A loan of $3,000 was made for 210 days. If ordinary interest is $218.75, find the rate.

Question:

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

Step by Step Answer:

Related Book For book-img-for-question

Business Math

ISBN: 978-0133011203

10th edition

Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble

See More Books

Question Posted: Mar 11, 2016 01:48 AM

See More Questions

Malinda Levi borrows $12,000 on a 9.5%, 90-day note. On the 30th day, Malinda pays $4,000 on the note. If ordinary interest is applied, what is Malinda's adjusted principal after the partial payment?...
Find the discount (ordinary interest) and proceeds on a promissory note for $2,000 made by Barbara Jones on February 10, 2011, and payable to First State Bank on August 10, 2011, with a discount rate...
A loan of $8,900 at 7.75% annually is made on September 10 and due on December 10. Find (a) The exact interest (b) The ordinary interest. Round answers to the nearest cent.
How many objects are eligible for garbage collection at the end of the main() method? A. None. B. One. C. Two. D. Three. E. The code does not compile. F. None of the above. package store; public...
Kelli Droyer is currently pursuing her accounting degree at Bromfeld University. She has excelled in each of her major courses to date; however, she tends to struggle in her computer classes and with...
Wheeler Company purchased $4,000,000 of Duggen Companys 8% bonds, due on July 1, 2019. The bonds, which pay interest semiannually on January 1 and July 1, were purchased for $3,500,000 to yield 10%....
Use the closeness ratings before the activity (CloseBefore) to estimate the mean closeness rating one person would assign to others in a group. Use data from a study designed to examine the effect of...
Items from the 2015 income statement, statement of retained earnings, and balance sheet of Activision Blizzard, Inc., are listed below in alphabetical order. Solve for the missing amounts, and...
Adhering to social, business and ethical standards is important for a business to both develop and secure positive referrer relationships. For a Finance Broker, these standards could be acting in the...
A 95% confidence interval for the proportion of viewers of a certain reality television show who are over 30 is (0.26, 0.35). Suppose the show's producers want to test the hypothesis Ho P = 0.25...
Jackson Manufacturing holds a 150-day note of $10,000 that has an interest rate of 7% annually. After 90 days, the note is sold to a bank at a discount rate of 6% annually. Find the proceeds on the...
Find the exact time from October 12 to March 28 of the following year (a leap year).
How low must a quota be in effect to have an impact? Using a demand-and-supply diagram, illustrate and explain the net welfare loss from imposing such a quota. Under what circumstances would the net...
What ethical considerations arise when examining the enforcement and perpetuation of social norms, particularly in cases where norms may conflict with principles of human rights, justice, or...
what ways does Functionalism critique conflict-based theories of social dynamics, emphasizing cooperation and consensus as fundamental principles underlying social order and stability?
An object has a position given by T 2.00 s? = [2.0 m (5.00 m/s)t] + [3.0m (3.00 m/s)+2], where quantities are in SI units. What is the speed of the object at time t =
What are the implications of Functionalism for social policy and governance, particularly in terms of fostering social cohesion, enhancing institutional efficacy, and promoting the well-being of...
12. What is the output of the code given below? int main() { for (int i = 0; i < 3; ++i) { } printf("%d", i); printf("%d", i); return 0; }
How could these social mediadriven issues be prevented? Are there steps that you, as a manager, could take that would prevent these issues from happening in the first place?
Prove the following D,(cos x) = - sin x (Hint: Apply the identity cos(A + B) = cos A cos B sin A sin B)
Columbia Trust wants its annually, semiannually, and monthly compounded five-year GICs all to have an effective interest rate of 5.75%. What nominal annual rates should it quote for the three...
Belleville Credit Union has established interest rates on its three-year GICs so that the effective rate of interest is 7% on all three compounding options. What are the monthly, semiannually, and...
Anders discovered an old pay statement from 11 years ago. His monthly salary at the time was $2550 versus his current salary of $4475 per month. At what (equivalent) compound annual rate has his...
Start Access. Open the downloaded Access file named Exp19_Access_Ch03_ML1_Small_Business_Loans.accdb . Grader has automatically added your last name to the beginning of the filename. Note this file...
Commercial law in Canada list the questions should ask for this case: EMPLOYMENT Holm V. Agat Laboratories Ltd Bailey Gakhal, Brandon Longstreet, Colton Yaremko, Levi Johnson, & Nyah Foote October...
What are the underlying molecular processes that govern the remarkable adaptability of prokaryotes to extreme environments, such as those characterized by high temperatures, acidity, or salinity?

A loan of $3,000 was made for 210 days. If ordinary interest is $218.75, find the rate.

Question:

Step by Step Answer:

R I PT 21875 ...View the full answer

Business Math

Students also viewed these Finance questions