The koan given below was paid off earty. (a) Find the finance change, and (b) find the uneamed Interest calculated by the rule of 78.Regular Total Number of Remaining Number ofPaymentsScheduledAmountMonthlyPaymentsScheduled Payments AfterPayoffFinanced$3,400$204.96186.(a) The finance charge is $The unearned interest calculated using the rule of 78 is s(Round the final answer to the nearest cent as needed. Round all intermediate values to the nearest cent as needed.)

Given: Loan = $3400 Monthly payments "PMT" = $204.96 Number of payments "n" = 18 Remaining payments…

Answered: The loan given below was paid off…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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When $8,600 is invested in a savings account paying simple interest for the year, the interest, i in dollars, can 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 including a rate of 16%. If the rate is 7%, how much interest is earned? OA. $6,020 OB. $602 O C. $586 OD. $622 I
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Journal Entries (Note Received, Renewed, and Collected) Jan. Received a 30-day, 6% note in payment for merchandise sale of $20,000. 16 Feb. Received $100 (interest) on the old (January 16) note; the old note is renewed for 30 15 days at 7%. Mar. Received principal and interest on the new (February 15) note. 17 19 Received a 60-day, 6% note in payment for accounts receivable balance of $8,000. May Received $80 (interest) plus $1,000 principal on the old (March 19) note; the old note 18 renewed for 60 days (from May 18) at 6%. July Received principal and interest on the new (May 18) note. 17 Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 ACCOUNT TITLE DOC. POST. NO. REF. DATE DEBIT CREDIT 20-- 1 Jan. 16 3 4 Feb. 15 4 6 7 8 9 Mar. 17 9 10 10 11 11 12 12 13 Mar. 19 13 14 14 15 15 16 May 18 16 17 17 18 18 19 19 20 20 21 July 17 21 22 22 23 23 24 24 in
1) Let y be the balance in an account if you deposit $5000 for x years at 4% APR compounded monthly. USE ALL DECIMALS except in e and fand h! a) Write the formula for y = f(x) b) Then rewrite the formula as an annual compounding (APY) formula as shown in the Lecture 16 notes. y = (rewritten). c) The APY (clear from part b) is: d) Then use the 2âd version of y to write y ' - e) How much is the investment worth after 7 years? f) How fast is the investment growing after 7 years? g) What is the percentage rate of growth (PROC) after 7 years as a percent? USE ALL DECIMALS! h) Write a sentence translating into English your answer for f' (7) : i) Show the second way to find the derivative of your formula in a) using the chain rule (as found in the chain rule lecture): j) Find y'(7) from your answer in j and confirm it is the same (at least to 7 decimals) as using the formula in d.

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