Solved

An Investor Borrowed $10,000 to Buy Shares of Stock of a Chain

Question 60

Short Answer

An investor borrowed $10,000 to buy shares of stock of a chain of retail gift stores. The loan was for 120 days at 9% ordinary simple interest. Compute the interest that the investor will pay on the due date. (Use a 360-day year.)​

Correct Answer:

verifed

Verified

$10,000 × ...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q52: Paula Frye loaned $10,000 to her son's

Q53: Red Winowski invested money for five years

Q54: Charles Clothing Company needs to borrow money

Q55: Compute (a) the ordinary interest, (b) the

Q56: Daniel White borrowed $5,000 for 80 days.

Q57: Kyle Winston borrowed $4,000 for 90 days.

Q58: Wendy Ellison needed to borrow $2,500 to

Q59: ​Compute the exact interest (365-day year) and

Q61: Compute the ordinary interest (360-day year) and

Q62: Nathan Edwards borrowed $2,500 for 60 days