1.What is the effective interest rate of a simple discount note for $4,500 at a bank discount rate of 14% for 24 months? (Round to the nearest tenth percent.) A. 14.0% B. 19.4%     C. 28.0% D. 38.9%

Q: If you sign a discount note for $5,500 at a bank discount rate of 9% for 3 months, what is the…

A: Effective interest rate is the amount of money saved on an investment when compounding concept is…

Q: If you sign a discount note for $7,500 at a bank discount rate of 9% for 9 months, what is the…

A: Effective Annual Rate: The effective annual rate of interest is the actual or the real rate of…

Q: i need help working out these problems. Can you please explain in detail?   Warren Ford borrowed…

A: Face value is $15,600 Bank discount rate is 4.50% Time period is 60 days

Q: 2. A bank offers a 272 - day discounted loan at a simple discount rate of 12%. (a) How much money…

A: Solution Concept Simple interest rate is the rate that does not have the effect of compounding To…

Q: The bank states they will charge you annual interest of 20% APR and interest is calculated…

A: The real interest that an investor earns on the investment and a borrower pays on loan after…

Q: If you sign a discount note for $4,400 at a bank discount rate of 8%, for 90 days, what is the…

A: Effective annual rate is defined as the actual rate that is earned on the investment. It shows the…

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: compute the proceeds that R receives on note: Bank discount=MV×Bank discount rate×Discount…

Q: I'm not sure what I'm doing wrong here. Please help me.   Warren Ford borrowed $15,000 on a…

A: Maturity Value = $15,000 Because, Note is a Discount note so maturity value will be the par value…

Q: 1. A bank is offering to sell certificates of deposit valued at $ 5,000.00. At the end of 3 years,…

A: Solution:- Given, A Bank Deposited Value = $5,000 At the end of 3 years = $5,310 Interest for 3…

Q: Prepare the following calculations. principle on a note is $ 4,000, interest rate is 5%, time is 2…

A: 1. Interest = Principle x Interest rate x Time in Years = $4000 x 5% x 2 = $400 2. Interest =…

Q: First National Bank offers two-year CDs at 9.16% compounded daily, and Citywide Savings offers…

A: First National Bank   r=9.16% compounded daily n= 365   Annual yield formula  is…

Q: The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given…

A: Interest rate = 10.5% Initial balance = $150  Number of days = 1-3 is 3 days Number of days = 4-20…

Q: What is the outstanding balance of the loan after the 2nd year

A: Compound interest is the amount of interest charged on interest. In this method the interest…

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: Frist we need to calculate the bank discount by using this equation  Bank discount =Maturity…

Q: Use the ordinary interest method, 360 days, to solve the fol problem. Round to the nearest cent when…

A: Interest amount on promissory note = note value (principal) x rate x time /100

Q: The First Bank of Lending lists the following APR for loans. Determine the APY, or effective…

A: APR is the annual rate of interest which is charged on a loan. The borrower needs to make loan…

Q: A credit is paid as follows: a down payment corresponding to 30% of the value of the credit, 16…

A: Fist we need to calculate present value of all payments starting at 3 months after by using annuity…

Q: The bank is offering to sell 6-month certificates of deposit for $9800. At the end of 6 months, the…

A: Certificate of deposits are issued by the banks at discount and that discount is interest rate on…

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: The promissory note is a legal instrument that is written by one party to another by making a…

Q: If you sign a discount note for $2500 at a bank discount rate of 7% for 3 months what is the…

A: The rate that is actually earned on an investment is called the effective interest rate. It is also…

Q: The bank statement opposite shows transactions over a one-month period for a savings account that…

A: Interest on savings account is calculated on daily balance in the account.

Q: An amount of P14,000 is borrowed at a discount rate of 10%, find the proceeds if the length of the…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: In a discount interest loan, you pay the interest payment up front. For example, if a 1-year loan is…

A: Given: Interest rate = 8.50% Amount borrowed = $42,000 Interest amount = $3,570 Net loan = $38,430

Q: Assume that a bank has lent a firm a P 200,000 for 60 days at 10% interest. The loan is discounted,…

A: Principal amount (P) = P 200,000 Interest for 60 days (I) = P200,000 x 10% x 60/360 days = P3,333…

Q: The face value of a simple interest note and bank discount note is $8,000each. Assume both notes…

A: “Hey, since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: A bank pays 6% interest, compounded semiannuall formula to find how much should be deposited (in $…

A: Given, Interest rate = 6% or 0.06 Annual payment (A) = $700 Number of years = 16 years

Q: A bank charges an interest rate of interest is 6% compounded annually. A customer takes a loan of…

A: In order to find the outstanding balance one has to deduct the payment from the loan amount.

Q: What is the effective interest rate of a simple discount note for $31,200, at an ordinary bank…

A: Introduction: The effective interest rate is the loan usage rate that a borrower pays. It is also…

Q: A certificate of deposit (CD) is an agreement between a bank and a saver in which the bank…

A: formula for annual yield: AY=1+rnn-1where,r =rate n =frequency of compounding

Q: 1. A bank loan of Php1,900 is discounted at 11 % . If the loan is due in 120 days, how much is the…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

Q: Straight bank loan. Left Bank has a standing rate of 7.9% (APR) for all bank loans and requires…

A: As you have posted multiple questions, we will solve the first question for you. To get remaining…

Q: At a payday lending company, a loan of $500 will accrue interest as follows: Loan Duration Interest…

A: We have to calculate the annual simple interest rate in the first case, when principal and the…

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: Given, Simple discount amount = $28,500 Discount rate = 13% Note was made for = 116 days

Q: Paul and Sandy Moede signed an $7,500 note at Citizen’s Bank. Citizen’s charges a 5.4% discount…

A: a) Bank discount on the loan or maturity value of $7,500 with a rate of 5.4% and time of 270 days is…

Q: Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $50,000 6 months…

A: "Hi, Thanks for the Question. since, you asked multiple sub parts question, we will answer first…

Q: Jack Abrams borrowed $8,000 for nine months at an interest rate of 7% (simple interest). The bank…

A: Actual interest rate is computed below:

Q: Jeff Rakhnovich has a simple discount note for $35,000 at an ordinary bank discount rate of 7%, for…

A: Annual Percentage Rate (APR) is the rate at which total amount of interest is paid.

Q: A bank charges a 12% bank discount on short-term loans. A borrower needs GH¢2000 cash to be repaid…

A:

Q: A 120-day, 10% interest-bearing note receivable is sold to a bank with recourse after being held for…

A: It is the document that acts as a written promise for a certain payment.

Q: You want to lend $10,000 as a bank deposit in a private bank with an interest rate 3% per month. You…

A: Amount lend as deposit - $10,000 Interest rate - 3% per month Period - 6 months

Q: The face value of a simple discount note is $17,000. The discount is 4% for 160 days. Calculate the…

A: Given information in question Simple discount note is $17,000 Discount is 4% for 160 days Purchase…

Q: A note with a face value of BD 2,600 will mature after 3 Years from today is sold to a bank that…

A: Given information is: Face value of Note = BD 2600 Period = 3 years Compound interest rate = 6% Bank…

Q: 1. A bank charges 1.5% per month on a loan. Find the equivalent nominal rate of interest. 2. A…

A: As you have asked multiple questions, we will solve the first question as per Bartleby policy.…

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Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.