Wayne signed a $10,000 note at Lynn Bank that charges a 7% discount rate. Use ordinary interest. If the loan is for 150 days, find: A.Proceeds B.Effective rate charges by the bank (to the nearest tenth percent)

Q: Jill Jones borrowed $18,000 for 180 days from Sovereign Bank. The bank discount rate on the note is…

A: Solution..     Interest expense  = Amount * rate of interest. * Time period

Q: Complete the following table for the simple discount notes. Use the ordinary interest method. (Round…

A: Maturity Value (MV) = $6000 Discount Rate ( r ) = 3.5% Time (n) = 160 days = 160/12 =…

Q: A credit union advertises savings account interest at 2.5 percent compounded weekly and chequing…

A: The effective rate of interest corresponding to a stated rate of interest r compounded m times per…

Q: A note with a face value of $4300 is discounted at 3%. If the discount was $21, find the length of…

A: Calculation of length of the loan in days:The length or duration of the loan is approximately 60…

Q: Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400 what is the…

A: Interest is calculated on the principal amount borrowed by the business.  In the given case if…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A:

Q: Second National Bank charges an 8.5% effective annual rate on its business loans. Assuming monthly…

A: The objective of this question is to calculate the monthly period rate on a business loan given an…

Q: Find the discount and proceeds on a $3,250 face-value note for six months if the discount rate is…

A: The objective of this question is to calculate the discount and proceeds on a $3250 face-value note…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: To calculate the rebate fraction: Set up the rebate fraction by using the sum-of-the-digits formula.…

Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

A: Solution Rate (in %) for the loan = Interest / principal amount * 360/ days of loan

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: We need to use sum of digit method for calculation of rebate fraction. The formula is  Sum of digit…

Q: The First Bank of Lending lists the following APR for loans. Determine the APY, or effective…

A: The effective rate of interest is the effective rate of interest per annum including the effect of…

Q: Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate…

A: In the period which are less than 1 year than calculations are done based on simple ordinary…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: An installment loan with a $4,600 principal balance is being paid off early after 33 payments out of…

Q: 2 The lawyer for a credit union member has sent a cheque for $2062.68 in full settlement of the…

A: Interest rate for six months = 8+2/3% * 6/12 = 8.6666% * 6/12 = 4.3333%

Q: A $40,000 loan at 4% dated June 10 is due to be paid on October 11. The amount of interest is…

A: Loan amount (P) = $40000 Interest rate (r) = 4% Period from June 10 to Oct 11 (d) = 123 Days

Q: Using ordinary interest, 360 days, calculate the bank discount (in $), proceeds (in $), and…

A: The objective of the question is to calculate the bank discount, proceeds, and effective rate for a…

Q: are the loan department supervisor ban Being paid task to calculate the rebate fraction, the finance…

A: Given information : Amount financed = $4,700 Number of payments = 36 Monthly payment = $165.33…

Q: Using ordinary interest, 360 days, calculate the bank discount (in $), proceeds (in $), and…

A: Bank discount = Face value *Rate * term/ 360

Q: The First Common Bank has advertised one of its loan offerings as follows: “We will lend you…

A: Interest: It can be defined as the cost incurred by the borrower related to the amount borrowed.

Q: You decide to discount a$5250, 345-day note at 3% to your bank at a discount rate of 4.5% on day…

A: Calculation of Proceeds:Assuming there are 360 days in a year.The proceeds are $5,309.80.Excel…

Q: Find the discount and proceeds on a $3,240 face-value note for six months if the discount rate is…

A: Net Proceeds: It is the amount received by an individual after deducting a discount and expenses.

Q: Karen's Katering borrows $5,500 at 8.5% interest for 280 days. If the bank uses the exact interest…

A: Given data; Borrowed amount = $ 5,500 interest rate = 8.5% number of days of borrowing = 280 days

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Rebate is the amount that is given to the lender in lieu of the interest foregone by the lender on…

Q: A 62-day note for $115 bears interest at 5.75% and is sold 26 days before the due date to a bank…

A: Following are the proceeds 62-day Promissory Note is for $ 115  Simple Interest rate = 5.75%…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Amount financed (F) = $4700 Number of payments = 36 Payments made = 33 Remaining payments = 3…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Loan amount = $4,700Number of payments = 36Monthly payments = $167.33Payments made = 26To find:…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Here, Amount Financed is $1,900 Number of Payments is 18 Payments Made is 14 Remaining Payments is…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Rebate refers to the amount returned by the government to an individual after the payment of a…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Rebate Fraction:- Remaining payment = 36- 32Remaining payment = 4Sum of the digit of n = (n*(n+1))…

Q: The simple interest note was discoanted at 15%. Find the discount period in days and the proceeds.…

A: In order to calculate the proceeds of the simple interest note, we are required to calculate the…

Q: Using ordinary interest, 360 days, calculate the bank discount (in $), proceeds (in $), and…

A: Bank discount = Face value*discount rate* term in days/total days Proceeds = Face value - bank…

Q: Consider a $5,000, 6%, 180-day interest-bearing note and a non-interest- bearing note for the same…

A: The notes are used by borrowers for raising funds that are categorized as interest bearing and…