Your company was charged $44.19 interest on an overdue amount of $6,275 that was 20 days overdue. What simple rate of interest does this represent? Express your answer as an annual percentage rate rounded to two decimal places. Do not include symbols in your answer (i.e. % sign). Your Answer: Answer

Q: Question 2. A company makes payments continuously at a rate of $200 per year. The payments are made…

A: Annual payment = $200Annual interest rate = 6.5%Future value period = 10 Years

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A: Future  Value: A present asset's future value, abbreviated as FV, is the value that asset is…

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A: A series of payments made at equal intervals over a period is an annuity. The present value of…

Q: Use Table 12-1 to solve. Suppose a certain manufacturer deposits $7,000 at the beginning of each 3…

A: "Use Table 12-1 to solve":   Note that this table is not given and so the question has been solved…

Q: An amount of $1200 is deposited for 7 years in an account that earns 9% interest. (Round your…

A: P = $1,200R = 9% or 0.09 (as a decimal)T = 7 years

Q: What amount will reduce the amount due on an invoice of $2072.19 by $1220.41 if the terms of the…

A: A discount, whether expressed in terms of money or as a percentage, is a reduction in the regular…

Q: Who will have more money in their account after 20 years? How much more? x within your choice.

A: Time value of money (TVM) means that the amount of money received in the present period will have…

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A: Force of interest is interest compounding continuously and is the highest form of the compounding.

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A: 1. APR= 3%, annual compounding 2. APR =2.75% monthly compounding

Q: 3. * Assuming 365 days in a financial year answe (a) Find the discounted value of $500 due in 8 (b)…

A: In this we will be calculating the discounted value of $500 which is due in 82 days at 9% , with…

Q: An amount of $1800 is deposited for 7 years in an account that earns 7% interest. (Round your…

A: simple interest formula: I = P×r×t100where,p = principalr = rate of interestt = no of years

Q: Use Table 12-1 to solve.   Suppose a certain manufacturer deposits $7,000 at the beginning of each 3…

A: The question is based on the concept of Annuity.

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A: Annuity Due refers to a series of fixed payment which are done at beginning of period whereas…

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A: The annual percentage rate(APR) is the interest rate (nominal rate) determined by the credit card…

Q: What is the monthly interest payment for an account with a balance of $100.00 and an A.P.R. of 12%?…

A: Loan balance = $100 Interest rate = 12% Monthly interest rate = 12%/12 = 1%

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A: As per the given information:To determine:The amount of interest owing on the date of payment.

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Q: If the APR (annual percentage rate) of your Wells Fargo credit card is stated to be 19.32%, with…

A:

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A: Compound interest: It is the amount of interest which is determined on both principal amount…

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A: When interest is compounded continuously, it means that the interest is calculated on the amount…

Q: An amount of $1900 is deposited for 7 years in an account that earns 4% interest. (Round your…

A: Future Value = Present Value * (1+r)^n Where r = rate of return per period i.e. 4%/365 = 0.010959%…

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