The interest charged at the end of the first month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

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Answer 1

Question

Chapter 13.2, Problem 37E

(a)

To determine

To calculate: The interest charged at the end of the first month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

(b)

To determine

To calculate: The interest charged at the end of the second month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

(c)

To determine

To calculate: The interest charged at the end of the third month when the account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months, then the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

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Answer 2

Question

Chapter 13.2, Problem 37E

(a)

To determine

To calculate: The interest charged at the end of the first month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

(b)

To determine

To calculate: The interest charged at the end of the second month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

(c)

To determine

To calculate: The interest charged at the end of the third month when the account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months, then the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

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Answer 3

Question

Chapter 13.2, Problem 37E

(a)

To determine

To calculate: The interest charged at the end of the first month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

(b)

To determine

To calculate: The interest charged at the end of the second month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

(c)

To determine

To calculate: The interest charged at the end of the third month when the account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months, then the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

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Answer 4

Question

Chapter 13.2, Problem 37E

(a)

To determine

To calculate: The interest charged at the end of the first month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

(b)

To determine

To calculate: The interest charged at the end of the second month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

(c)

To determine

To calculate: The interest charged at the end of the third month when the account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months, then the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

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Answer 5

Chapter 13.2, Problem 37E

(a)

To determine

To calculate: The interest charged at the end of the first month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

(b)

To determine

To calculate: The interest charged at the end of the second month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

(c)

To determine

To calculate: The interest charged at the end of the third month when the account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months, then the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

Answer 6

Chapter 13.2, Problem 37E

(a)

To determine

To calculate: The interest charged at the end of the first month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

Answer 7

Chapter 13.2, Problem 37E

(a)

To determine

To calculate: The interest charged at the end of the first month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

Answer 8

(b)

To determine

To calculate: The interest charged at the end of the second month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

Answer 9

(b)

To determine

To calculate: The interest charged at the end of the second month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

Answer 10

(c)

To determine

To calculate: The interest charged at the end of the third month when the account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months, then the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

Answer 11

(c)

To determine

To calculate: The interest charged at the end of the third month when the account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months, then the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...

Solution Summary: The author calculates the interest charged at the end of the first month when account was established under a scheme of 90 days same as cash.

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