What is the time period of a loan for $3000 at 10% ordinary interest if the amount of interest is $145  174 days 176 days 177 days 178 days

Q: What are the interest cost and the total amount due on a six-month loan of $2,100 at 13.5 percent…

A: Simple annual interest cost is the net amount of interest that is being charged on the principal…

Q: What is the number of months required for a deposit of $1320 to earn $16.50 interest at 3.75%?

A: Deposited amount or principal balance is $1320 Interest earned is $16.50 Interest rate is 3.75% To…

Q: What is the difference in interest paid between a 30-year mortgage loan and a 15-year mortgage loan…

A: Interest: It represents the monetary charge on the amount borrowed by the borrower from the lender.…

Q: Devon takes out a loan of $1500 at 6 1/2 % simple interest for 56 months. What is the maturity value…

A: A method of computing interest amounts in which the compounding effect was not considered by the…

Q: Find the amount due if $200 is borrowed for 4 months at 17% simple interest

A: Amount due refers to the net amount that needs to be either paid by the borrower to the lender or to…

Q: The required end of month payment on a 3-year loan bearing interest at 8.5% compounded monthly is…

A: The original amount of loan is calculated as present value of monthly payments

Q: What is the monthly interest expense for the following open-end credit loan? Loan balance of…

A: The open ended credit loan you have to pay interest on balance amount used and calculation are done…

Q: (a) What is the rebate fraction of a 36 month loan paid off after the 12th payment? (b) What is the…

A: Rebate: It is the amount of money that is returned or credited to the customer in regard to a…

Q: 20 $2500 was borrowed 2-years ago, is to be settled by following payments: $1250 today, $1170 in…

A: Amount Borrowed $ 2,500.00Years passed after borrowing2PaymentsNow $ 1,250.00In 5 months $…

Q: You owe $1985.00 and $1794.00 in 5 months from now and 9 months from now respectively. What single…

A: Information Provided: Amount owed for 5 months = $1985 Amount owed for 9 months = $1794 Annual…

Q: How many months will it take to pay off a credit card debt of $4,000 by paying $250 per month at an…

A: Using NPER function in excel

Q: Suppose that you took out a loan at 10% interest for 283 days. If the amount of interest was…

A: Interest rate = 10% Period = 283 days Amount of interest = $852.88

Q: What is the Effective Annual interest Rate (EAR) of the following car loan?. The loan amount is…

A: Calculation of Effective Annual Rate By using Rate function of Excel=RATE(nper,pmt,pv)wherenper is…

Q: A lender wished to earn an annual simple interest rate of 14%. What annual simple discount rate…

A: Banks frequently subtract basic interest from loan amounts at the moment the loan is originated.…

Q: On a 365-day basis, what is the rate per period of using trade credit if terms are 2/10, net 30, and…

A: On making payment till 10th day there is 2% discount. If payment is made between 11th till 30th day,…

Q: Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the…

A:

Q: you borrow 2100 monthly payment 352.81 6 years what is apr of loan

A: Loan amount = 2100Monthly payment = 352.81time = 6 years or 72 months (note 1 year = 12 months)

Q: Find the principal of a loan in which the interest rate is 13% per month, payable monthly, and in…

A: The principal of a loan is the initial amount of money that is borrowed or lent. It is the original…

Q: Find the amount due if $800 is borrowed for 18 months at 18% simple interest.

A: Amount borrowed (P) = $800 Period (n) = 18 months Interest rate (r) =0.18 Amount due = ?

Q: How much is the exact interest earned if P4,500 is lent at 12% interest for 125 days?

A: Investment = P4,500 Interest rate = 0.12 or 12% Number of days = 125 days Interest earned = ?   In…

Q: How much interest will you pay on a loan of $15 500 if you are paying the loan off in 9 months? Your…

A: On the income statement, the expenditure for interest is categorized as a non-operating item. It is…

Q: In order to buy a vacation home, Neal and Lilly took out a 30-year mortgage for $250,000 at an…

A: A mortgage refers to a covered loan borrowed for purchasing real estate. The real estate itself acts…

Q: You borrow $800 from a payday lending company and pay $40 interest for one month.   What is the…

A: Future Value is that amount which includes the principal & interest on that amount. It is paid…

Q: what is the due date for a loan dated Nov 7 for 120 days?

A: Due date is the date on which the loan will mature.  Loan is taken on November 7 for 120 days.

Q: ind the maturity value of the loan. The maturity value is $ Principal Rate Time $1000 8% 18 months

A: In this we have to find out the maturity value of loan by using future value formula.

Q: Calculate the amount of interest to be paid on a $50,000 loan over the next 28 months if money earns…

A: simple interest formula: I =P×R×T100where,P = PRINCIPALR = RATE OF INTERESTT = TIME IN YEARS

Q: What is the time period of a loan for $2,250, at 13% exact interest, if the amount of interest is…

A: Loan = 2250 Interest Rate = 13% Interest Amount = 110.59

Q: The exact interest on a loan of P3728 at 7.4% annual simple interest for 95 days is Round your…

A: The rate at which you borrow or lend money is called simple interest. If a borrower takes money from…

Q: What is the maturity date of a loan for $3,000 at 15% exact interest taken out on June 47 The amount…

A: Loans are taken to meet financial needs. The borrower pays the interest on the loan to the lender.…

Q: Use exact interest method to find rate of interest on a loan of $9000 for 354 days if amount of…

A: Given   Loan Amount 9000 Number of days 354 Amount of Interest  489.5 Method of interest…

Q: a b C d e Amortization Payment Payment Period every year every 3 months every month every 6 months…

A: The amortization payment is the periodic payment made at regular intervals to pay the loan amount In…

Q: Find the adjusted balance due at maturity for a 90 day note of $18,000 at 13.1% ordinary interest if…

A: Initial amount = $18000Rate of interest = 13.1%Adjusted balance on Day 60 = Initial amount +…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.