Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 18, 2024

Edgar borrowed $8200 on a 220-day note that required ordinary interest at 13.2%. Edgar paid $3000 on the note on day 150. How much

Edgar borrowed $8200 on a 220-day note that required ordinary interest at 13.2%. Edgar paid $3000 on the note on day 150. How much interest did he save by making the partial payment? Round to the nearest cent. A. $661.47 B. $305.96 C. $65.42 OD. $516.42

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts Of Accounting Information Systems

Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman

11th Edition

9780470507025, 0470507020

More Books

Students also viewed these Accounting questions

Question

The Beranek Company, whose stock price is now $20, needs to raise$30 million in common stock. Underwriters have informed the firm'smanagement that they must price the new issue to the public at $16 2...

Answered: 1 week ago

Question

A guy borrowed 8500$ on a 60 day note that required interest at 12.51% the guy paid 4250$ on the note on the 30th day. How much interest did he save by making the partial payment?

Answered: 1 week ago

Question

Mildred Young died on June 5, 2006. Michael Synn was named executor in the will that had been prepared by Youngs attorney. On December 31, 2006, the accountant for the executor prepared the following...

Answered: 1 week ago

Question

★★★★★

Stock A has a standard deviation of 7%. Stock B has a standard deviation of 12%. The correlation coefficient between the two stocks' returns is 0.4071. What is the risk (standard deviation) for an...

Answered: 1 week ago

Question

★★★★★

The Hammond Company adopted LIFO when it was formed on January 1, 2005. Since then, the company has had the following purchases and sales of its single inventory item: In December 2008, the...

Answered: 1 week ago

Question

★★★★★

7. Prove Theorem 5.2.5.

Answered: 1 week ago

Question

★★★★★

Distinguish between apperception and perception.

Answered: 1 week ago

Question

★★★★★

The Shamrock Paint Company uses a process-costing system. Materials are added at the beginning of a particular process, and conversion costs are incurred uniformly. Work in process at the beginning...

Answered: 1 week ago

Question

★★★★★

Distinguish between the two categories of adjusting entries, and identify the types of adjustments applicable to each category. At least 300 words. No plagiarism

Answered: 1 week ago

Question

★★★★★

a.)What is the price of a 5- year bond with a $1000 par value, paying a 4.5% semiannual coupon rate and yielding 5%? b.) What is the price of the bond when the yield is 4%? c.) What is the price when...

Answered: 1 week ago

Question

★★★★★

A gas sample occupies a volume 5 ft3 a pressure of 30 psi and a temperature of 70F. What will be its volume if the pressure decreases to 15 psi and the temperature remains at 70F? Give answer to 2...

Answered: 1 week ago

Question

★★★★★

You are a consultant who's been asked to install a new server for a small business. Before you begin the installation process, make a checklist of information you should obtain before beginning the...

Answered: 1 week ago

Question

★★★★★

What can I improve with this policy? The objectives of this policy are to: achieve a safe workplace with zero harm to the environment; ensure a permanent Environment, Health and Safety (EHS) presence...

Answered: 1 week ago

Question

★★★★★

A machine with a cost of $64,008 has an estimated residual value of $4,747 and an estimated life of 6 years or 18,419 hours. It is to be depreciated by the units-of-activity method. What is the...

Answered: 1 week ago

Question

★★★★★

As we discussed in Module 2, the OWASP Foundation has developed a vulnerable web application called WebGoat that demonstrates common web application flaws and allows students to gain experience in...

Answered: 1 week ago

Question

★★★★★

The supply and demand for gasoline are given by: Demand: P = 100 40 Supply: P = 0.1 +0.05Q Suppose the marginal external costs of gasoline consumption (in dollars per unit of gasoline) are $1.5 per...

Answered: 1 week ago

Question

★★★★★

During 2012, Cheng Book Store paid $483,000 for land and built a store in Georgetown. Prior to construction, the city of Georgetown charged Cheng $1,300 for a building permit, which Cheng paid. Cheng...

Answered: 1 week ago

Question

★★★★★

=+ What do you think this adds to the debate about the contact hypothesis?

Answered: 1 week ago

Question

★★★★★

=+1. Controversy about the pros and cons of contact touches on one of the most topical debates about how intergroup relations should be improved. On one hand, many scholars argue that it is essential...

Answered: 1 week ago

Question

★★★★★

=+2. In the Social Psychology in the Real World box in Chapter 4, we saw in Hodson and Busseris (2012) study how less intelligent people tend to become more prejudiced. One of the reasons this...

Answered: 1 week ago

Previous Question Next Question