What is the amount (in $) of interest on this loan? After making a few "shopping" calls, you find that Southside National Bank will lend at 14% using exact interest. What is the amount (in $) of interest on this offer? (Round your answer to two decimal places.) So that it can keep your business, Rimrock Bank has offered a loan at 13.5% using ordinary interest. What is the amount (in $) of interest on this offer? (Challenge) If Southside National wants to compete with Rimrock's last offer (part c) by charging $1,125 less interest, what rate (as a %), rounded to the nearest hundredths of a percent, must it quote using exact interest? %

What is the amount (in $) of interest on this loan? After making a few "shopping" calls, you find that Southside National Bank will lend at 14% using exact interest. What is the amount (in $) of interest on this offer? (Round your answer to two decimal places.) So that it can keep your business, Rimrock Bank has offered a loan at 13.5% using ordinary interest. What is the amount (in $) of interest on this offer? (Challenge) If Southside National wants to compete with Rimrock's last offer (part c) by charging $1,125 less interest, what rate (as a %), rounded to the nearest hundredths of a percent, must it quote using exact interest? %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Using manual formulas and not excel:
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