$7348 25 was the amount required to pay off a loan after 14 months If the loan was at 8 per annum simple interest, how much of the total was interest ...

$7348.25 was the amount required to pay off a loan after 14 months. If the loan was...

Question:

$7348.25 was the amount required to pay off a loan after 14 months. If the loan was at 8 ¼ % per annum simple interest, how much of the total was interest?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

See More Books

Question Posted: Jan 20, 2016 07:09 AM

See More Questions

What was the interest rate on a $1750 loan, if the amount required to pay off the loan after five months was $1828.02?
The amount required to pay off a $3500 loan at 8.4% was $3646.60. What was the term (in days) of the loan?
Bakersfield Ball Boys Limited (BBB) operates a Canadian professional baseball club, the Bakersfield Ball Boys, that won the Canadian Baseball League title in October Year 10. BBB is 30% owned by Mr....
Sung Corporation, a clothing retailer, engaged in the transactions listed in the first column of the table below. Opposite each transaction is a ratio and space to mark the effect of each transaction...
Fund-Journal Entries The town of Aberdeen authorized a fire station to be built at an estimated cost of $150,000. On January 1, 2012, 6% bonds with a par value of $150,000 were authorized and issued....
Level curves are shown for a function f. Determine whether the following partial derivatives are positive or negative at the point P. (a) fx (b) f y (c) f xx (d) f xy (e) f yy 10 8 6
Relate multiplicity, aggregation, and generalization to designing user interface classes. Provide examples.
Discussion Problem: The Margo Manufacturing Company is performing an annual evaluation of one of its suppliers, the Mimi Company. Bo, purchasing manager of the Margo Manufacturing Company, has...
If you deposit $5,000 at the end of each of the next 20 years into an account paying 10.8 percent interest, how much money will you have in the account in 20 years? How much will you have if you make...
BACKGROUND: Blue Ridge Manufacturing is one of a dozen companies that produces and sells towels for the U.S. "sports towel" market. A "sports towel" is a towel that has the promotion of an event or a...
The balance after, 11 months, including interest, on a loan at 9.9% is $ 15,379.58. What are the principal and interest components of the balance?
A $2875.40 investment grew to $3000 after eight months. What annual rate of simple interest did it earn?
The accompanying data file contains monthly data on housing starts (in 1,000s) in the U.S. For cross-validation, let the training and the validation sets comprise the period from Jan-11 to Dec-16 and...
Perform the experiments in Problems 48-51, tally your results, and calculate the probabilities (to the nearest hundredth). Toss a coin 100 times. Make sure that, each time the coin is flipped, it...
Calculate the expectation (to the nearest cent) for the Reader's Digest sweepstakes described. Assume there are 197,000,000 entries. $10,500,000.00 ENTRY DOCUMENT SWEEPSTAKES Official Disclosure of...
Suppose you and an opponent each pick one of the spinners shown here. A "win" means spinning a higher number. Construct a sample space to answer each question, and tell which of the two spinners...
Use estimation to select the best response in Problems 7-12. Do not calculate. If your expected value when playing a $\$ 1$ game of roulette is $-\$ 0.05$, then after playing the game 100 times...
Suppose you and an opponent each pick one of the spinners shown here. A "win" means spinning a higher number. Construct a sample space to answer each question, and tell which of the two spinners...
Evaluate the integral. (/2 sin x cos y dx
On April 29, 2015, Auk Corporation acquires 100% of the outstanding stock of Amazon Corporation (E & P of $750,000) for $1.2 million. Amazon has assets with a fair market value of $1.4 million (basis...
Evaluate each of the following. (12 2) (5 + 2 2 ) 0
Evaluate each of the following. 0 + 3 3 (3 2 + 10)
Express each of the following first as a decimal and then as a percent. Round your answers to two decimal places where rounding is needed. 2 1 / 3
During the fall season, a retailer determined that in order to meet the next season's planned sales, the total amount of merchandise required next season was $360,000 at retail, with an initial...
Explore the role of collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs) in securitizing and tranched collateralized credit exposures. How do structured finance vehicles,...
The faculty members from a local school voted to determine the winner of the "Student of the Year" award. The candidates were Ivanna, Tony, and Michael. The voting ballots are summarized in the...

$7348.25 was the amount required to pay off a loan after 14 months. If the loan was...

Question:

Step by Step Answer:

Principal component Inter...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions