For a simple interest loan, calculate the following: (a) The interest on a 1 - year loan

Question:

For a simple interest loan, calculate the following:

(a) The interest on a 1 - year loan of $6,700 at 10% interest per year.

(b) The interest on a 3 - year loan of $500 at 6% interest per year.

(c) The interest on a 7 - month loan of $1,000 at 8% interest per year.

(d) The annual interest rate on a loan of $12,000.00 that paid back $15,600.00 after 3 years.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Understanding The Mathematics Of Personal Finance An Introduction To Financial Literacy

ISBN: 9780470497807

1st Edition

Authors: Lawrence N. Dworsky

See More Books

Question Posted: Jun 05, 2024 02:05 AM

See More Questions

Frostbite Thermalwear has a zero coupon bond issue outstanding with a face value of $41,000 that matures in one year. The current market value of the firm's assets is $44,600. The standard deviation...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...
Provide the appropriate statute for your answer (format style - IRAC - Issue, Rule, Application and Conclusion.) what are your thought? Problem Scenario- Earnest is married to Janice. Earnest and...
Using the Laplace transformation, obtain the current I2(s) of Problem P2.1. Assume that all the initial currents are zero, the initial voltage across capacitor C1 is zero, v(t) is zero, and the...
A centrifugal pump and a gear pump are operating in series in a closed loop to deliver a 20% ethylene glycol solution at an average temperature of 10C through a long pipe system. In the capacity...
Summarize how consumers evaluate extensions and how extensions contribute to parent brand equity. LO3
On January 1, 2014, Prince Corporation acquired 70% of the 100,000 outstanding voting shares of Song Limited for a cash consideration of $1,015,000. On that date, shares of Song Limited were trading...
please complete all of the requirements/parts. Please do not respond unless you are able to complete all of the requirements. Thank you very much! Jason Blodgett is the managing partner of a business...
The APR of a compound interest loan = 18.0%. What is the compounding rate if the interest is compounded once, twice, three times, or four times a year?
The following table describes a walk I recently took. I started at 1:30 and walked until 3:30: Draw a graph using time walking (in hours) as the horizontal axis and distance walked (in miles) as the...
A recent balance sheet of Denver Tours is provided below: Other information provided by the company is as follows: Compute and discuss briefly the significance of the following measures as they...
a ) If F ( x ) = upper limit x and lower limit 8 dt , the F \' ( x ) = ? b ) If F ( x ) = upper limit 1 1 and lower limit x dt , the F \' ( x ) = ? c ) If F ( x ) = upper limit x ^ 6 and lower limit...
Please help me with this one can you do for me 1. the research on quantum dots. Find a resource that you think does the best job of explaining this. and provide short description of what you've...
During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $28,000. On the date of delivery, January 2, the company paid $9,000 on the machine, with the balance on credit at...
An airplane has to travel a round trip Manila to Singapore and back (1485 mi apart) in a total time of 7 hours and 10 minutes. The plane from manila to Singapore is flying with a headwind of 70 mph...
Flexible Budget. At normal capacity, Boulder Products Corp. manufactures 10,000 trail bikes. At that level, unit variable costs for the Assembly Department are: Direct...
A student who worked for Chipotle stated: I love the Chipotle standard that what's best for the people (employees) is best for the company and vice versa, so I always strive to do my best. It sounds...
Before the 1973 oil embargo and subsequent increases in the price of crude oil, gasoline usage in the United States had grown at a seasonally adjusted rate of 0.57 percent per month, with a standard...
If the auditor believes that the financial statements prepared on the basis of the entity's income tax are not adequately titled, the auditor should : A)Issue a resignation of opinion. B)Explain the...
initial stock offering to the public. This REIT specializes in the acquisition and management of warehouses. Your firm, Blue Street Advisors, is an investment management company that is considering...
Question 3 You have been hired to run a pension fund for Mackay Inc, a small manufacturing firm. The firm currently has Gh5 million in the fund and expects to have cash inflows of $2 million a year...

For a simple interest loan, calculate the following: (a) The interest on a 1 - year loan

Question:

Step by Step Answer:

Understanding The Mathematics Of Personal Finance An Introduction To Financial Literacy

Students also viewed these Sciences questions