$850 borrowed on January 7, 2008, was repaid with interest at an annual rate of 7% on...

Question:

$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?

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

a. Analyze the effects of the following transactions on the accounting equations of the various funds and nonfund accounts of a state or local government. (For any borrowing transactions, reflect any...
Hulse Company has a line of credit with Bay Bank. Hulse can borrow up to $250,000 at any time over the course of the 2010 calendar year. The following table shows the prime rate expressed as an...
Song Company has a line of credit with State Bank. Song can borrow up to $200,000 at any time over the course of the 2012 calendar year. The following table shows the prime rate expressed as an...
What categories of conflict occurred in this project? At what stage was the project?
On January 1, 2004, the city of Nashvegas issued an 8% annual, 10-year, $10,000 bond for $11,472 (an effective yield of 6%). The bonds become due on December 31, 2013. On June 30, 2012, the city of...
Define fixed and variable wage expenses and give two examples of wage positions in each category.
One of Gold Empire Ltds four departments has reported a loss of $80000 after deducting $204000 of expenses. Assume that only $130000 of the expenses can be eliminated if the department is...
The American Bakers Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was...
Janice has been invited to appear on a home improvement show for the remodel of her summer house in Maine. Janice asks Mary to wallpaper her house in anticipation of the home improvement, and...
. Consider a closed economy that starts in equilibrium and suffers an unexpected and sus- tained demand contraction each period for 2 periods, i.e. the IS curve progressively shifts inwards each...
How much interest accrued from November 30, 2010, to March 4, 2011, on a $7350 loan at 7.5%?
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?
Clint, a self-employed engineering consultant, is contemplating purchasing an old building for renovation. After the work is completed, Clint plans to rent out two thirds of the floor space to...
An employee with $200,000 compensation participates in her companys SIMPLE 401 (k) plan. If the employee elects to contribute the maximum allowable amount into the plan what amount should she...
Frederick Confectioner does business in multiple states, including one state that uses the UDITPA formula to apportion income. If the companys taxable income is $3,500,000, its property factor in the...
Elbert Manufacturing, Inc. does business in two states. Each state uses the single- factor sales formula to apportion income. State 1 imposes a 5% tax on income, and State 2 imposes an 8% tax on...
Welch Manufacturing has $5,000,000 of taxable income. One of the states in which it does business is Kentucky, which uses the three-factor formula with a double-weighted sales factor to apportion...
In the current year, a beneficiary receives a distribution from a 529 Savings Plan in the amount of $50,000. $12,000 of the $50,000 represents distributed earnings. If the beneficiary's qualified...
Once again, in an hour, Ken can wash 2 cars or mow 1 lawn, and Ron can wash 3 cars or mow 1 lawn. Who has the comparative advantage in car washing, and who has the comparative advantage in lawn...
As long as we can't lose any money, we have a risk-free investment." Discuss this comment. Q2: Both investing and gambling can be defined as "undertaking risk in order to earn a profit." Explain how...
A $100,000, 168-day Government of Canada Treasury bill was purchased on its date of issue to yield 2.1%. a. What price did the investor pay? b. Calculate the market value of the T-bill 85 days later...
An investor has determined that she is willing to pay $1951.62 today for an investment that will pay $2000 in seven months from now. What market rate of return has the investor used to determine the...
The maximum amount an individual can contribute to her Registered Retirement Savings Plan (RRSP) for a year is set from time to time by the regulations of the Income Tax Act. For the year 2020, the...
What is thread affinity, and how does it influence performance in multi-core systems? What tools or techniques are available for tuning thread affinity ?
Management of Mittel Company wants to reduce the elapsed time from when a customer places an order to when it is shipped. It provided the following data for a recent quarter: Inspection time Wait...
For a language L over alphabet , we define L = {xz *y * with |x| = |y| = |2| such that ryz L}. For example, if L = {a, to, cat, math, solve, theory}, then L = {ct,thry}. Prove that if L is regular,...

$850 borrowed on January 7, 2008, was repaid with interest at an annual rate of 7% on...

Question:

Step by Step Answer:

Number of days July ...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions