Given a $5,000 loan at 8% for 90 days, compare the interest accrued using the standard...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Given a $5,000 loan at 8% for 90 days, compare the interest accrued using the standard method (365 days) and the bankers' rule. Then give an example of when the bankers rule is in your favor. David obtained a 3-year, $6,000 discounted loan at 6%. Find the discount and the amount of money David received. Given a $5,000 loan at 8% for 90 days, compare the interest accrued using the standard method (365 days) and the bankers' rule. Then give an example of when the bankers rule is in your favor. David obtained a 3-year, $6,000 discounted loan at 6%. Find the discount and the amount of money David received.
Expert Answer:
Answer rating: 100% (QA)
1calculate interest under standard method Interest 5000 300 85 ... View the full answer
Related Book For
Posted Date:
Students also viewed these finance questions
-
Give an example of when conflict would be beneficial to a project and an example of when conflict would be harmful to a project.
-
Give an example of when you would use each element (A or B) for each of the following 'A versus B' pairs: 1. A hashed index using Alternative (1) versus heap file organization. 2. Extendible Hashing...
-
Give an example of when the decision to do nothing about a problem in an organizational setting might be the best decision.
-
It was reported that 23% of U.S. adult cellphone owners called a friend for advice about a purchase while in a store. If a sample of 15 U.S adult cellphone owners is selected, what is the probability...
-
Accounts payable for services decreased $ 67,000 during the year. The statement of cash flows indicates that cash paid for services was $ 568,000. What was the amount of the related expense shown on...
-
A company currently gives 28 days credit for all sales but experiences the repayments schedule listed in the second column below. The final column shows the forecast collections if the company...
-
Describe the three levels in the fair value hierarchy and the three different approaches to determining fair value.
-
Dual effects of transactions on balance sheet equation and journal entries Assume that during 2008, Bullseye Corporation, a U.S. retailer, engages in the following six transactions. Bullseye...
-
0000 draw an arc with a radius length equal to the segment length construct the line connecting the two points draw two arcs using each of the endpoints as centers 1 point Ed is constructing the...
-
Castle Leasing Corporation, which uses IFRS 16, signs a lease agreement on January 1, 2017 to lease electronic equipment to Wai Corporation, which also uses IFRS 16. The term of the non-cancellable...
-
Oriole Corporation is authorized to issue 46,000 shares of $5 par value common stock. During 2020, Oriole took part in the following selected transactions 1. Issued 5,000 shares of stock at $49 per...
-
Ramsville s new CEO, Zach G . Evan, had developed and championed Ramsville s new Lean Initiative not long after taking over. After achieving substantial improvements in cost , lead time, and quality...
-
A company manufactures three joint products (A, B and C) in a common process. The following data relate to the period just ended (P1): Product A Product B Product C Production and sales (units) 1,200...
-
Discuss some of the issues organizations face when entering or contracting for OD process. Discuss the importance of OD intervention proposals in addressing and avoiding the issues associated with...
-
Briefly describe Affective Events Theory. What are two employee outcomes that are affected by affective events that are of importance to organizations? (2 pt) (B) Explain how we can use Affective...
-
Discuss the role of forecasting in balancing the supply and demand. (15 marks) Required to Discuss the role of forecasting in balancing the supply and demand. You must be aware of the question...
-
Cinsi une business but did withdraw $15,000 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $55,000 cash. d. Owner withdrew $15,000 during the...
-
If the jobs displayed in Table 18.24 are processed using the earliestdue-date rule, what would be the lateness of job C? TABLE 18.24 Processing Times and Due Dates for Five Jobs Job C D E...
-
Describe each method of decision making a project team may use. Using examples, tell when each is most appropriate.
-
Describe the three outputs of quality control.
-
Describe three differences between a partnering relationship and a traditional practice.
-
Hambleys Toy Store is on Regent Street in London. It has a magic department near the main door. Management is considering dropping the magic department, which has consistently shown an operating...
-
Ethos Day School is a private elementary school. In addition to regular classes, after-school care is provided between 3:00 p.m. and 6:00 p.m. at SF12 per child per hour. Financial results for the...
-
The Velasquez Company, a maker of a variety of metal and plastic products, is in the midst of a business downturn and is saddled with many idle facilities. The National Hospital Supply Company has...
Study smarter with the SolutionInn App