Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: \[\begin{array} { l l l l l } \text { Principal } & \text { Rate } & \text { Time } & \text { Exact Interest } & \text { Ordinary Interest } \\ \$ 1,890 & 10 \frac { 3 } { 4 } \% & 118 \text { days } & & \end{array}\]

The answer of Use the exact method (365 days) and...

Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: \[\begin{array} { l l l l l } \text { Principal } & \text { Rate } & \text { Time } & \text { Exact Interest } & \text { Ordinary Interest } \\ \$250& 9 \frac { 1 } { 4 } \% &6 \text { days } & & \end{array}\]

The answer of Use the exact method (365 days) and...

Find the maturity value of the loan (use the formula MV = P(1+ RT) to find the maturity value): \[\begin{array} { l l l l } \text { Principal } & \text { Rate } & \text { Time } & \text { Maturity Value } \\ \$ 925,000 & 10.2 \% & 24 \text { months } & \end{array}\]

The answer of Find the maturity value of the loan...

Exam 10: Simple Interest and Promissory Notes

Jimmy wants to pay off a personal debt. He took out a loan for $2,750 with his credit union, at 8.05% interest, for 1.5 years. What is the maturity value of Jimmy's loan? (Round to the nearest cent)

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Question 1

Correct Answer:

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$3,082.06

Suppose you take out a loan for $9,000, at 12% ordinary interest. If the amount of interest is $762.00, what is the time period? (Round any fraction to the next higher day)

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(Multiple Choice)

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Question 2

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The total payback of principal and interest is known as the ____________________ of a loan.

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Question 3

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maturity value

The amount of money that the borrower receives at the time a discounted note is made is known as the ____________________.

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Question 4

What is the time period of a loan for $3,000, at 10% ordinary interest, if the amount of interest is $145.00? (Round any fraction to the next higher day)

(Multiple Choice)

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Question 5

Jake borrowed $1,200 for six months at a rate of 7%. On the due date, Jake will own $1242.

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Question 6

Neil Roddrick purchased $5,000 in U.S. Treasury bills with a discount rate of 6% for a period of 13 weeks. How much interest did Neil earn on the T-bill investment? How much was the purchase price of Neil's T-bills? What was the effective interest rate of Neil's T-bill investment? (Round to the nearest hundredth of a percent)

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Question 7

Pauly wants to pay off a credit card bill. He took out a loan for $1,750 with his credit union, at 8.25% interest, for 3.5 years. What is the maturity value of Pauly's loan? (Round to the nearest cent)

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Question 8

Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: Principal Rate Time Exact Interest Ordinary Interest \ 1,890 10\% 118 days

(Short Answer)

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Question 9

What are the proceeds of a note for $5,500 at a discount rate of 8%, for 30 months?

(Multiple Choice)

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Question 10

Customer Bank loaned The Teacup Shoppe money at 6% interest for 90 days. If the interest was $750 using the ordinary interest method, the principal amount borrowed was $5,000.

(True/False)

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Question 11

The actual interest rate charged on a discounted note is called the ____________________ interest rate.

(Short Answer)

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Question 12

Slingerland borrowed $8,000 on July 20, at 11% interest. If the loan was due on October 17, what was the amount of interest on the loan using the exact interest method?

(Multiple Choice)

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Question 13

On May 11, Corlis took out a loan for $2,900, at 8% ordinary interest, for 82 days. What is the maturity date of the loan?

(Multiple Choice)

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Question 14

Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: Principal Rate Time Exact Interest Ordinary Interest \2 50 9\% 6 days

(Short Answer)

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Question 15

Find the maturity value of the loan (use the formula MV = P(1+ RT) to find the maturity value): Principal Rate Time Maturity Value \ 925,000 10.2\% 24 months

(Short Answer)

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Question 16

Tony's Towing borrows $12,250, at 9.5% interest, for 320 days. If the bank uses the exact interest method, how much interest will the bank collect? (Round to the nearest cent)

(Multiple Choice)

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Question 17

All of the months have 31 days except February, April, June, September, November.

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Question 18

Court Manufacturing Company borrowed $875,000 on March 3 to purchase a shipment of steel. The interest rate was 10.6% using the ordinary interest method. The amount of interest was $18,550. For how many days was the loan?

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Question 19

What is the maturity date of a loan taken out on June 18, for 54 days?

(Multiple Choice)

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Question 20

Showing 1 - 20 of 151

Jimmy wants to pay off a personal debt. He took out a loan for $2,750 with his credit union, at 8.05% interest, for 1.5 years. What is the maturity value of Jimmy's loan? (Round to the nearest cent)

Suppose you take out a loan for $9,000, at 12% ordinary interest. If the amount of interest is $762.00, what is the time period? (Round any fraction to the next higher day)

The total payback of principal and interest is known as the ____________________ of a loan.

The amount of money that the borrower receives at the time a discounted note is made is known as the ____________________.

What is the time period of a loan for $3,000, at 10% ordinary interest, if the amount of interest is $145.00? (Round any fraction to the next higher day)

Jake borrowed $1,200 for six months at a rate of 7%. On the due date, Jake will own $1242.

