Reference no: EM13801427
Find the maturity of a loan of $2,800,000 after 2 years. The loan carries a simple interest rate of 7.7% per year.
The maturity value of a loan is (round to the nearest cent as needed).
Find the interest paid on a loan of $2,100 for 1 year at a simple interest rate of 9%
The interest on the loan is
A man took out a $48,000 construction loan to model a house. The loan rate is 8.5% simple interest per year to be repaid in 6 months. How much is paid back?
A man needed money to buy lawn equipment. He borrowed $800 for 7 months and paid $53.97 in interest. What was the rate of interest?
A man needed money for college. He borrowed $5,000 at simple interest rate per year. If he paid $300 in interest, what was the duration of the loan? (round to 2 decimal places as needed).
Find the exact interest on a loan of $32,500 at 8% annually for 30 days. Round to the nearest cent as needed.
A loan made on March 7th is due Sept 13th of the following year. Find the exact time for the loan in a non-leap year AND a leap year.
Find the adjusted balance due at maturity for a 90 day note of $15,000 at 13.9 ordinary interest if a partial payment of $6,000 of the 60th day of the loan.
A man makes a simple discount note with a face value of $2,700, a term of 160 days, and a 9% discount rate. Find the discount (use a bankers rule). (round to the nearest dollar as needed).
James wants to buy a television that costs $1,100. So far he has saved $700, but he still needs $400 more. A bank will loan him 12% at annual interest using a 90-day promissory note. James also visited a loan store for a ‘pay day' loan to compare the cost of borrowing. The manager told James he could borrow $400 at 12% for two weeks. If James needed more time to repay the loan he would be charged 16% on the balance due for each additional week. He wondered how long it would take to pay the loan back in 12 weeks so he could compare the cost of the bank's lending rate. James recognized that 12 weeks is less than 90 days.
Calculate the total cost (principal plus interest) for the promissory note from the bank. Round to the nearest dollar as needed.
How much would James pay if he gets the money from the loan store and pays it back in 2 weeks.
How much would it cost if James gets the money from the loan store and pays it back in 12 weeks? (nearly 90 days)
James wondered how the loan store can stay in business unless its customers neglect to determine how much the owe before agreeing to borrow. How does a loan store stay in business?
When would a pay day loan be an appropriate choice?