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Finance and Loans
Loan Terms and Dates
Calculating Discounts and Interest
I have a loan made april 5th, face value 8500 length 90 days, simple interest 8%, discount May 3. what is the discount?
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do you just need to see how to do it
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Please I just cant figure out how to get the discount, thank you
I have a loan made april 5th, face value 8500 length 90 days,
Top answer:
To calculate the discount on a loan, you need to understand the concept of simple interest and the
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The following note was discounted at 16%. Find (a) the discount period, (b) the discount, and (c) the proceeds.
Date loan was
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To calculate the answers, we first need to determine the discount period, the discount amount, and
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Find the simple interest on this loan. Assume 365 days in a year.
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First, we need to find the number of days the loan was outstanding. From August 19th to September
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the total amount of interest on this loan of $6000 for 150 days is $210.50.
what is the rate of interest on this loan? If not
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25.26
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Justin took out a loan for 146 days and was charged simple interest at an annual rate of 12.5%.The total interest he paid on the
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We can use the formula for simple interest: I = Prt where I is the interest, P is the principal (the
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Wilson borrowed $14,357 for 100 days at 15% simple interest. If we looked at this loan as simple discount loan instead, what
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To find the equivalent simple discount rate, we need to first calculate the interest amount using
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Understanding Credit Quick Check
1 of 51 of 5 Items Question Compare a simple interest rate of 11% and a simple interest rate of
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The correct answer is: The 13% simple interest rate has a lower cost of credit, which is $504.
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On April 13, Michelle Lizaro borrowed $3,000 from her credit union at 9% for 100 days. The credit union uses the ordinary
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a. I = Po*r*T = 3000*0.09*(100/360) = b. P = Po + I = 3000 + I. c. July 23rd.
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Belle had the choice of taking out a four year car loan at 8.5% simple interest or a Five year loan at 7.75% simple interest. If
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I = PRT I = 15,000 * 0.0775 * 5 I = $5,812.50 Do the same for the four-year loan.
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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
Top answer:
Period= 72 Explanation: T = $7.04 = 0.20 × 360 = 72 days $320 × 0.11 Check: $320 × .11 × 72 =
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