On August 26, 2021, Courtneys parents borrowed $4300 from a secured line of credit at their bank
Question:
On August 26, 2021, Courtney’s parents borrowed $4300 from a secured line of credit at their bank in order to pay Courtney’s fall tuition, with interest at 438 % p.a. On what date did Courtney’s parents repay the line of credit if they ended up paying $4368.55?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (10 reviews)
We are given that the amount borrowed ie the principal denoted by P is 4300 We are given the amount ...View the full answer
Answered By
Hemang Chawla
As a STEM tutor, I have been tutoring students across the globe for a few years now and am highly experienced with mentoring students and guiding them through assignments and courses. As an online tutor on Chegg, I had a 100% positive review from over a 100 students. I taught courses ranging from data science and statistics, and even astronomy and physics.
Earlier, I was involved in teaching underprivileged kids during undergraduate studies as well as in mentoring and raising scholarships for meritorious students studying at small schools.
This ignited the interests of the tutor in me. I was further involved in the undergraduate course on Robotics(Industrial) as a lab assistant, and also aided in clearing queries of the students about the subject matter. Along with this experience, I was also involved in conducting workshops on MATLAB, Maple, and LaTeX for colleagues and juniors.
While tutoring, my focus always remains on making the fundamentals clear to the student. Once that is done, I believe, the further ride becomes smooth.
0.00
0 Reviews
10+ Question Solved
Related Book For
Contemporary Business Mathematics With Canadian Applications
ISBN: 9780135285015
12th Edition
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
Question Posted:
Students also viewed these Mathematics questions
-
Consider the following bi-matrix game between firm Alpha and firm Beta. The first number gives the pay-off for the row-player (i.e., Alpha), whereas the second number gives the pay-off for the column...
-
On December 1, 2019, Jim's Java Joint borrowed $50,000 from its bank in order to expand its operations. The firm issued a four-month, 6 percent note for $50,000 to the bank and received $49,000 in...
-
A sinking fund is an increasing annuity set up by a corporation or government to repay a large debt at some future date. Exercises concern such annuities. 1. A city has a debt of $1,000,000 due in 15...
-
Requirement 1 Two contribution format statements: current and proposed based on business decision. Requirement 2 For each option current and proposed business decision) calculate the following: a....
-
Explain how population, affluence, and technology interact in complex ways.
-
Estimate the vapor pressure of acetone (mm Hg) at 50C (a) From data in Perrys Chemical Engineers Handbook and the ClausiusClapeyron equation, (b) From the Cox chart (Figure 6.1-4), and (c) From the...
-
For each of the following quality control procedures taken from the quality control manual of a medium-sized regional public accounting firm, identify the applicable element of quality control from...
-
Fleming, chief administrator for Valley View Hospital, is concerned about the costs for tests in the hospitals lab. Charges for lab tests are consistently higher at Valley View than at other...
-
MNC often Cross List their Shares. Give five reasons for this,and explain 2 answers
-
Magnetar on December 27, 2004, astronomers observed the greatest lash of light ever recorded from outside the solar system. It came from the highly magnetic neutron star SGR 1806-20 (a magnetar)....
-
Factor the following. 4ma - 12mb + 24mab
-
For a sum of money borrowed at 7.25% compounded bi-weekly for 84 months, state (a) The nominal annual rate of interest (j); (b) The number of compounding interest periods per year (m); (c) The...
-
The officers of an oil refiner, trader, and hedger based in New York were arrested by the FBI for committing massive financial statement fraud. The executives used many schemes to perpetuate the...
-
Jim Hayes wants to buy some electronic equipment for $800. Jim has decided to save uniform amount at the end of each month so that after 12 months he will have the required $800. If the interest rate...
-
A lean production line produces 100 units in 2 hours. What is the average production rate per hour?
-
You are evaluating a project that will provide its first cash flow of $ 8 0 , 0 0 0 in one year. The cash flow is expected to grow by 3 % annually for the foreseeable future. Considering its degree...
-
Plantation Green Limited is a major producer of processed coffee. On the 17 July 2018, it agreed to sell 200 kilograms of coffee to Grey-Drinks Restaurant. Both parties are located in X country in...
-
1. The following data are available for the Lawrence Manufacturing Company for the year 2017, and 2018, its first and second years of operations: 2017 2018 Beginning inventory in units 0? Units...
-
Translate each to a proportion and solve. 1. 63 is what percent of 35? 2. 93.5 is what percent of 85? 3. What number is 33% of 500?
-
On 1 July 2021, Croydon Ltd leased ten excavators for five years from Machines4U Ltd. The excavators are expected to have an economic life of 6 years, after which time they will have an expected...
-
A researcher wondered about the degree to which age was a factor for those posting personal ads on Match.com. He randomly selected 200 ads and examined data about the posters (the people who posted...
-
In a study of racism, Nail, Harton, and Decker (2003) had participants read a scenario in which a police officer assaulted a motorist. Half the participants read about an African American officer who...
-
Ratner and Miller (2001) wondered whether people are uncomfortable when they act in a way thats not obviously in their own self-interest. They randomly assigned 33 women and 32 men to read a...
-
The volume level at which profits equal zero is the Blank______. Multiple choice question. target volume margin of safety break-even point contribution margin ratio
-
After the budgeted units to be produced is calculated for the period, the next budget step is to complete the of the direct materials that need to be purchased to complete the required units. O...
-
Waterway Industries has fixed costs of $15000 per year. Its warehouse sells wine with unit variable costs of 70% of its unit selling price. How much in sales does Waterway need to break even per...
Study smarter with the SolutionInn App