Question
I need help answering those questions using Excel. I tried but I need help. 1) Kevin Reiner borrowed $6,000 on a 13%, 60-day note. After
I need help answering those questions using Excel. I tried but I need help.
1) Kevin Reiner borrowed $6,000 on a 13%, 60-day note. After 10 days, Kevin paid $500 on the note. On day 40, Kevin paid $900 on the note. What are the total interest and ending balance due by the U.S. Rule? Use ordinary interest.
2)On December 8, Canovas Company accepted a $7,000, 90-day, 12.5% note from Kyra Finney in exchange for a $5,000 bill that was past due. On January 29, Canovas discounted the note at T D Bank at 13%. What were the proceeds from the note?
3) Victory Savings Bank pays 9.5% compounded quarterly. Find the amount and the interest on $4,000 after three quarters)
4) Imam Hossain decided to retire to Portugal in 10 years. What amount should Imam invest today so that he will be able to withdraw $32,000 at the end of each year for 25 years after he retires? Assume he can invest money at 8.5% interest compounded annually.
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