Business Maths
Interest charged 17.06 Explanation: $16 R = = 17.07% $750 × 45 360
Business Maths
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 intermedia...
Business Maths
Period= 72 Explanation: T = $7.04 = 0.20 × 360 = 72 days $320 × 0.11 Check: $320 × .11 × 72 = $7.04 360
Business Maths
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.)
Business Maths
Penalty $259.62 ± 0.01 Explanation: Nov. 12 → 316 Apr. 20 → – 110 206 $4,600 × 0.10 × 206 = $259.62 365
Business Maths
Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 20. She sent the payment November 12. The IRS sent her a penalty charge of 10% simple interest on the unpaid taxes of $4,600. Calculate the penalty. (Remember that the government use...
Business Math
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 dec...
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