The amount owed on a promissory note for $950 after two years and five months is $1165.79.

Question:

The amount owed on a promissory note for $950 after two years and five months is $1165.79. What monthly compounded nominal rate of interest was charged on the debt?

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

Step by Step Answer:

Related Book For book-img-for-question

Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

See More Books

Question Posted: Sep 21, 2024 08:02 AM

See More Questions

Find a function (x, y) such that = (y, x).
Columbus Enterprises reports the following information at December 31, 2018: Manufacturing Overhead 3,500 ............... 50,600 19,000 ....................... 34,500 ..........................
From the information in BE5-3, prepare the journal entries to record these transactions on Ikerd Companys books under a perpetual inventory system.
The amount owed on a promissory note for $950 after two years and five months is $1165.79. What monthly compounded nominal rate of interest was charged on the debt?
Installment Sales Analysis Complete the followingtable. 2010 2011 2012 Installment sales Cost of installment sales Gross profit Gross profit percentage Cash collections $50,000 $80,000 7) 91.800...
Socially responsible funds are distinguished from other mutual funds because they Odo not charge any sales commission or management fees. invest only in companies that meet specified moral, ethical,...
Rounded to the nearest month, how long will it take an investment to triple if it earns: a. 9% compounded annually? b. 8% compounded quarterly?
Rounded to the nearest quarter year, how long will it take an investment to quadruple if it earns: a. 8% compounded annually? b. 9% compounded semiannually?
Find the optimum value for each objective function given in Problems 47-51. Maximize $P=100 x+100 y$ subject to the constraints of Problem 37. Data from problem 37 \(\left\{\begin{array}{l}x \geq 0...
Chapters are an important element of many nonprofit organizations. The relationship between chapters and their central organization is important. Which of the following is a common structural...
QUESTION 1 Critically discuss, through an analysis of South African case law, whether there is an obligation on the South African government to offer diplomatic protection to its nationals abroad who...
Publix Super Markets: Its Strategy in the U.S. Supermarket and Grocery Store Industry 1.What are the chief elements of Publix Super Markets' strategy? How good is the strategy? 2.What is competition...
. ....;.. . . ... .... 3. A cook for the nursing home is preparing 100 yeast rolls for dinner. The dry ingredients V needed include 14- cups of flour, 6- cups of sugar, and - cup of salt. How many...
Write short notes on Interviews.
Graph the approach path if the conditions stated in Problem 3 are satisfied.
A local politician is concerned that a program for the homeless in her city is discriminating against blacks and other minorities. The following data were taken from a random sample of black and...
Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2009. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide...
Presented on the next page are three different lease transactions that occurred for Kear Inc. in 2010. Assume that all lease contracts start on January 1, 2010. In no case does Kear receive title to...
On July 1, 2010, Atwater Corporation issued $2,000,000 face value, 10%, 10-year bonds at $2,271,813.This price resulted in an effective-interest rate of 8% on the bonds. Atwater uses the...
The most recent financial statements for Crosby, Incorporated, follow. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other...
Moving to another question will save this response. Question 2 Table "pairwise comparison matrix" shows the relationship between four criteria in a device selection problem. Normalized weights of...
On January 1, 2020, Saba Company leaned equipment from National Corporation Lease payments $300,000, 20 years. The lease is non cancelable The following informaton portpos to the agreement 1. The...

The amount owed on a promissory note for $950 after two years and five months is $1165.79.

Question:

Step by Step Answer:

Given P...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions