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Business Math Homework 10
Complete the
following, using ordinary interest. (Use Days in a year table.)
(Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.)  Solve for the missing item in the following.  On May 3, 2014, Leven Corp. negotiated a short-term loan of $780,000. The loan is due October 1, 2014, and carries a 6.20% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Maturity value $ 800,284.33  Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 9.60% simple interest on the unpaid taxes of $4,400. Calculate the penalty. (Remember that the government uses exact interest.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Penalty $ 239.55  On September 14, Jennifer Rick went to Park Bank to borrow $1,800 at 7% interest. Jennifer plans to repay the loan on January 27. Steven Linden met Jennifer Rick at Park Bank and suggested she consider the loan on exact interest. Calculate the loan for Jennifer under this assumption. (Use Days in a year table.) (Round your answers to the nearest cent.) Loan payoff using exact interest method $ 1,846.60  Lane French had a bad credit rating and went to a local cash center. He took out a $100.00 loan payable in two weeks at $108.00. What is the percent of interest paid on this loan? (Do not round intermediate calculations. Round your answer to the nearest whole percent.) Percentage of Interest 208 % Joanne and Ed Greenwood built a new barn with an attached arena. To finance the loan, they paid $1,339 interest on $49,700 at 4%. What was the time, using exact interest? (Do not round intermediate calculations. Round up your answer to the nearest day.) Time 246 days Evander Holyfield (known as the man who had part of his ear bit off by Mike Tyson) made $270 million during his boxing career, but declared bankruptcy due to poor financial choices. His July interest at 18% was $310. What was Evander’s principal at the beginning of July? (Use 360 days a year. Do not round intermediate calculations.) Principal $ 20,000 Max Wholesaler borrowed $3,500 on a 9%, 120-day note. After 45 days, Max paid $1,225 on the note. Thirty days later, Max paid an additional $1,050. Use ordinary interest. a. Determine the total interest using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Total interest amount $ 71.15 b. Determine the ending balance due using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Ending balance due 1,296.15 3,500 x 9% x 45 / 360 = 39.38 3,500 + 39.38 - 1,225 = 2,314.38 2,314.38 x 9% x 30/360 = 17.36 2,314.38 + 17.36 - 1,050 = 1,281.73 1,281.73 x 9% x 45 / 360 = 14.42 39.38 + 17.36 + 14.42 = 71.15 1,281.73 + 14.42 = 1,296.15 Diane Van Os decided to buy a used snowmobile since her credit union was offering such low interest rates. She borrowed $2,700 at 3.5% on December 26, 2013, and paid it off February 21, 2015. How much did she pay in interest? (Assume ordinary interest.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Interest paid $110.78. On April 5, 2015, Janeen Camoct took out an 812% loan for $20,000. The loan is due March 9, 2016. Use ordinary interest to calculate the interest. What total amount will Janeen pay on March 9, 2016? (Ignore leap year.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Maturity value $21,596.11 Joey Logano won the 57th Daytona 500 in February 2015. If he paid back a $6,800 loan with $20 interest at 7.5%, what was the time of the loan? (Round days up. Do not round intermediate calculations. Use 360 days a year.) Time of the loan 15 days On April 5, 2015, Janeen Camoct took out an 812% loan for $20,000. The loan is due March 9, 2016. Janeen's terms are ordinary interest. Sabrina Bowers took out the same loan as Janeen. Sabrina's terms, however, are exact interest. (Use Days in a year table.) a. What is Sabrina's difference in interest? (Do not round intermediate calculations. Round your answer to the nearest cent.) b. What will she pay on March 9, 2016? (Ignore leap year.) (Round your answer to the nearest cent.) a. Difference $21.86 b. Amount $21,574.25 Homework Chapter 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Need A Tutor? Need Homework Help?
Lane French
had a bad credit rating and went to a local cash center. He took out a
$100 loan payable in two weeks at $115.
What is the percent of interest paid on this loan? (Do not round intermediate calculations. Round your answer to the nearest whole percent.) Percentage of interest 390% Lucky Champ owes $191.25 interest on a 6% loan he took out on his March 17 birthday to upgrade an oven in his Irish restaurant, Lucky's Pub and Grub. The loan is due on August 17. What is the principal? (Use Days in a year table.) (Use 360 days a year. Do not round intermediate calculations.) Principal $7,500 On September 14, Jennifer Rick went to Park Bank to borrow $2,500 at 1134% interest. Jennifer plans to repay the loan on January 27. Steven Linden met Jennifer Rick at Park Bank and suggested she consider the loan on exact interest. Calculate the loan for Jennifer under this assumption. (Use Days in a year table.) (Round your answers to the nearest cent.) Loan payoff using exact interest method $2608.65. On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? (Do not round intermediate calculations. Round your answer to the nearest cent.) b. What is the total amount Jody must repay at maturity? (Do not round intermediate calculations. Round your answer to the nearest cent.) a. Interest $78.78 b. Maturity value $2378.78 Carol Miller went to Europe and forgot to pay her $740 mortgage payment on her New Hampshire ski house. For her 59 days overdue on her payment, the bank charged her a penalty of $15. What was the rate of interest charged by the bank? (Use 360 days a year. Do not round your intermediate calculations) (Round your answer to the nearest hundredth percent.) Rate of interest 12.37% On May 3, 2014, Leven Corp. negotiated a short-term loan of $685,000. The loan is due October 1, 2014, and carries a 6.86% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Maturity value $704,710.11 Gordon Rosel went to his bank to find out how long it will take for $1,200 to amount to $1,650 at 8% simple interest. Calculate the number of years. (Round time in years to the nearest tenth.) Number of years 4.7 Shawn Bixby borrowed $17,000 on a 120-day, 12% note. After 65 days, Shawn paid $2,000 on the note. On day 89, Shawn paid an additional $4,000. Use ordinary interest. a. Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) b. Determine the ending balance due use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) a. Total interest $610.02 b. Ending balance due $11,610.02 Joanne and Ed Greenwood built a new barn with an attached arena. To finance the loan, they paid $1,307 interest on $45,000 at 4.0%. What was the time, using exact interest? (Do not round intermediate calculations. Round up your answer to the nearest day.) Time days 266 Andres Michael bought a new boat. He took out a loan for $24,500 at 4.5% interest for 2 years. He made a $4,500 partial payment at 2 months and another partial payment of $3,000 at 6 months. How much is due at maturity? (Do not round intermediate calculations. Round your answers to the nearest cent.) Maturity value $18,666.85 Evander Holyfield (known as the man who had part of his ear bit off by Mike Tyson) made $250 million during his boxing career, but declared bankruptcy due to poor financial choices. His July interest at 15% was $155. What was Evander's principal at the beginning of July? (Use 360 days a year. Do not round intermediate calculations.) Principal $11,999.69 Debbie McAdams paid 8% interest on a $12,500 loan balance. Jan Burke paid $5,000 interest on a $62,500 loan. Based on 1 year: a. What was the amount of interest paid by Debbie? b. What was the interest rate paid by Jan? c. Debbie and Jan are both in the 28% tax bracket. Since the interest is deductible, how much would Debbie and Jan each save in taxes? a. Interest paid by Debbie $1000 b. Interest paid by Jan 8% c. Saves in taxes: Debbie $280, Jan $1400 Janet Foster bought a computer and printer at Computerland. The printer had a $600 list price with a $100 trade discount and 2/10, n/30 terms. The computer had a $1,600 list price with a 25% trade discount but no cash discount. On the computer, Computerland offered Janet the choice of (1) paying $50 per month for 17 months with the 18th payment paying the remainder of the balance or (2) paying 8% interest for 18 months in equal payments. a. Assume Janet could borrow the money for the printer at 8% to take advantage of the cash discount. How much would Janet save? (Use 360 days a year.) b. On the computer, what is the difference in the final payment between choices 1 and 2? (Round your answer to the nearest cent.) a. Janet's savings $7.82 b. Difference final payment $275.33 |
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