Ekanki

Margie Pagano is buying a car. Her June monthly interest at 12.5% was $201. What was Margie’s principal balance at the beginning of June? (Use 360 days a year. Do not round intermediate calculations. Do not round the denominator before dividing. Round you...

Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 20. She sent the payment November 12. The IRS sent her a penalty charge of 10% simple interest on the unpaid taxes of $4,600. Calculate the penalty. (Remember t...

Joy Kirby made a $320 loan to Robinson Landscaping at 11%. Robinson paid back the loan with interest of $7.04. How long in days was the loan outstanding (assume 360 days)? (Round your answer to the nearest whole number.)

On September 14, Jennifer Rick went to Park Bank to borrow $2,500 at interest. Jennifer plans to repay the loan on January 27. Assume the loan is on ordinary interest. Refer to Days in a year table. (a) What interest will Jennifer owe on January 27? (Use...

Bill Moore is buying a used Winnebago. His April monthly interest at 10% was $128. What was Bill’s principal balance at the beginning of April? (Use 360 days a year. Do not round intermediate calculations. Omit the "$" sign in your response.)

Gordon Rosel went to his bank to find out how long it will take for $1,900 to amount to $2,420 at 7.8% simple interest. Please solve Gordon’s problem. (Round your answer to 1 decimal place.)

May. 10, 2010, Leven Corp. negotiated a short-term loan of $705,000. The loan is due Oct. 2, 2010, and carries a 7.06% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date?(Use table...

On September 20, Jody Jansen went to Sunshine Bank to borrow $3,900 at 5% interest. Jody plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use table value) (a) What interest will Jody owe on January 27? (Use 360 days a year....

Leslie Hart borrowed $15,900 to pay for her child’s education at Riverside Community College. Leslie must repay the loan at the end of 6 months in one payment with interest. (a) How much interest must Leslie pay? (Do not round intermediate calculation. Ro...

The main concept to investing is diversify your investments. The old saying of “don’t put all of your eggs in one basket” exemplifies this concept. Kerry Stutsman has saved $2,400 and is wondering how to invest it. She was researching different investment...

Penalty $259.62 ± 0.01 Explanation: Nov. 12 → 316 Apr. 20 → – 110 206 $4,600 × 0.10 × 206 = $259.62 365

Period= 72 Explanation: T = $7.04 = 0.20 × 360 = 72 days $320 × 0.11 Check: $320 × .11 × 72 = $7.04 360

Interest charged 17.06 Explanation: $16 R = = 17.07% $750 × 45 360

Explanation: $201 $201 _________________ =____________ = = $19,296.00 0.125 × 30/360 0.0104167

a) Interest $ 110.15 b) Total amount $ 2,610.15 Explanation: 365 September 14 – 257 _______ 108 + 27 _______ 135 ________ $2,500 × 0.1175 × 135/360 = $110.16 + + $2,500 = $2,610.16

Percentage of Interest = 201.94 % Explanation: $ 123 – 103 ___________ $ 20 Interest P R T 5 103 × ? × ______ 52 $20.00 __________ = 201.94% interest paid on loan 9.903846154

Principal $ 15,360 Explanation: $128 = $128 = $15,360 0.10 × 30 / 360 0.00833

Principal $ 15,360 Explanation: $128 $128 _______________ =________ =$15,360 0.10 × 30 / 360 0.00833

Time 3.5 years Explanation: $520 $520 _______________ = ______ = 3.5 years $1,900 × 0.078 $148.20

Maturity value $ 725,047.45 Explanation: Due date of loan Oct. 2 = 275 day of year Date of loan May. 10 = - 130 day of year __________________ 145 days on loan (time) __________________ P R T $705,000 × 0.0706 × 145/360 =$20,047.46 Interest $ 705,000.00 P...

A) Interest $ 69.87 B) Maturity value $ 3,969.87 Explanation: a: 365 Sept. 20= – 263 ________ 102 + 27 __________ 129 $3,900 ×0.05 × 129/360 = $69.88 interest b: $69.88 + $3,900 = $3,969.88

a) Interest $ 298.12 b)Maturity value $ 16,198.12 a: $15,900 × 0.0375 ×6/12 =$298.13 b: MV = P + I = $15,900 + $298.13 = $16,198.13

Savings account interest earned $ 56.40 CD interest earned $ 82.56 Difference in interest earnings $ 26.16 Explanation: Savings account interest earned: $2,400 × 0.0235 = $56.40 CD interest earned: $2,400 × 0.0344 = $82.56 Difference in interest earnings:...