# 4) Jim has been offered a substantial cash discount if he pays an invoice 60 days earlier. One bank will loan him the needed money at 11% simple interest rate. A second bank will also loan him the money, but

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### Math Help!!!!!

4) Jim has been offered a substantial cash discount if he pays an invoice 60 days earlier. One bank will loan him the needed money at 11% simple interest rate. A second bank will also loan him the money, but at bank discount rate. What is the maximum discount rate that Jim can...

### Finance

Brand Advertising is offered a 3/10 net 40 trade discount by its supplier. In the past Brand has been able to ger away with paying for supplies on credit in 60 days. Since it doesn't have money on hand to take advantage of the discount, it tries to negotiate a loan with ...

### Finance

Brand advertising is offered a 3/10 net 40 trade discount by its supplier. In the past Brand has been able to get away with paying for supplies on credit in 60days. since it doesnt have money on hand to take advantage of discount, it tries to negotiate a loan with portland ...

### Finance

Can anyone explain to me how to use this formula? Cost of failing to take a cash discount Disc ount percent 100 percent Discount percent 3 60 Final due date Discount period I am trying to calculate Assume the proceeds from the loan with the compensating balance ...

### math

gail borrowed $3600 from a bank to buy a washing machine she pays back the loan in 24 monthly instalments at a simple interest rate of 2% a)calculate the simple interest on the loan b)the total amount to be repaid c)if gail repays the loan in 24 equal instalments ,find the sum...

### Finance

midland chemcial is negotating a loan from manhattan bank and trust. the small chemical company needs to borrow 500,000. the bank offers a rate of 81/4 percent with a 20 percent compensating balance requirement, or as an alternative, 93/4 percent with additional fees of 5,500 ...

### Math

1. Rishi ram obtained an installment loan for $3,000.00. He agreed to repay the loan in 6 monthly payments. His monthly payments is $516.50. What is the APR? MY ANSWER=0.33% 2. Tim Newman took out a simple interest loan of $1500 at a 10 percent interest for 12 months. After 4 ...

### finance

A small chemicalcompany is negotiatimg a loan from Manhatten Bank and Trust. The small chemical company needs to borrow $500,000. The bank offers a rate of 8 1/4 % with a 20% compensating balance, or as an alternative 9 3/4% with additional fees of $5,500 to cover the services...

### simple interest

Jimmy invests 15,000 coins in a bank and earns simple interest. After 2 years he withdraws all his money from the bank .If the amount that he receives is 17,000 coins ,calculate. (a)the interest received (b)the rate at which bank pays interest.

### Foundations of Financial Management

here is the problem The small chemical company needs to borrow $500,000. The bank offers a rate of 8 1/4 percent with a 20 percent compensating balance requirement, or as an alternative, 9 3/4 percent with additional fees of $5,500 to cover services the bank is providing. In ...

### Math

- Anurag is buying a house for $100,000 and needs a mortgage loan. Bank A wants him to repay the loan in 240 months with monthly payment of $600.72. Bank B wants him to repay the loan in 360 months with a monthly payment of 389.94. Which bank should he choose? Explain. - Kwane...

### accounting

A new company called Bloomner construct, buys and sells furniture. During January the following happens: 1. The owner of the company pays in $50 000 into the cash, as starting capital. 2. The bank grants the company a bank loan of $40 000, the interest is 15 % annually and the...

### Finance

Carnation needs to buy a $12,500 part the part company is offering cash discount terms of 4/10, n30. Carnation has a tight cash flow, wants to discount a 180 day note dated February 12 with a maturity value of $10,300. Bank offers a discount rate of 6%. Should carnation ...

### math

a man has a simple discount note for $6,400 at an ordinary bank discount rate of 8.53% for 40 days what is the effective interest rate

### Math

In this question we will check if a discount is actually a discount. Say you are to borrow $100 for a year at a simple interest rate of 10%. Determine the discount D and the proceeds P for this loan. Next take another look at the situation. You take away P dollars and at the ...

### math 106

In this question we will check if a discount is actually a discount. Say you are to borrow $100 for a year at a simple interest rate of 10%. Determine the discount D and the proceeds P for this loan. Next take another look at the situation. You take away P dollars and at the ...

### accounting

a simple discount note for $6,600 at a ordinary bank discount rate of 8.61% for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent

### business Math

You were offered the opportunity to purchase either a simple interest note or a simple discount note with the following terms: $33,353 at 7% for 18 months. a. Calculate the effective interest rate. (Do not round intermediate calculations. Round your final answer to the nearest...

### math

Alice took out a $15,000 loan for college. She is borrowing money from two banks. Bank A charges an interest rate of 6%, and Bank B charges an interest rate of 7%. After one year, Alice owes $960 in interest. How much money did she borrow from Bank A?

### Business finance

In a discount interest loan, you pay the interest payment up front. For example, if a 1-year loan is stated as $10,000 and the interest rate is 10 percent, the borrower “pays” 0.10 x $10,000 = $1,000 immediately, thereby receiving net funds of $9,000 and repaying $10,000 ...

### Social Studies

An interest rate is a special type of (1 point) loan. **price. bank. service. 2. How does a compound interest rate differ from a simple interest rate? (1 point) ***Compound interest rates pay more interest over time. Compound interest rates are calculated only once a year. ...

### math bus 105

Calculate (a) interest and maturity value, (b) discount period, (c) bank discount, and (d) proceeds. Assume ordinary interest. (Round answers to nearest hundredths) Date of note Face value Length of note Interest rate Bank discount rate Date of discount Feb. 12 $80,000 150 ...

### Finance

First Simple Bank pays 6 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts compounded annually. Required: What rate should the bank set if it wants to match First Simple Bank over an investment horizon of 10 years?

### math

I need to calculate the effective interest rate of a simple discount note $21,750 at an ordinary bank discount rate of 7.91% for 120 days find the effective rate

### Math

Margaret received $671.50 in cash as proceeds from a loan of $680.00 The discount rate was 10% simple interest. Find the discount period in months. Hummm. With simple interest, a rate of 10% on $680, in one month the balance would be 680*(1+(0.1/12)) = 685.66666. Ergo, the ...

### Social Studies

I was wondering if I could check my answers with someone. I'm a bit confused with interest. I put stars next to the answers I chose. Thank you. An interest rate is a special type of (1 point) loan. **price. bank. service. 2. How does a compound interest rate differ from a ...

### College alerbra

Scott invested a total of $9500 at two separate banks. One bank pays simple interest of 11% per year while the other pays simple interest at a rate of 9% per year. If Scott earned $973.00 in interest during a single year, how much did he deposit in each bank?

### Math

1. Jacksonville Technical College received $3,445,553 in state aid on September 15 for the fall academic semester. The vice-president for finance decided to invest $2,000,000 in a 2-month investment that pays 11.5% simple interest. How much interest will the college earn on ...

### SS

Rohan has 100 dollars that he wants to save in a bank. Bank A offers two types of savings accounts. One has a 5% simple interest rate and the other has a 4.8% compound interest rate. Bank B also offers two types of savings accounts. One has a 3% simple interest rate and the ...

### Business Math

I completed a problem where there was a $7855.00 note at the bank that charges a 14.3 % discount rate. The loan is for 190 days. I found the proceeds to be $7268.31 and the effective rate charged by the bank to be 15.29 %. How do I determine how much money must be paid back to...

### Finance

Suppose your bank account will be worth $15,000.00 in one year. The interest rate (discount rate) that the bank pays is 7%. What is the present value of your bank account today? What would the present value of the account be if the discount rate is only 4%?

### Finance

Suppose your bank account will be worth $4,200.00 in one year. The interest rate (discount rate) that the bank pays is 5%. What is the present value of your bank account today?

### Finance

Suppose your bank account will be worth $4,200.00 in one year. The interest rate (discount rate) that the bank pays is 5%. What is the present value of your bank account today?

### Math

1. When their child was born, Elaine and Mike Porter deposited $5,000 in a savings account. The money ears interest at 6 percent compounded quarterly. How much will the account be worth when their child celebrates her second birthday? My answer= $5,632.46 2. Asia Desai ...

### Math Business

Janet got 671.50 in cash as the proceeds form a loan of $680. The discount rate was 10% simple interest. Find the discount period. I got 118.5 months but am not sure if I did it correctly.

### math

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 compounded, or simple interest, then Interest=Principal(rateinterest)*time Here time is 5/12 of a year, you are given the interest and principle. ...

### Math

Sam Sounds received a $320 discount loan to purchase a stereo. The loan was offered at 16% for 90 days. Find the interest in dollars and the proceeds for the following problem.

### hinkley

Sam Sounds received a $290 discount loan to purchase a stereo. The loan was offered at 16% for 90 days. Find the interest in dollars and the proceeds for the following problem.

### math

Present Value suppose your bank account will be worth $7000 in one year. The interest rate (discount rate) that the bank pays is 8%. What is the present value of your bank account today? What would the present value of the account be if the discount rate is only 3%

### Math

1. Rishi ram obtained an installment loan for $3,000.00. He agreed to repay the loan in 6 monthly payments. His monthly payments is $516.50. What is the APR? MY ANSWER=0.33% 2. Tim Newman took out a simple interest loan of $1500 at a 10 percent interest for 12 months. After 4 ...

### math

Suppose $500 is divided into two bank accounts. One account pays 15% simple interest per year and the other pays 10%. After three years there is a total of $200 in interest between the two accounts. How much was invested into the bank account that pays 10% simple interest (...

### Math

1. Rishi ram obtained an installment loan for $3,000.00. He agreed to repay the loan in 6 monthly payments. His monthly payments is $516.50. What is the APR? MY ANSWER=0.33% 2. Tim Newman took out a simple interest loan of $1500 at a 10 percent interest for 12 months. After 4 ...

### algebra

A local bank lends $12,000 using a 150-day 9% simple interest note that was signed on May 18. The bank later sells the note at a discount of 14% on July 5. Find (a) the discount, (b) the proceeds, and (c) the amount of money the bank gains or loses.

### math

Tim Tele received a $380 discount loan to purchase a DVD player. The loan was offered at 18% for 60 days. Find the interest in dollars and the proceeds for the following problem.

### consumers math

Sam Sounds received a $290 discount loan to purchase a stereo. The loan was offered at 16% for 90 days. Find the interest in dollars and the proceeds for the following problem.

### Algebra

This assignment is about a car loan. A financial institution in your community is advertising "Simple Interest Car Loans." Here is their ad. "Looking for an attractive loan for the car of your dreams? Well, look no more. Come in and show us your car deal. We will match any car...

### math

160 days after borrowing money, Ms. garcia pays an interest of P 370.00. How much did she borrow if the simple interest rate is 8 1/2?

### Algebra

Suppose $6,500 is divided into two bank accounts. One account pays 10% simple interest per year and the other pays 4.6%. After two years there is a total of $1000 in interest between the two accounts. How much was invested into the bank account that pays 4.6% simple interest (...

### finances

19. The Ogden Timber Company buys from its suppliers on terms of 2/10, net 35. Ogden has not been utilizing the discount offered and has been taking 50 days to pay its bills. The suppliers seem to accept this payment pattern, and Ogden’s credit rating has not been hurt. Mr. ...

### Math

. Jacksonville Technical College received $3,445,553 in state aid on September 15 for the fall academic semester. The vice-president for finance decided to invest $2,000,000 in a 2-month investment that pays 11.5% simple interest. How much interest will the college earn on the...

### Math Economics

1. Jacksonville Technical College received $3,445,553 in state aid on September 15 for the fall academic semester. The vice-president for finance decided to invest $2,000,000 in a 2-month investment that pays 11.5% simple interest. How much interest will the college earn on ...

### math

the additional month of interest (note that the problem specifies 2% simple interest per month)? As a professional photographer, Marion has seen the trend away from film cameras as customers purchase low-end digital cameras and printers in order to avoid processing fees ...

### Finance301

Suppose your bank account will be worth $15,000.00 in one year. The interest rate (Discounted Rate) that the bank pays is 7%. What is the present value of your bank account today? What would the present value of the account be if the discount rate is only 4%?

### algebra

Solve the problem. Helen Weller invested $15,000 in an account that pays 12% simple interest. How much additional money must be invested in an account that pays 15% simple interest so that the total interest is equal to the interest on the two investments at the rate of 13%?

### Business math

I have a loan made april 5th, face value 8500 length 90 days, simple interest 8%, discount May 3. what is the discount?

### eco

Suppose a person pays $80 of annual interest on a loan that has a 5 percent annual interest rate. The loan amount is: A. $400. B. $1,600. C. $160. D. $85. 10. Suppose a loan customer is considering two alternative $22,000 loans. Loan 1 requires payment of $1,100 of interest ...

### math

what is the effective interest rate of a simple discount note for $2700 at a bank discount rate of 12.25%, for 36 months?

### business

In calculating the bank discount when discounting an interest-bearing note, which one of the following is not used in the calculation? A. Discount period B. Bank discount rate C. Principal proceeds B is my answer

### math

jack invested $4000 in two accounts. one pays simple interest at the rate of 5% and the other pays simple interest at the rate of 6%. if jack earned a total of $224 in interest in the first year, how much did he invest in each account?

### 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. What amount of interest did the customer pay?...

### maths

Gary can get two loan, $12,000 at 8% simple interest for 9 months or a $12000 9- month discounted loan at 7% discount. based on the actual interest paid and the true rate on the discounted loan, which of the two loan offers will Gary choose

### business finance

A man's bank has offered him a loan of $20000 payable within the year at an annual interest rate of 24%. Calculate the monthly equal payment to defray both the principal and interest payment. Prepare a loan repayment schedule segregating interest from the principal.

### Survey of mathematics

On January 5, Ebony Davis borrowed $6,500 on a simple interest loan from a lending institution to finance her catering business. She borrows the money at a rate of 8.5% with a term ending on December 9. a. Calculate Ebony's interest on the simple interest loan if she waits ...

### Urgent! Help please!

On January 5, Ebony Davis borrowed $6,500 on a simple interest loan from a lending institution to finance her catering business. She borrows the money at a rate of 8.5% with a term ending on December 9. a. Calculate Ebony's interest on the simple interest loan if she waits ...

### Survey of Mathematics

On January 5, Ebony Davis borrowed $6,500 on a simple interest loan from a lending institution to finance her catering business. She borrows the money at a rate of 8.5% with a term ending on December 9. a. Calculate Ebony's interest on the simple interest loan if she waits ...

### 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 note proceeds. Can someone help me? ...

### Algebra

Jon invested a total of $40,000 in 3 different bank accounts. One pays an annual interest rate of 3%, the second account pays 5% annual interest and the third account pays 6% annual interest. In one year, Jon earned a total of $1960 in interest from these 3 accounts. If Jon ...

### Algebra

Wanda took out a personal loan for $16,000 at 9% simple interest. How much interest will she pay after 5 years? Suppose she pays off the loan in 3 years instead of 5 years. How much money will she save in interest?

### Plz Hellp

Wanda took out a personal loan for $16,000 at 9% simple interest. How much interest will she pay after 5 years? Suppose she pays off the loan in 3 years instead of 5 years. How much money will she save in interest?

### pre calc

Formulate a system of equations for the situation below and solve. Michael Perez deposited a total of $3000 with two savings institutions. Bank A pays interest at the rate of 6%/year, whereas Bank B pays interest at the rate of 7%/year. If Michael earned a total of $194 in ...

### pre algebra 6th grade

Tara's bank account contains $250.00. She made only one deposit exactly one year ago. The bank account pays a simple interest rate of 8%. How much money did Tara deposit in the account one year ago?

### math(simple interest)

A $9,000 loan is to be repaid in three equal payments occurring 60, 180, and 300 days, respectively, after the date of the loan. Calculate the size of these payments if the interest rate on the loan is 7 1/4%. Use the loan date as the focal date.

### business math

Mike Drago took out a loan for $3,800 at the Gold Coast Bank for 280 days. If the bank uses the ordinary interest method, what rate of interest was charged if the amount of interest was $278? Round your answer to the nearest tenth of a percent.

### Promissory notes

Jack signed a 9000.00 note at fleet bank. Fleet chared a 9 1/4% discount rate. If the loan is for 200 days, find A) the proceeds and B) the effective rate charged b the bank. (to the nearest tenth percent

### algebra

Sheila Spinney borrowed $32,500 at 7.5% simple interest for 180 days on January 7. The bank later sold the note at an 8% discount on March 2. Find the proceeds to the bank.

### math

I need help calculating (a) the total installment price. (b) the carrying charges, and (c) the number of months needed to save the money at the monthly rate to buy the item below for its cash price (remember to round up). A bike with a cash price of $500, offered on the ...

### math

1.Joanne borrowed RM5000 for 180 days at a discount rateof 8 1/2 %.find the proceeds. 2.A businessman needs RM12000 for four months. What should be the size of the loan if his bank charges a discount rate of 9.5%.

### Math

Janet Foster bought a computer and printer at Computerland. The printer had a $620 list price with a $100 trade discount and 2/10, n/30 terms. The computer had a $2,200 list price with a 25% trade discount but no cash discount. On the computer, Computerland offered Janet the ...

### math

you borrow $1200 from a bank that bank charges 9.5% simple annual interest. after 15 months you pay back the loan. how much interest do you pay on the loan? what is the total amount that you pay the bank.

### math

Find the interest in dollars and the proceeds for the following problem. Choose the correct answer. Sue Shopper received a $749.25 discount loan to purchase a refrigerator. The loan was offered at 12% for 120 days. Find the interest in dollars and the proceeds for the ...

