# Posts by Ekanki

Total # Posts: 27

Savings account interest earned \$ 56.40 CD interest earned \$ 82.56 Difference in interest earnings \$ 26.16 Explanation: Savings account interest earned: \$2,400 × 0.0235 = \$56.40 CD interest earned: \$2,400 × 0.0344 = \$82.56 Difference in interest earnings: \$82.56 &#...

The main concept to investing is diversify your investments. The old saying of “don’t put all of your eggs in one basket” exemplifies this concept. Kerry Stutsman has saved \$2,400 and is wondering how to invest it. She was researching different investment ...

a) Interest \$ 298.12 b)Maturity value \$ 16,198.12 a: \$15,900 × 0.0375 ×6/12 =\$298.13 b: MV = P + I = \$15,900 + \$298.13 = \$16,198.13

Leslie Hart borrowed \$15,900 to pay for her child’s education at Riverside Community College. Leslie must repay the loan at the end of 6 months in one payment with interest. (a) How much interest must Leslie pay? (Do not round intermediate calculation. Round your answer ...

A) Interest \$ 69.87 B) Maturity value \$ 3,969.87 Explanation: a: 365 Sept. 20= – 263 ________ 102 + 27 __________ 129 \$3,900 ×0.05 × 129/360 = \$69.88 interest b: \$69.88 + \$3,900 = \$3,969.88

On September 20, Jody Jansen went to Sunshine Bank to borrow \$3,900 at 5% interest. Jody plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use table value) (a) What interest will Jody owe on January 27? (Use 360 days a year. Do not round ...

Maturity value \$ 725,047.45 Explanation: Due date of loan Oct. 2 = 275 day of year Date of loan May. 10 = - 130 day of year __________________ 145 days on loan (time) __________________ P R T \$705,000 × 0.0706 × 145/360 =\$20,047.46 Interest \$ 705,000.00 P +20,047....

May. 10, 2010, Leven Corp. negotiated a short-term loan of \$705,000. The loan is due Oct. 2, 2010, and carries a 7.06% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date?(Use table value.) (Use 360 days...

Time 3.5 years Explanation: \$520 \$520 _______________ = ______ = 3.5 years \$1,900 × 0.078 \$148.20

Gordon Rosel went to his bank to find out how long it will take for \$1,900 to amount to \$2,420 at 7.8% simple interest. Please solve Gordon’s problem. (Round your answer to 1 decimal place.)

Principal \$ 15,360 Explanation: \$128 \$128 _______________ =________ =\$15,360 0.10 × 30 / 360 0.00833

Principal \$ 15,360 Explanation: \$128 = \$128 = \$15,360 0.10 × 30 / 360 0.00833

Bill Moore is buying a used Winnebago. His April monthly interest at 10% was \$128. What was Bill’s principal balance at the beginning of April? (Use 360 days a year. Do not round intermediate calculations. Omit the "\$" sign in your response.)

Percentage of Interest = 201.94 % Explanation: \$ 123 – 103 ___________ \$ 20 Interest P R T 5 103 × ? × ______ 52 \$20.00 __________ = 201.94% interest paid on loan 9.903846154

Lane French had a bad credit rating and went to a local cash center. He took out a \$103 loan payable in five weeks at \$123. What is the percent of interest paid on this loan? Do not round denominator before dividing. (Use calendar year. Round your answer to 2 decimal places. ...

Lane French had a bad credit rating and went to a local cash center. He took out a \$103 loan payable in five weeks at \$123. What is the percent of interest paid on this loan? Do not round denominator before dividing. (Use calendar year. Round your answer to 2 decimal places. ...

a) Interest \$ 110.15 b) Total amount \$ 2,610.15 Explanation: 365 September 14 – 257 _______ 108 + 27 _______ 135 ________ \$2,500 × 0.1175 × 135/360 = \$110.16 + + \$2,500 = \$2,610.16

On September 14, Jennifer Rick went to Park Bank to borrow \$2,500 at interest. Jennifer plans to repay the loan on January 27. Assume the loan is on ordinary interest. Refer to Days in a year table. (a) What interest will Jennifer owe on January 27? (Use 360 days a year. Do ...

Explanation: \$201 \$201 _________________ =____________ = = \$19,296.00 0.125 × 30/360 0.0104167

Margie Pagano is buying a car. Her June monthly interest at 12.5% was \$201. What was Margie’s principal balance at the beginning of June? (Use 360 days a year. Do not round intermediate calculations. Do not round the denominator before dividing. Round your answer to 2 ...

Interest charged 17.06 Explanation: \$16 R = = 17.07% \$750 × 45 360

Carol Miller went to Europe and forgot to pay her \$750 mortgage payment on her New Hampshire ski house. For her 45 days overdue on her payment, the bank charged her a penalty of \$16. (assume 360 days). What was the rate of interest charged by the bank? (Do not round ...

Period= 72 Explanation: T = \$7.04 = 0.20 × 360 = 72 days \$320 × 0.11 Check: \$320 × .11 × 72 = \$7.04 360

Joy Kirby made a \$320 loan to Robinson Landscaping at 11%. Robinson paid back the loan with interest of \$7.04. How long in days was the loan outstanding (assume 360 days)? (Round your answer to the nearest whole number.)