Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 19, 2024

Jefferson Bank made a loan at 7% interest for232days. If the amount of interest was $248.11, use the ordinary interest method to find the amount

Jefferson Bank made a loan at 7% interest for232days. If the amount of interest was $248.11, use the ordinary interest method to find the amount of principal (in $) borrowed. (Round your answer to the nearest dollar.) Show work

What is the rate of interest (as a %) on a loan of $7,000, for236days, if the amount of interest is $325.39, using the ordinary interest method? Round to the nearest tenth of percent. (Show work)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Fundamentals of Investment Management

Fundamentals of Investment Management

Authors: Geoffrey Hirt, Stanley Block

10th edition

0078034620, 978-0078034626

More Books

Students also viewed these Finance questions

Question

The most common financial measure of underwriting results is the insurer's combined ratio. Based on the financial information given below determine the correct combined ratio. Net Income $ 210,000...

Answered: 1 week ago

Question

Test Positive Test Negative Total Has Egg Allergies 125 1 26 Does not have Egg 59 1915 1974 Allergies Total 84 1916 2000 Refer to the table you created in the previous problem. If someone tests...

Answered: 1 week ago

Question

South Park is expected to pay a $2.50 annual dividend on its common stock next year, and increase dividend payment at a rate of 4.5 percent per year thereafter. The stock is currently selling for $30...

Answered: 1 week ago

Question

★★★★★

A steam turbine receives a flow of 3 kg/s water at 1200 kPa, 350 C and velocity of 15 m/s. The steam exits the turbine at 100 kPa, 150 C and very low velocity. Find the specific work and the power...

Answered: 1 week ago

Question

★★★★★

Briefly discuss the Global Issue Policy on Nuclear Weapons by addressing the following criteria: Policy issue and title (Global Issue Policy on Nuclear Weapons) Context and importance of the issue...

Answered: 1 week ago

Question

★★★★★

Find the derivative of the function. y = (x 2 6) 3

Answered: 1 week ago

Question

★★★★★

56. Data indicate that the number of traffic accidents in Berkeley on a rainy day is a Poisson random variable with mean 9, whereas on a dry day it is a Poisson random variable with mean 3. Let X...

Answered: 1 week ago

Question

★★★★★

A 3.00-m-long, 240-N, uniform rod at the zoo is held in a horizontal position by two ropes at its ends (Fig. 11.30). The left rope makes an angle of 150° with the rod and the right rope makes an...

Answered: 1 week ago

Question

★★★★★

2. Problem 3.02 (Income Statement) eBook Problem Walk Through Byron Books Inc. recently reported $6 million of net income. Its EBIT was $14.8 million, and its tax rate was 25%. What was its interest...

Answered: 1 week ago

Question

★★★★★

3.6 Extend Theorem 3.5 to the case in which n is not an integral power of 2. Hint: Consider the largest n'

Answered: 1 week ago

Question

★★★★★

3. What legal (and ethical) concerns might Netflix and Merrill Lynch have related to the issuance of directed shares? How would you decide the number of directed shares relative to the remainder of...

Answered: 1 week ago

Question

★★★★★

H07 Medical Coding | Graded Project . . a document (.docx. .doc)'. Your project will be individually graded by your instructor and therefore Will take up to Your project must be submitted as a Word...

Answered: 1 week ago

Question

★★★★★

The following incomplete information is provided in relation to Cranfield Ltd for the month of October. (i) Opening balances: WIP $ 1'." ,500 Finished goods $28,000 (ii) Closing balances Raw material...

Answered: 1 week ago

Question

★★★★★

2015 Statement of Stockholders' Equity and Balance Sheet The following is balance sheet information for Lynch Janitorial Service, Inc., at the end of 2016 and 2015: December 31, December 31, 2016...

Answered: 1 week ago

Question

★★★★★

Problem 2.4A (Algo) Preparing an income statement, a statement of owner's equity, and a balance sheet. LO 2-4, 2-5 The following equation shows the transactions of Cotton Cleaning Service during May....

Answered: 1 week ago

Question

★★★★★

Number of Trees In order to take inventory, the manager of a tree farm walked around their complex counting the number of trees at each height in three rows of trees. You are given the raw, unsorted...

Answered: 1 week ago

Question

★★★★★

When a company pays cash to purchase a security, the cash outflow is A. reported as an investing activity. B. reported as a financing activity. C. reported as an operating activity. D. not reported...

Answered: 1 week ago

Question

★★★★★

Is the modified 5-question approach to ethical decision making superior to the modified moral standards or modified Past in approach?

Answered: 1 week ago

Question

★★★★★

13. Forecasting Collections. Here is a forecast of sales by National Bromide for the first 4 months of 2010 (figures in thousands of dollars): Month: 1 2 3 4 Cash sales 15 24 18 14 Sales on credit...

Answered: 1 week ago

Question

★★★★★

19. Short-Term Financing Requirements. Suppose that Paymore's cash balance at the start of the first quarter is $40 and its minimum acceptable cash balance is $30. Work out the short-term financing...

Answered: 1 week ago

Question

★★★★★

20. Short-Term Financing Plan. Now assume that Paymore can borrow up to $100 from a line of credit at an interest rate of 2% per quarter. Prepare a short-term financing plan. Use Table 19-7 to guide...

Answered: 1 week ago

Previous Question Next Question