A loan of $8,900 at 7.75% annually is made on September 10 and due on December 10.

Question:

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.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Business Math

ISBN: 978-0133011203

10th edition

Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble

See More Books

Question Posted: Mar 11, 2016 01:47 AM

See More Questions

A loan of $1,200 at 10% annually made on October 15 and due on March 20 of the following non-leap year (a) The exact interest (b) The ordinary interest. Round answers to the nearest cent.
The following facts pertain to a noncancelable lease agreement between Ben Alschuler Leasing Company and John McKee Electronics, a lessee, for a computer system. Inception date: .............October...
The following selected transactions are from Ohlde Company. 2010 Dec. 16 Accepted a $9,600, 60-day, 9% note dated this day in granting Todd Duke a time extension on his past-due account receivable....
Dale and Roy formed a partnership early this year. Dale contributed $150,000 cash in exchange for a 50% interest in the partnership. Roy contributed land with a tax basis of $90,000, and a fair...
How do you think a company may be able to influence a supplier to meet its business processing requirements?
The mother of a rape victim, with whom you have been working, calls and says that ever since the rape, her daughter has been crying and unable to eat or sleep. She tells you it is urgent that she...
WHAT IS A PROJECT? LO8
Consider the following model: a. Provide an interpretation of the coefficient of x1. b. Is the interpretation provided in part a true regardless of the value of x2? Explain. c. Now consider the model...
(10) Q1 Next Gen. Aircraft. In order to reduce carbon emissions from commercial passenger aircraft, research is underway on two different methods of powering them: electric motors or hydrogen...
The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is as follows: Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: a....
Carter Manufacturing holds a note of $5,000 that has an interest rate of 11% annually. The note was made on March18 and is due November 13. Carter sells the note to a bank on June 13 at a discount...
Find the discount and proceeds using the banker's rule on a promissory note for $1,980 at 8% made by Alexa Green on January 30, 2012, and payable to Enterprise Bank on July 30, 2012.
Maxfli Hot Air Balloons, Inc., completed the following selected transac- tions during 2009: Requirement Record the transactions in the general journal. Feb. 9 Declared a cash dividend on the 10,000...
In the following vignette write out three examples of a MI intervention in response to what the client has shared. Mark is a 19-year-old, male who lives with his parents and younger brother. His...
Photon Technologies, Inc., a manufacturer of batteries for mobile phones, signed a contract with a large electronics manufacturer to produce three models of lithiumion battery packs for a new line of...
Most human behaviour: can be easily explained has multiple causes stems from unconscious desires depends on social influence
In what ways are the information processing theories of cognitive development discussed in PSY393 different from the embodied cognition perspective? In what ways are they similar? In your opinion,...
Problem 15-6B Accounting for share investments LO4 CHECK FIGURE: 2. Carrying value per share, $19.63 River Outdoor Supply Corporation (River Corp.) was organized on January 2, 2023. River Corp....
Think about the last time you experienced a lessthan-satisfactory service experience. Did you complain? Why? If you did not complain, explain why not.
Suppose the spot and six-month forward rates on the Norwegian krone are Kr 5.78 and Kr 5.86, respectively. The annual risk-free rate in the United States is 3.8 percent, and the annual risk-free rate...
Explain in your own words how critical thinking can be used as a problem-solving tool in the workplace. [Understand]
Rounded to the nearest month, how long will it take money to lose half of its purchasing power if the annual inflation rate is: a. 2.5%? b. 3.5%?
Rounded to the nearest month, how long will it take money to lose 25% of its purchasing power if the annual rate of inflation is: a. 2%? b. 4%?
When discounted to yield 10.5% compounded monthly, a $2600 three-year promissory note bearing interest at 12.25% compounded annually was priced at $3283.57. How many months after the issue date did...
question 6 Timely Inc. produces luxury bags. The budgeted sales and production for the next three months are as follows july. august september Sales, in units 1,115. 1229. 1302 Production. in units...
On May 12 Zimmer Corporation placed in service equipment (seven-year property) with a basis of $220,000. This was Zimmer's only asset acquired during the year. Calculate the maximum depreciation...
Power Manufacturing has equipment that it purchased 7 years ago for $2,550,000. The equipment was used for a project that was intended to last for 9 years and was being depreciated over the life of...

A loan of $8,900 at 7.75% annually is made on September 10 and due on December 10.

Question:

Step by Step Answer:

344 253 91 days a ...View the full answer

Business Math

Students also viewed these Finance questions