Survey of Math 140

posted by .

on march 8, you sign a $4000 note with simple interest 10% for 240 days. You make partial payments of $1300 on May 26 and $2300 on july 31. How much will you owe on the date of maturity (November 3)?
Please show work!!!

  • Survey of Math 140 -

    First calculate the number of days between March 8 and May 26. 24 days in March, 30 days in April, and 26 days in May. Add those together=80 days.
    4000(1+.10)^(80/365)= 4084.44. This is how much you owe on May 26, before the $1300 payment.
    Then subtract 4084.44-1300. This is your new balance. 2784.44
    Now calculate the days between May 26 and July 31. 4 days in May, 30 in June, 31 in July. This is 65 days.
    2784.44(1+.10)^(65/365)=2832.10 This your balance on July 31st before making payment. Now subtract 2300. 2832.10-2300=532.10 Now calculate the number of days between July 31st and November 3rd=95 days.
    532.10(1+.10)^(95/365)=545.46. This is how much you owe on November 3rd.

  • Survey of Math 140 -

    545.46 is not one of the choices that i have to choose from. the choices are 553.11, 555.05, 544.98, and 557.88

  • Survey of Math 140 -

    sorry. you could try changing the 80 to 79 in the first part. I was debating with myself, which one to use.

  • Survey of Math 140 -

    Simple interest
    10% = 0.1 /365 = 0.000274 daily interest

    3/8 to 5/26 = 79 days
    79 * 0.000274 = 0.021646 (79 day interest rate) * $4000 = $86.58 interest this period

    5/27 to 7/31 = 65 days
    65 * 0.000274 = 0.01781 (65 day interest rate) * $2700 ($4000 - 1300) = 48.08 interest this period

    8/1 to 11/3 = 94 day
    94 * 0.000274 = 0.025757 (94 day interest rate) * $400 $2700 - 2300) = $10.30 interest this period

    Payment on 11/03 $400 + interest =
    $400.00 + 86.58 + 48.08 + 10.30 = 544.96

  • Survey of Math 140 -

    convert the numeral to a numeral in base ten
    43,163ten

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math 20

    Jeremy has a balance owing of $4000 on his credit card. The credit-card company charges 18.0% annual interest, compounded monthly. 1.) If Jeremy makes payments of $300 every month, how much will he still owe after making 12 payments?
  2. math 20 (finance)

    Can someone walk me through how I would enter this into the calculator TMV solver. Can it be done?
  3. Math

    If I financed a computer that costs $1500. If the simple interest rate is 21%, how much will the I owe after one month if no payments are made?
  4. Statistics

    Use the following dates to compute the ALOS and median LOS and range. The discharge date is July 2nd (non-leap year). Round the ALOS to one decimal place. Admission Date LOS 1-2 January = 29; February = 28; March = 31; April = 30; …
  5. finance math

    Schell Publishing received a $70,000 promissory note at 12% ordinary interest for 60 days from one of its customers. After 20 days, Schell discounted the note at the bank at a discount rate of 14.5%. The note was made on March 21. …
  6. business Math

    Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both had the same terms: $19,500 at 8% for 2 years. Use ordinary interest as needed. a. Calculate the simple interest …
  7. math

    Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Pinnacle Manufacturing received a $40,000 promissory note at 12% simple interest for 95 days from one of its …
  8. Simple Interest

    (1 point) Quincy's property tax is $665 and is due on April 25. He does not pay until July 19. The county adds a penalty of 9.9% simple interest on unpaid tax. Find the penalty Quincy will pay. (Assume that there are 365 days in a …
  9. Simple Interest

    Quincy's property tax is $665 and is due on April 25. He does not pay until July 19. The county adds a penalty of 9.9% simple interest on unpaid tax. Find the penalty Quincy will pay. (Assume that there are 365 days in a year. Round …
  10. Math

    You owe $300.00 on your credit card. Each month you fail to make a payment, your balance increases by 2%. how much will you owe after 2 years of missing payments?

More Similar Questions