Find the finance charges on the same loan

Assignment Help Financial Accounting
Reference no: EM132492311

Question 1: Calculating the APR on simple interest and discount loans

Question 2: Find the finance charges on a 8.7 percent, 18-month, single-payment loan when interest is computed using the simple interest method. Assume that the loan amount requested is $1,000. Round your answer to the nearest cent.

Question 3: Determine the APR in this case. Round your answer to two decimal places.

Question 4: Find the finance charges on the same loan when interest is computed using the discount method. Round your answer to the nearest cent.

Question 5: Determine the APR in this case. Round your answer to two decimal places.

Reference no: EM132492311

Questions Cloud

What will be the price paid by consumers : An excise tax of $20 is introduced on a market and lowers the price received by producers from 50 to 40. What will be the price paid by consumers?
There are two different investment options : You have of $1,000,000 to invest. There are two different investment options for you. First option: (1.3*i)% pays simple interest.
Knowledge Representation and Engineering Assignment : Knowledge Representation and Engineering Assignment - Intelligent Crossing Roads. Implement the SRLC and the SRC in a Rule Production System with CLIPS
Calculating monthly installment loan payments : Using the simple interest method, find the monthly payments on a $4,500 installment loan if the funds are borrowed for 24 months at an annual interest rate of 9
Find the finance charges on the same loan : Find the finance charges on the same loan when interest is computed using the discount method. Round your answer to the nearest cent.
Effect of implementing a minimum wage : Using supply and demand analysis, show the effect of implementing a minimum wage on the computer labour market. Discuss some potential consequences
Find the equivalent future lump sum amount : You are paying $1,600 for 10 years with an interest rate of 9% compounded continuously, find the equivalent future lump sum amount at the end of 10 years?
Identify the target audiences for advertising images : Identify the target audiences for each of the advertising images above. Compare and contrast how each of these advertisement images uses color to strategically.
Identify and explain accounting principles : Mr Chan, one of the owners of Flyfli took $500 from the company's cash account and instructed the accountant to record it as an expense.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare journal entries to record income and deffered tax

On January 1, 2014, Valley Company entered into a 3-year construction contract that had an estimated gross revenue of P3,000,000. The entity used the percentage of completion method in recognizing income on its books.

  How much interest income does a recognize

On December 31, 2015, when the bond has accrued market discount of $600, A sell the bond for $8,500. How much interest income does A recognize in 2015

  Calculate call option value using two-state stock price

You are attempting to value a call option with an exercise price of $102 and 1 year to expiration. The underlying stock pays no dividends, its current price is $102, and you believe it has a 50% chance of increasing to $121 and a 50% chance of decrea..

  Rearrange balance sheet to be in standard british format

Net income for the year totaled $2,000. Compute return on assets - Rearrange balance sheet to be in standard British format.

  Balance sheet for the shredding machine and the building

Houston’s Shredding Service has just completed a minor repair on a shredding machine. The repair cost was $1,030, and the book value prior to the repair was $4,780. In addition, the company spent $8,500 to replace the roof on a building. Required Aft..

  Calculate the present value of purchasing the option now

What discount rate would you use in analysing the option alternative? Why?

  How much depreciation did sharpe record in total

For its December 31, 20X5, fiscal year end, how much depreciation did Sharpe record in total for the pond, the electrical equipment, and the decommissioning

  Cost is based on normal production-allocated fixed costs

The company manufactures a piece Power Ring to $ 3.40 per unit. This cost is based on the normal production of 50,000 units per year. Variable costs are $ 1.50 per unit, fixed costs associated with bringing this piece is $ 50,000 per year and (Alloca..

  How have the size and functions of government changed

How have the size and functions of government changed during the last two centuries? did the framers of the U.S. constitution seek to limit the size of the federal government? if so, how?

  Explain difference in the ending inventory balances

Explain the reason for any difference in the ending inventory balances under the two costing methods and the impact of this difference on reported net operating income.

  Firm makes two products-unit contribution margin

Suppose that a firm makes two products, A and B. The sales mix in units for the period is 70% for A and 30 % for B. If the unit contribution margin for A is $8.89 and the unit contribution margin for B is $5.38, then the weighted-average unit contrib..

  What average tax rate result in given increase in tax revenu

If the income effect is in effect for all taxpayers, what average tax rate will result in an 8.5% increase in tax revenues?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd