Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $5,100 at 4.25% on December

Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $5,100 at 4.25% on December 26, 2019, and paid it off February 21, 2021. How much did he pay in interest? (Assume ordinary interest and no leap year.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
What is the interest paid?
*PLEASE USE TABLE TO SOLVE* thank you :)
image text in transcribed
TABLE 7-1 Exact days-n-a-year calendar (excluding leap year)" Day of month 31 Jan. 30 28 Feb. 31 Mar. 31 May 30 June 30 Apr. 31 31 July 31 Aug. 30 Sept. 31 Oct. Nov. Dec 1 60 91 121 182 213 244 274 335 2 3 32 33 34 2 3 122 305 306 152 153 154 183 215 61 62 336 92 93 214 215 216 245 246 247 184 185 276 4 4 35 337 338 63 155 94 95 123 124 125 126 307 308 309 277 278 5 64 5 6 186 156 217 248 36 37 339 6 96 187 310 65 66 157 158 218 219 310 311 7 7 97 127 188 341 38 39 279 280 281 282 8 8 67 128 220 98 99 159 160 189 190 312 313 342 343 9 9 40 249 250 251 252 253 254 255 68 129 221 222 10 10 41 69 161 283 100 101 11 11 12 13 223 130 131 132 42 43 70 71 325 191 192 193 162 163 314 315 316 12 102 224 13 44 133 164 256 72 73 103 104 194 195 317 318 346 347 348 14 14 45 165 284 285 286 287 288 289 290 225 226 227 228 257 258 15 46 105 196 134 135 136 137 329 15 16 166 167 47 106 197 16 17 259 260 319 320 321 322 17 48 107 229 198 199 350 351 352 49 138 18 19 291 168 169 170 18 19 74 75 76 .77 78 79 80 81 108 109 230 231 261 262 50 292 323 353 139 140 20 20 263 293 324 110 111 200 201 202 203 141 21 22 171 172 173 21 22 232 233 234 264 265 294 295 112 142 51 52 53 54 SS 56 23 82 113 143 174 235 23 24 25 24 83 375 376 337 378 329 144 114 115 204 205 206 266 267 268 236 237 296 297 298 175 176 177 25 84 145 354 355 356 357 358 359 350 361 362 363 364 365 85 146 238 269 26 27 26 27 57 58 116 117 207 208 330 331 86 147 178 59 87 118 179 28 29 28 29 239 240 241 242 148 149 150 270 271 272 273 299 300 301 302 303 304 209 210 211 212 88 89 90 119 120 180 181 333 334 30 31 151 243

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

Valuation, Measuring And Managing The Value Of Companies

Authors: Tim Koller, Marc Goedhart, David Wessels

7th Edition

1119611865, 9781119611868

More Books

Students also viewed these Finance questions

Question

Explain how the appraisal interview should be conducted.

Answered: 1 week ago

Question

Summarize training and development implementation issues.

Answered: 1 week ago

Question

Describe management development.

Answered: 1 week ago