Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 05, 2024

The owner of a service station receives a loan of $8.500 at 10.5% for 7 months. Find the amount of simple interest. (Round to the

image text in transcribed

The owner of a service station receives a loan of $8.500 at 10.5% for 7 months. Find the amount of simple interest. (Round to the nearest cent) a) $520.63 b) $621.25 c) $48965 d) $75328

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

Financial Management for Public Health and Not for Profit Organizations

Authors: Steven A. Finkler, Thad Calabrese

4th edition

133060411, 132805669, 9780133060416, 978-0132805667

More Books

Students also viewed these Finance questions

Question

★★★★★

Refer to the information for Booth Manufacturing on the previous page. Booth Manufacturing Income Statement For the Year Ended December 31, 2016...

Answered: 1 week ago

Question

★★★★★

If you must buy some asset in future and you just want to hedge the risk what sort of derivative trading will you do? Explain in brief with payoff diagram. If you have long position in one asset and...

Answered: 1 week ago

Question

★★★★★

If you could start a new business in an African country, which one would it be? Why?

Answered: 1 week ago

Question

★★★★★

Enormo Corporation is a large multinational audit client of your CPA firm. One of Enormos subsidiaries, Ultro, Ltd., is a successful electronics assembly company that operates in a small Caribbean...

Answered: 1 week ago

Question

★★★★★

The owner of a service station receives a loan of $8.500 at 10.5% for 7 months. Find the amount of simple interest. (Round to the nearest cent) a) $520.63 b) $621.25 c) $48965 d) $75328

Answered: 1 week ago

Question

★★★★★

Holiday Tours (HT) has an employment contract with its newly hired CEO. The contract requires a lump sum payment of $25 million be paid to the CEO upon the successful completion of her first three...

Answered: 1 week ago

Question

★★★★★

What is gravity?

Answered: 1 week ago

Question

★★★★★

What is the Big Bang Theory?

Answered: 1 week ago

Question

★★★★★

Due Thursday Think about the kinds of diversity you have seen in your current team, past teams, or in your community. Respond to the following in a minimum of 175 words: Reflection: Look back at the...

Answered: 1 week ago

Question

★★★★★

Reporting Discontinued Operations On October 31, 2020, Leigh Corp. approved a formal plan to dispose of its Knit Products Division. On December 31, 2020, the Knit Products Division was held for sale...

Answered: 1 week ago

Question

★★★★★

We know the Pineapple Unadjusted Trial Balance 12/31/2020 Account Dr Balanc Cr. Balanc Cash 6,000 Accounts Receivable 20,000 Allowance for Doubtful Accounts 2,500 Supplies 5,000 Equipment 75,000...

Answered: 1 week ago

Previous Question Next Question