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. $33,001.07Harrison Corporation borrowed $35,000 from F&M Bank on June 1 of the current year. The bank required 7% interest. Interest will be paid when the nine-month note becomes due. What is the interest expense for the current year? (Do not round intermediate calculations. Only round your final answer to the nearest dollar.) A. $0 B. $2,450 C. $1,225 D. $1,429Harrison Corporation borrowed $39,000 from F&M Bank on June 1 of the current year. The bank required 8% interest. Interest will be paid when the nine-month note becomes due. What is the interest expense for the subsequent year in which the note is due and paid? (Do not round intermediate calculations. Only round your final answer to the nearest dollar.) ○ A. $1,560 OB. $1,820 OC. $520 OD. $2,340
- Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $124,800 is ______ .Round your answer to the nearest whole dollar. a.$2,184 b.$8,736 c.$4,368 d.$124,800Billy 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?XYZ 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.A.Halep Inc. borrowed $17,128 from Davis Bank and signed a 2-year note payable stating the interest rate was 4% compounded annually. Using the Present Value of an Annuity of 1 TABLE4, calculate the factor. Next, determine the annual payment amount. Round to the nearest penny, two decimal places. B.Halep Inc. borrowed $34,243 from Davis Bank and signed a 5-year note payable stating the interest rate was 3% compounded annually. Using the Present Value of an Annuity of 1 TABLE4, what is the factor?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. $42,602.05
- You have $2,000 invested in a bank account that pays a 4 percent nominal annual interest with daily compounding. How much money will you have in the account at the end of July (in 132 days)? (Assume there are 365 days in each year.) a. $2,029.14b. $2,028.93Harris Company borrows money from the Whitestar Bank and signs an interest-bearing promissory note. Principal Term Interest $3,600 120 days $72 Required: Given the details above, determine the interest rate on the note. Note: To simplify the arithmetic, use 360 days in a year. 0% Interest rate:A bank customer borrows X at an annual effective rate of 12.5% and makes level payments at the end of each year for n years. (i) The interest portion of the final payment is 153.86. (ii) The total principal repaid as of time (n − 1) is 6009.12. (iii) The principal repaid in the first payment is Y. Calculate Y. OA. 500 OB. 470 O C. 480 O D. 490 OE. 510