in their savings account. Assume that a deposit of $1,000 is made on the first day of the quarter and another $2,000 is made on the 30h day. A $900 withdrawal is made on the 60th day. What is the interest earned in the savings account for the quarter using the LIFO method? Assume 360 days in a year.
- Ma1.Suppose you deposited $41,000 in a bank account that pays 5.75% with daily compounding based on a 360-day year. How much would be in the account after 8 months, assuming each month has 30 days? a. $42,598.28 b. $42,571.67 c. $43,426.30 d. $42,793.66 e. $42,602.05what is the present value of the note
- Karen's Katering borrows $5,500, at 8.5% interest, for 220 days. If the bank uses the exact interest method, how much interest will the bank collect? (Round to the nearest cent.) $281.78 $285.69 $300.10 $467.50Bb.43.A bank loaned JL's Boutique money at 8% simple interest for 90 days. If the amount of interest was P4,000, and one year is equivalent to 360 days, compute for the principal amount borrowed.