Suppose that you took out a loan at 10% interest for 283 days. If the amount of interest was $930.41, use the exact interest method to find the amount of principal you borrowed. (Round to the nearest whole dollar.) a) $9,304 b) $11,102 c) $12,000 d) $14,000
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- Suppose that you took out a loan at 12% interest for 200 days. If the amount of interest was $710.14, use the exact interest method to find the amount of principal you. borrowed. (Round to the nearest whole dollar amount.) O $47 O $4,669 O $10,656 O $10,800Suppose that you took out a loan at 10% interest for 283 days. If the amount of interest was $852.88, use the exact interest method to find the amount of principal you borrowed. (Round to the nearest whole dollar.) $8,529 $11,000 $12,111 O $13,000What is the rate of interest on a loan of $2,000, for 282 days, if the amount of interest is $139.07, using the exact interest method? (Round your answer to the nearest tenth percent.) O 7.0% 8.9% 9.0% O 14.2%
- The following loan was paid in full before its due date. a) Find the value of h using an appropriate formula. b) Use the actuarial method to find the amount of unearned interest. c) Find the payoff amount. Regular Monthly Payment APR # of Payments Remaining after Payoff 8.7% 4 $214 What is the finance charge per $100 financed? h = $ (Round to the nearest cent.) The unearned interest is about $ (Round to the nearest cent.) The payoff amount is $ Enter your answer in each of the answer boxes. f12 inser f9 f1o f7 fg f6 f4 f5 esc 5 7 8. %24 3 %23Find the interest on the loan using the Banker's rule. P= $2.000, r= 11%, 1 = 90 daysYou are told that a note has repayment terms of $1,700 per quarter for 6 years, with a stated interest rate of 8%. How much of the total payment is for principal, and how much is for interest? Calculate using (a) financial calculator or (b) Excel function PV. (Round answers to 2 decimal places, eg. 5,275.25.) Total payment for principal Total interest Determine if the total interest will be higher or lower than with an annual payment. The total interest will be than with an annual payment.
- When $8,600 is invested in a savings account paying simple interest for the year, the interest, i in dollars, can be obtained from the equation i=8,600r, where r is the rate of interest in decimal form. Graph i=8,600r, for r up to and including a rate of 16%. If the rate is 7%, how much interest is earned? OA. $6,020 OB. $602 OC. $586 OD. $622Find the amount (in $) of interest and the maturity value of the loans. Use the formula MV = P + I to find the maturity value. (Round your answers to two decimal places.) Principal Rate (%) Maturity Value $145,000 15-/1/2 Time 8 months $ Interest $Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,300 10.4 __________ DAYS $227
- 1. Find the amount (in $) of interest and the maturity value of the loans. Use the formula MV = P + I to find the maturity value. (Round your answers to two decimal places.) Principal Rate (%) Time Interest Maturity Value $145,000 14 1 2 5 months $ $ 2.Use MV = P(1 + RT) to find the maturity value (in $) of the loan. (Round your answer to two decimal places.) Principal Rate (%) Time Maturity Value $5,600 7.4 14 months $1. Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $70,000 5 4 1 2 years $ ____ 2. Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest for the loan. (Round your answers to two decimal places.) Principal Rate (%) Time (days) Exact Interest Ordinary Interest $10,000,000 10 1 $ _____ $ _____Jefferson Bank made a loan at 7% interest for 238 days. If the amount of interest was $300.81, use the ordinary interest method to find the amount of principal (in $) borrowed. (Round your answer to the nearest dollar.) Need Help? Read It Watch It Master It