### Promissory Notes

The September 2003 issue of money stated that intrest rate have climbed to 5.99%. Nancy Martin, owner of Martins textile Manufacturing, supplied Dolan Limited with clothing worth 7353.00. The terms of sale were 180 days and 5.4% intrest. Dolan Limited took possession of the ...

### maths --plse help me..

A man has Rs 50,000.He invests some part of it in one bank @ of 11 p.c.p.a. and the remaining money in another bank @ of 9 p.c.p.a.He gets a combined simple interest of Rs 5,400(i.e the S.I of one bank + S.I of another bank = 5,400).Then find the amount of money invested in ...

### math -promissory notes

1.Joanne borrowed RM5000 for 180 days at a discount rateof 8 1/2 %.find the proceeds. 2.A businessman needs RM12000 for four months. What should be the size of the loan if his bank charges a discount rate of 9.5%.

### Math

Jim made a down payment of 1000 dollars toward the purchase of a car. To pay the balance of the purchase price, he has secured a loan from his bank at the nominal rate of 5.1 percent per year compounded monthly. Under the terms of his finance agreement, he is required to to ...

### math/Finance

Sheila Spinney borrowed $32,500 at 7.5% simple interest for 180 days on January 7. The bank later sold the note at an 8% discount on March 2. Find the proceeds to the bank. I do not know what formula to use.

### FINANCE

Many creditors of your firm offer early payment discounts. The accounts payable supervisor does not believe in paying early “as the bank overdraft rate of j12 = 8% pa is more than the average 2% offered for payment within 10 days from date of invoice”. The supervisor ...

### castor financial math

Find the interest in dollars and the proceeds for the following problem. Choose the correct answers. Tim Tele received a $380 discount loan to purchase a DVD player. The loan was offered at 18% for 60 days. Find the interest in dollars and the proceeds for the following problem.

### Fin

Midland Chemical Co is negotiating a loan from Manhattan Bank and Trust. The small chemical company needs to borrow $500,000. The bank offers a rate of 8¼ percent with a 20 percent compensating balance requirement, or as an alternative, 9¾ percent with additional fees of $5,...

### 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 customers. On day 70, Pinnacle discounted the...

### math

Suppose that a vegetable vendor pays 7% interest daily on a $10 loan. Then, suppose that this individual was able to save $0.50 per day by drinking less tea. Calculate the number of days it would take for the vendor to no longer need to borrow money in order to purchase $10 of...

### eco,

Suppose that a vegetable vendor pays 7% interest daily on a $10 loan. Then, suppose that this individual was able to save $0.50 per day by drinking less tea. Calculate the number of days it would take for the vendor to no longer need to borrow money in order to purchase $10 of...

### economics

Suppose that a vegetable vendor pays 7% interest daily on a $10 loan. Then, suppose that this individual was able to save $0.50 per day by drinking less tea. Calculate the number of days it would take for the vendor to no longer need to borrow money in order to purchase $10 of...

### Maths

Mrs Ricky borrowed $5,340 at a bank at 9.5% per annum simple interest for 5 years. (A) the sum of money paid in interest to the bank. (B) the total amount of money repaid to the bank. (C) the value of each monthly installment.

### math

Chris Shopper received a $800 discount loan to purchase a washer and dryer. The loan was offered at 10% for 120 days. What are the proceeds?

### algebra

The following note was discounted at 16%. Find (a) the discount period, (b) the discount, and (c) the proceeds. Date loan was made: March 15 Face Value: $6000 Length of Loan: 75 days Rate: 6% Date of Discount: April 5

### business math

Word Problem 11-17 Hafers, an electrical supply company, sold $3,100 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 5.50% interest. The due date was August 22. Short of funds, Hafers contacted Charter One Bank on July 13; the bank agreed to...

### Math/Finance

Which formula do I use for the following question: Sheila Spinney borrowed $32,500 at 7.5% simple interest for 180 days on January 7. The bank later sold the note at an 8% discount on March 2. Find the proceeds to the bank.

### math (SIMPLE INTEREST)

4.the amount in an account which was opened 180 days ago is RM205. iF the account was offered a simple interest of 5 percent per annum, find the original principal. 5.how long does it take a sum of money to double itself in four years ?

### Discount Notes

The September 2003 issue of money stated that intrest rates have climbed to 5.99%. Nancy Martin, owner of Martins Textile Manfacturing, Supplied Dolan Limited with clothing worth 7353.00. The Terms of sale were 180-days and 5.4% intrest. Dolan Limited took possession of the ...