Question
2. On September 12, Jody Jansen went to Sunshine Bank to borrow $2,500 at 9% interest. Jody plans to repay the loan on January 27.
2. On September 12, Jody Jansen went to Sunshine Bank to borrow $2,500 at 9% interest. Jody plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use Days in a year table.) a. What interest will Jody owe on January 27? (Do not round intermediate calculations. Round your answer to the nearest cent.) b. What is the total amount Jody must repay at maturity? (Do not round intermediate calculations. Round your answer to the nearest cent.)
3. Gordon Rosel went to his bank to find out how long it will take for $2,700 to amount to $3,590 at 8% simple interest. Calculate the number of years. (Round time in years to the nearest tenth.)
5.Max Wholesaler borrowed $4,000 on a 10%, 120-day note. After 45 days, Max paid $1,400 on the note. Thirty days later, Max paid an additional $1,200. Use ordinary interest.
6.Shawn Bixby borrowed $41,000 on a 210-day, 8% note. After 65 days, Shawn paid $4,400 on the note. On day 115, Shawn paid an additional $6,400. Use ordinary interest. a. Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.)
b. Determine the ending balance due use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent. a. Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.)
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