The interest rate on $27,000 borrowed on October 16, 2011, was 8.7%. How much interest was owed

Question:

The interest rate on $27,000 borrowed on October 16, 2011, was 8.7%. How much interest was owed on the April 15, 2012, repayment date?

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 07:08 AM

See More Questions

Use the original schedule of cash receipts completed in Exercise E22-26, Requirement 1, and the schedule of cash payments completed in Exercise E22-27 to complete a cash budget for Marcel Company for...
The Eldorado Corporation's controller prepares adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December 31, 2011: Additional information: 1. The...
1. Which of the following is true with respect to bankruptcy? a. Per the federal bankruptcy code, a municipality can be declared bankrupt but not insolvent. b. Several major cities have avoided...
Good Morning Food, Inc. is using the profitability index (PI) when evaluating projects. You have to find the PI for the company's project, assuming the company's cost of capital is 14.29 percent. The...
Financial Statements Circus City issued an 8%, 10-year $2,000,000 bond to build a monorail mass transit system. The city received $1,754,217 cash from the bond issuance on January 1, 2012. The bond...
Find a polar equation for the curve represented by the given Cartesian equation. y = x
Define dynamic object types. Besides the example in this chapter, can you think of other situations where we would encounter them?
Each hour from 10 A.M. to 7 P.M., a bank receives checks and must process them. Its goal is to process all checks the same day they are received. The bank has 13 check processing machines, each of...
Describe five common fees assessed on credit card accounts and how they can be avoided. What is the major benefit of having a credit card with a grace period?
1. Data on the amount of the customers' shopping by using an account card and whether they decided to upgrade their account from silver status to platinum status after receiving the upgrade offer is...
$850 borrowed on January 7, 2008, was repaid with interest at an annual rate of 7% on July 1, 2008. What was the amount of interest?
A $14,400 loan taken out on May 21, 2010, was repaid with interest at 11 % per annum on July 19, 2011. How much interest was paid?
Let X = {M,w| M is a single-tape TM that never modifies the portion of the tape that contains the input w}. Is X decidable? Prove your answer.
Assume that a dart is randomly thrown at the dartboard shown here and strikes the board every time. The payoffs are listed on the board. How much should you be willing to pay for the opportunity to...
In Problems 13-24, suppose a die is rolled twice and let \[\begin{array}{ll}A=\{\text { first toss is a prime }\} & B=\{\text { first toss is a } 3\} \\C=\{\text { second toss is a } 2\} & D=\{\text...
Name the move or moves that will return the Rubik's cube to standard position after making the move shown in Problems 38-51. $L^{-1}$
Suppose it is certain that an earthquake will occur someday. What is the probability (to the nearest percent) that it will occur while you are at school? Assume you are at school 5 hours per day, 174...
True or false? In roulette, if you bet on black, the probability of winning is $\frac{1}{2}$ because there are equal numbers of black and red spots. Explain.
Evaluate the integral. 1-y J-1-y (x + y) dx
Don Griffin worked as an accountant at a local accounting firm for five years after graduating from university. Recently, he opened his own accounting practice, which he operates as a corporation....
The label on a single-serving can of soup states that it contains 35% of an adults daily sodium intake. If the maximum recommended sodium intake is 2300 mg, how many grams of sodium need to be...
Evaluate each of the following, accurate to the nearest cent or two decimal places. $ 45 [ 1 1 (1 + 0.0837 2) 4 ] 0.0837 2 + $ 1000 (1 + 0.0837 2) 4
Evaluate each of the following, accurate to the nearest cent or two decimal places. $ 9500 (1 + 0.075 4) 5 1 0.075 4
Based on the introductory in Public Finance, what do you think must be the main role of the government in our individual lives? Any references will do, as long as the answer is related to question...
Apercu Industries borrowed $92,350 for 200 days at 15% simple interest. Find the total interest they will pay (a) using bankers' rule and (b) using the exact method.
On January 4th, Mark went to the hospital to have an appendectomy. His deductible is $2,500 and since it is the beginning of the year, he has not contributed anything to the deductible yet. The total...

The interest rate on $27,000 borrowed on October 16, 2011, was 8.7%. How much interest was owed

Question:

Step by Step Answer:

Number of days April 15 2012 Octob...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions