A loan of $3,000 was made for 210 days. If ordinary interest is $218.75, find the rate.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
R I PT 21875 ...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Business Math
ISBN: 978-0133011203
10th edition
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
Question Posted:
Students also viewed these Finance questions
-
Malinda Levi borrows $12,000 on a 9.5%, 90-day note. On the 30th day, Malinda pays $4,000 on the note. If ordinary interest is applied, what is Malinda's adjusted principal after the partial payment?...
-
Find the discount (ordinary interest) and proceeds on a promissory note for $2,000 made by Barbara Jones on February 10, 2011, and payable to First State Bank on August 10, 2011, with a discount rate...
-
A loan of $8,900 at 7.75% annually is made on September 10 and due on December 10. Find (a) The exact interest (b) The ordinary interest. Round answers to the nearest cent.
-
How many objects are eligible for garbage collection at the end of the main() method? A. None. B. One. C. Two. D. Three. E. The code does not compile. F. None of the above. package store; public...
-
Kelli Droyer is currently pursuing her accounting degree at Bromfeld University. She has excelled in each of her major courses to date; however, she tends to struggle in her computer classes and with...
-
A woman staying in the shelter where you work has left her baby in the care of others repeatedly and gone out. She says she is going to the store or to look for an apartment or a job, but others let...
-
You are the project manager of a team of software specialists working on a project to produce a piece of LO8 application software in the field of project management. Give some examples of things that...
-
You have recently assumed the role of CFO at your company. The company's CEO is looking to expand its operations by investing in new property, plant, and equipment. You are asked to do some capital...
-
Salinger Company estimates that total factory overhead costs will be $115,000 for the year. Direct labor hours are estimated to be 23,000. a. For Salinger Company, determine the predetermined factory...
-
A Job at East Coast Yachts, Part 2 Input area. 10-year annual Bledsoe Large Company Stock Fund 12.15% Standard deviation 24 43% Bledsoe Bond Fund 6.93% 9.96% Risk-free rate Correlation 3.20% 0.15...
-
Jackson Manufacturing holds a 150-day note of $10,000 that has an interest rate of 7% annually. After 90 days, the note is sold to a bank at a discount rate of 6% annually. Find the proceeds on the...
-
Find the exact time from October 12 to March 28 of the following year (a leap year).
-
In 1998, the Syndicated Bank Loan market (defined as loans having more than two bank lenders) was a vast and cheap source of debt financing for U.S. corporations. This market was characterized by a...
-
226 Payroll Accounting Chapter 7: Comprehensive Projects-Paper-Based Versions One-Month Project NOTE! Templates needed to complete these exercises, including one containing year-to-date payroll data,...
-
The Westchester Chamber of Commerce periodically sponsors public service seminars and programs Currently, promotional plans ore under way for this year's program Advertising alternatives include...
-
Mastery Problem: Activity-Based Costing WoolCorp WoolCorp buys sheep's wool from farmers. The company began operations in January of this year, and is making decisions on product offerings, pricing,...
-
The following system of linear equations is called underdetermined because there are more variables than equations. x2x 3x3 = 4 2x1x2 + 4x3 = -3 Similarly, the following system is overdetermined...
-
Write a 2000-word Reflection paper on " Country Managers Simulation by considering the following points: Countries chosen during the simulation were Argentina and Brazil: 1. Explain why you did what...
-
Why is productivity more difficult to measure in service than in manufacturing firms?
-
(a) Bright Sdn Bhd (BSB) is a tax resident manufacturing company in Johor, which involves in ceramic tiles. Currently, BSBs annual sales turnover has been forecasted to be around RM 300,000 for the...
-
OB helps managers explain, predict, and influence behavior in the workplace. Identify the types of behavior you are most interested in explaining, understanding, and predicting in the workplace.
-
Columbia Trust wants its annually, semiannually, and monthly compounded five-year GICs all to have an effective interest rate of 5.75%. What nominal annual rates should it quote for the three...
-
Belleville Credit Union has established interest rates on its three-year GICs so that the effective rate of interest is 7% on all three compounding options. What are the monthly, semiannually, and...
-
Anders discovered an old pay statement from 11 years ago. His monthly salary at the time was $2550 versus his current salary of $4475 per month. At what (equivalent) compound annual rate has his...
-
Marie Forleo, a marketing trainer and host of MarieTV, presents the eight tips for genuine networking. Do you agree or disagree with her suggestions? Discuss how this information is useful to you and...
-
Identify all relevant costs or revenue that are applicable to production- constrained decisions 1. Contributions margin of product 2. Interference with other production 3. Contribution margin per...
-
Gammaro Compary manufactures wallets from fabric. In 2 0 1 9 , Gammaro made 2 , 1 5 0 , 0 0 0 wallets using 1 , 2 5 0 , 0 0 0 yards of fabric. In 2 0 1 9 , Gammaro has capacity to make 2 , 8 0 0 , 0...
Study smarter with the SolutionInn App