Pauly wants to pay off a credit card bill. He took out a loan for $1,750 with his credit union, at 8.25% interest, for 3.5 years. What is the maturity value of Pauly's loan? (Round to the nearest cent)

Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: Principal Rate Time Exact Interest Ordinary Interest \ 1,890 10\% 118 days

What are the proceeds of a note for $5,500 at a discount rate of 8%, for 30 months?

Customer Bank loaned The Teacup Shoppe money at 6% interest for 90 days. If the interest was $750 using the ordinary interest method, the principal amount borrowed was $5,000.

The actual interest rate charged on a discounted note is called the ____________________ interest rate.

Slingerland borrowed $8,000 on July 20, at 11% interest. If the loan was due on October 17, what was the amount of interest on the loan using the exact interest method?

On May 11, Corlis took out a loan for $2,900, at 8% ordinary interest, for 82 days. What is the maturity date of the loan?

Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: Principal Rate Time Exact Interest Ordinary Interest \2 50 9\% 6 days

Find the maturity value of the loan (use the formula MV = P(1+ RT) to find the maturity value): Principal Rate Time Maturity Value \ 925,000 10.2\% 24 months

Tony's Towing borrows $12,250, at 9.5% interest, for 320 days. If the bank uses the exact interest method, how much interest will the bank collect? (Round to the nearest cent)

All of the months have 31 days except February, April, June, September, November.

Court Manufacturing Company borrowed $875,000 on March 3 to purchase a shipment of steel. The interest rate was 10.6% using the ordinary interest method. The amount of interest was $18,550. For how many days was the loan?

What is the maturity date of a loan taken out on June 18, for 54 days?

Whole Numbers

Fractions

Decimals

Checking Accounts

Using Equations to Solve Business Problems

Percents and Their Applications in Business

Invoices, Trade Discounts, and Cash Discounts

Markup and Markdown

Payroll

Compound Interest and Present Value

Annuities

Consumer and Business Credit

Mortgages

Financial Statements and Ratios

Inventory

Depreciation

Taxes

Insurance

Investments

Business Statistics and Data Presentation

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Exam 10: Simple Interest and Promissory Notes

Jimmy wants to pay off a personal debt. He took out a loan for $2,750 with his credit union, at 8.05% interest, for 1.5 years. What is the maturity value of Jimmy's loan? (Round to the nearest cent)

Suppose you take out a loan for $9,000, at 12% ordinary interest. If the amount of interest is $762.00, what is the time period? (Round any fraction to the next higher day)

The total payback of principal and interest is known as the ____________________ of a loan.

The amount of money that the borrower receives at the time a discounted note is made is known as the ____________________.

What is the time period of a loan for $3,000, at 10% ordinary interest, if the amount of interest is $145.00? (Round any fraction to the next higher day)

Jake borrowed $1,200 for six months at a rate of 7%. ​ On the due date, Jake will own $1242.​

Pauly wants to pay off a credit card bill. He took out a loan for $1,750 with his credit union, at 8.25% interest, for 3.5 years. What is the maturity value of Pauly's loan? (Round to the nearest cent)

Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: Principal Rate Time Exact Interest Ordinary Interest \ 1,890 10\% 118 days

What are the proceeds of a note for $5,500 at a discount rate of 8%, for 30 months?

Customer Bank loaned The Teacup Shoppe money at 6% interest for 90 days. If the interest ​was $750 using the ordinary interest method, the principal amount borrowed was $5,000.

The actual interest rate charged on a discounted note is called the ____________________ interest rate.

Slingerland borrowed $8,000 on July 20, at 11% interest. If the loan was due on October 17, what was the amount of interest on the loan using the exact interest method?

On May 11, Corlis took out a loan for $2,900, at 8% ordinary interest, for 82 days. What is the maturity date of the loan?

Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: Principal Rate Time Exact Interest Ordinary Interest \2 50 9\% 6 days

Find the maturity value of the loan (use the formula MV = P(1+ RT) to find the maturity value): Principal Rate Time Maturity Value \ 925,000 10.2\% 24 months

Tony's Towing borrows $12,250, at 9.5% interest, for 320 days. If the bank uses the exact interest method, how much interest will the bank collect? (Round to the nearest cent)

All of the months have 31 days except February, April, June, September, November.​

Court Manufacturing Company borrowed $875,000 on March 3 to purchase a shipment of steel. The interest rate was 10.6% using the ordinary interest method. The amount of interest was $18,550. For how many days was the loan?

What is the maturity date of a loan taken out on June 18, for 54 days?

Whole Numbers

Fractions

Decimals

Checking Accounts

Using Equations to Solve Business Problems

Percents and Their Applications in Business

Invoices, Trade Discounts, and Cash Discounts

Markup and Markdown

Payroll

Compound Interest and Present Value

Annuities

Consumer and Business Credit

Mortgages

Financial Statements and Ratios

Inventory

Depreciation

Taxes

Insurance

Investments

Business Statistics and Data Presentation

Filters

Jake borrowed $1,200 for six months at a rate of 7%. On the due date, Jake will own $1242.

Customer Bank loaned The Teacup Shoppe money at 6% interest for 90 days. If the interest was $750 using the ordinary interest method, the principal amount borrowed was $5,000.

All of the months have 31 days except February, April, June, September, November.