How much interest will you pay on a debt of $7500 if you are paying the loan
Question:
How much interest will you pay on a debt of $7500 if you are paying the loan off in 13 months? Your loan rate is 6.375%.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 42% (7 reviews)
This is a simple interest problem Solve the interest using the for...View the full answer
Answered By
Joemar Canciller
I teach mathematics to students because I love to share what I have in this field.
I also want to see the students to love math and be fearless in this field.
I've been tutoring these past 2 years and I would like to continue what I've been doing.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Contemporary Business Mathematics With Canadian Applications
ISBN: 9780135285015
12th Edition
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
Question Posted:
Students also viewed these Mathematics questions
-
Furniture to Go is offering new customers an opportunity to defer their furniture purchase payments for 3 months before their first payment is due. You purchased furniture costing $8,000 and want to...
-
Finding the time necessary until you pay off a loan is simple if you make equal payments each month. However, when paying off credit cards many individuals only make the minimum monthly payment,...
-
1. The actual interest rate you pay to a lender, as opposed to what the lender is required to quote to you, is referred to as which one of the following? A. Compound rate B. Annual percentage rate C....
-
A vessel is in the form of an inverted cone. Its height is 8 cm and the radius of its top, which is open, is 5 cm. It is filled with water up to the brim. When lead shots, each of which is a sphere...
-
How do biotic potential and/or carrying capacity produce the J-shaped and S-shaped population growth curves?
-
Consider the data in the table below: a. Calculate the Solow residual for each year from 2004 to 2014. b. Calculate percentage rates of growth in output, capital, employment, and total factor...
-
A four stroke petrol engine has a stroke volume of 5.7 litres. Its mean effective pressure is 600 \(\mathrm{kN} / \mathrm{m}^{2}\) and r.p.m. is 800 . Find the indicated power of the engine.
-
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2020, John worked as a computer technician at a local university earning a salary of $152,000, and...
-
Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations:...
-
Your sister has just won $300,000 (taxfree) in the state lottery. Shes decided to quit her job and devote herself to writing novels for the next ten years, using her lottery winnings to support...
-
Pierre registers for a business conference today during an early-bird sale for $449, instead of paying the full price of $499 five months from now. Had he not registered today, he would have invested...
-
What rate of interest is required for $740.48 to earn $42.49 interest from September 9, 2022, to March 4, 2023?
-
How does a decrease in U.S. interest rates affect the EU/U.S. exchange rate?
-
If the indirect method is used to calculate the intrinsic value of a company's equity. How to compare the intrinsic value per share and the value per share?
-
For an option trading in the money, what is the likely impact on e binomial option price as the number of binomial steps is increased?
-
Identify and compare the three methods of ethical reasoning. Discuss the practical guidelines for ethical analysis.
-
Identify which issues are the most important to come to grips with (that is if you do not get a positive answer, you would not go forward with this investment? How would you go about getting the...
-
Is there any data that you need to search and is not included in the case? Are there different, alternatives or actions to take with their pros and cons to tackle the case study problem? Explain...
-
Refer to the information in Problem 16-1A. Required Prepare the cash flows from operating activities section only of the company's 2017 statement of cash flows using the direct method. LANSING...
-
Doorharmony Company makes doorbells. It has a weighted- average cost of capital of 5% and total assets of $ 5,900,000. Doorharmony has current liabilities of $ 750,000. Its operating income for the...
-
A $100 000, 13% bond with semi-annual interest payments redeemable at par on July 15, 2022, is bought on September 10, 2015, at 102.625. What was the approximate yield rate?
-
A $25 000, 6% bond with semi-annual coupons redeemable at par in 20 years is purchased to yield 8% compounded semi-annually. Determine the gain or loss if the bond is sold 7 years after the date of...
-
A $10 000, 12% bond with semi-annual coupons redeemable at par on December 1, 2024, was purchased on July 20, 2013, at 93.875. Compute the approximate yield rate.
-
Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. On January 1 , the start of the current...
-
On April 1, 2021, Windsor, Inc. purchased $615,000 of 6% bonds for $639,225 plus accrued interest as an available-for-sale security. Interest is paid on July 1 and January 1 and the bonds mature on...
-
Use the graphical method for linear programming to find the optimal solution for the following problem. Minimize C=3x+15y subject to 2x + 4y 12 5x + 2y 10 and x 0, y 0.
Study smarter with the SolutionInn App