Will borrowed$1205 from his bank for 16 months using a 4.1%discount note. Determine how much interest will paid the bank for the use of its money and how much Willreceivedfrom the bank.

Q: I borrowed $3650 from a bank for 8 months. The bank discounted the loan at 7.5%. How much interest…

A: We need to use simple interest formula below to calculate interest or discount on loan.Simple…

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Darcy holds a 200 day note from Brenda. This note was given by Brenda to Darcy since the former ow…

A:

Q: 6. Jasper Brown deposited $743.20 in a savings account at the Suburban Trust Com- pany on May 1. At…

A:

Q: Gregorio bought a car with funds borrowed from a commercial bank. He intends to repay the note with…

A: Par value (FV) = P750,000 Discount rate (r) = 12% Period (d) = 270 days

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Discount on notes = Notes payable x discount rate x no. of days/360 =$18,000*10%*90/360 = $450

Q: Martin makes a deposit and has these bills: 18 ones, 3 fives, 12 tens, and 6 twenties. He also has…

A: Net Deposit = Total Cash + Total Checks - Cash to be received

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Interest on note = Notes payable x interest payable x no. of days/365 = 34,560*10%*45/360 = $432

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: You were considcring depositing your savings in one of three banks, all of which pay 7% interest;…

A: Bank Capital interest rate = 7% annually compounded Bank Daisani interest rate = 7% semiannually…

Q: 1. On August 1 you opened a new savings account with a deposit of $1,400. The interest rate paid by…

A: Initial deposit on August 1 is :

Q: Cardo borrowed money from a local cooperative. He received P18,420 but promised to pay P20,000 in…

A: Present Value = 18,420 Future Value = 20,000

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Belinda purchased a 120-day $200,000 bank bill (at a simple interest rate) on 14 March 2022. The…

A: The term "annualized yield on investment" describes the rate of return received on an investment…

Q: A recent college graduate got a good job and began a savings account. He authorized the bank to…

A: Amount of the present cash flows at a given rate when computed by the future value (FV) factor gives…

Q: Casey deposits $465 into a savings account earning s 3.05% simple interest. How much interest will…

A: The question is based on the concept of Simple interest

Q: Dan invested Php 25,000 in a time deposit account that earns 1.25% simple interest rate for 30 days.…

A: In finance interest can be simple interest or compound interest. Simple interest is that interest…

Q: A year ago your Aunt Sheri deposited $ 1 comma 000 in a bank account. One year later, there was $ 1…

A: To find the Annual Percentage Rate (APR) compounded monthly, we can use the formula for compound…

Q: 13. Alec Tomita's savings account statement is shown below. What is his new balance? Previous…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Laura borrowed a total of $25,000 from two different banks to start a business. One bank charged the…

A: Given in the question:Total Loan Amount = $25,000Interest rate of one bank = 3%Interest rate of…

Q: Engr. De Robles borrowed Php 10,000 from a bank and promised to pay the amount for 1 year. But he…

A: Loan Amount is Php 10,000 Time period is 1 year. Advance interest payment is Php 400 Total amoun…

Q: On May 8, Manuel borrowed $780.00 from his uncle at 4.6% per annum calculated on the daily balance.…

A: Balance before Payment Amount paid Interest paid Principal repaid Balance After Payment…

Q: On March 15th Ron went to the bank to borrow $3,000 at 8.5% interest. Ron plans to repay the loan…

A: Ordinary interest is an interest that is computed on the basis of a 360-day year instead of a…

Q: On April 1, 1998, John opened a savings account with a nominal interest rate of 3.4% payable monthly…

A: Quaterly deposit in investment fund is $400 Interest rate of quaterly fund is 4.6% payable quaterly…

Q: John deposits $2,000 in the first year, $800 in the second year and $600 in the third year to WMW…

A: future value formula: future value = present value×1+rateyear

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: The journal entries are prepared to record daily transactions of the business.

Q: Tom borrowed money from a credit union for 6 years and was charged simple interest at an annual rate…

A: The loan is the sum of money borrowed by the borrower from the lender, where the borrower agrees to…

Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…

A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…

Q: Jason borrowed $2,500 on March 1 from a bank and promised to pay back the money in 90 days at 6%…

A: Amount borrowed “P” = $2500 Number of days “n” = 90 Stated rate of interest = 6%

Q: On April 1, Hilda made a $3410 deposit to open a savings account paying 3.5 % compounded daily. She…

A: Interest earned refers to the amount to be earned on the deposited amount over a period of time by…

Q: Chen opened an RRSP deposit account on December​ 1, 2008, with a deposit of ​$2000. He added ​$2000…

A: The future value can be defined as the value of the current asset at a future date assuming the rate…

Q: Katie invested $191 for 16 months in a bank and received a maturity amount of $209.50. If she had…

A: Question 1:Interest earned = Maturity amount - Invested amountInterest earned = $209.50 - $191 =…

Q: types of accounts are available

A: Checking Account: Checking accounts are opened with the financial institutions and they provide max…

Q: Mr. Bacani borrowed money from the bank. He received from the bank P1,842 and promised to repay…

A: PRESENT VALUE Present Value is the Current Value of Future Cash Flows at a Discounting Rate.…

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Interest on notes = face value of notes x rate of interest x no. Of days/360 = 37440*8%*30/360 =…

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Interest on note = Notes x interest rate x no. of days/365 = (30000-4000)*10%*30/360 = $217

Q: Sean purchased an interest-bearing promissory note for $11,000.00 at 5.00% p.a., due in 90 days. If…

A: The promissory note refers to a debt instrument that is issued by a person who writes a note by…

Q: Mr. Navarro received a loan with maturity value of 811,000 at a discount rate of 11.22 % for 11…

A: Formulas. 1. Bank discount = (Maturity value × discount rate × time period.) ÷ 12. 2 . Proceeds  =…

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Interest on note = Notes x interest rate x no. of days/365 = 11000*12%*30/360 = $110

Q: Mr. VanJergen's credit card uses the average daily balance method for calculating interest. His…

A: For the purpose of calculating the finance charge on the credit card, there are different…