Question: $7348.25 was the amount required to pay off a loan after 14 months. If the loan was at 8 % per annum simple interest,

$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?

Step by Step Solution

★★★★★

3.38 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Principal component Inter... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

711-B-A-C-I (876).docx

120 KBs Word File

Students Have Also Explored These Related Accounting 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....

$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?

Suppose that, at time t=0 (now), 225 depositors (householders) deposit $1,000 each to a fictitious bank, call it OUR Bank. The deposits have one-year maturity and the bank pays 4% annual interest...

1) A debt of RM3000 due 4 months ago and another RM5000 due in twenty months are to be settled by two equal payments, one at the end of four months and the other at the end of ten months. Find the...

Cody Andrews, a 27-year-old living in Richmond, Virginia, has been a high-school teacher for 5 years. For the past four months, he's been thinking about buying a Subaru Outback, but feels he can't...

Exercise 2: Why should an investor consider the issue of exchange rates when analysing share investments? In your answer explain what impacts a change in exchange rates might have on the performance...

Exercise 3: a) A company makes a $50 000 deposit for six months at 6.40 per cent per annum simple interest. How much interest will the company earn? 2 b) A bank accepts a $15 000 deposit to mature in...

Aaron Woods, a 27-year-old bachelor living in Richmond, Virginia, has been a high-school teacher for 5 years. For the past 4 months, hes been thinking about buying a Subaru Outback, but feels he cant...

Young Corp, a corporation that had been in existence since 2014, elected Subchapter S status on January 2, 2017. At the time of its election it had three assets. Asset #1 had been acquired in 2014...

M/s. ABC and company has appointed Mr. A for their financial operations. As first of his task, he has to calculate Intrinsic values and YTMs of preference shares and Debentures. He catered data of...

1. You expect to have $11,000 in one year. A bank is offering loans at 10% interest per year. How much can you borrow today? Today, you can borrow $______. (Round to the nearest cent.) 2. Your cousin...

The profi t of a business may be calculated by using which one of the following formulae? (A) Opening capital drawings capital introduced closing capital. (B) Closing capital drawings capital...

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

Exercise 9. (10pts) Selecting a Jury The grade appeal process at a university requires that a jury be structured by selecting five individuals ran- domly from a pool of eight students and ten...

Type 2D: You are a consultant to a firm evaluating an expansion of its current business. The cash-flow forecasts (in millions of dollars) for the project are as follows. Year 0: initial outlay of...

An oil drilling company must choose between two mutually exclusive extraction projects, and each costs $12.8 million. Under Plan A, all the oil would be extracted in 1 year, producing a cash flow at...