Bruce borrowed $6000 from Darryl on November 23. When Bruce repaid the loan, Darryl charged $203.22 interest.

Question:

Bruce borrowed $6000 from Darryl on November 23. When Bruce repaid the loan, Darryl charged $203.22 interest. If the rate of simple interest on the loan was 10 ¾ %, on what date did Bruce repay the loan? Assume that February has 28 days.

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 07:07 AM

See More Questions

On November 23, 2013, Radon Mines Company acquired new machinery by trading in old machinery and paying $23,000 cash plus another $15,000 borrowed from the bank at 8%. The new machinery's estimated...
Maurice borrowed $6000 from Heidi on April 23 and agreed to make payments of $2000 on June 1 and $2000 on August 1, and to pay the balance on October 1. If simple interest at the rate of 10% was...
On November 17, 2008, Ur Airways entered into a commitment to purchase 4,000 barrels of aviation fuel for $180,000 on March 23, 2009. Ur entered into this purchase commitment to protect itself...
Figure shows a hypothetical speed distribution for particles of a certain gas: P(v) = Cv2 for 0 v0. Find (a) An expression for C in terms of v0, (b) The average speed of the particles, and (c) Their...
What capital assets (if any) of ONNOs need not be depreciated?
Name the four types of percentage used in financial analysis. Give examples.
Platinum Status Ltd uses an annual flexible budget based on standard direct machine hours for the following factory overhead items. Required (a) Why is a flexible budget performance report a better...
The March 4, 2010, edition of the Wall Street Journal Online contains an article by Jeffrey McCracken and Tom McGinty entitled With Fistfuls of Cash, Firms on Hunt. Instructions Read the article and...
What is the importance of a comprehensive root cause analysis (RCA) following a safety incident or near-miss? How do RCA techniques contribute to continuous improvement and the prevention of future...
A fitness enthusiast is trying to strengthen his calf muscles. He uses the exercise machine below. His heels apply a force to the padded bar. This lifts the heavy weights. a. The centre of mass of...
Sergon has $5000 to invest for six months. The rates offered on three-month and six-month term deposits at his bank are 5.5% and 5.8%, respectively. He is trying to choose between the six-month term...
Montel loaned $6800 to a friend for 13 months at an annual rate of 7.7% simple interest. How much interest did the borrower owe?
Recently Vickie Maher was interested in purchasing a Honda Acura. The salesperson indicated that the price of the car was either $27,000 cash or $6,900 at the end of each of 5 years. Compute the...
Adjustments due to a change in accounting method do not include which of the following: a. Taken into account in the year of change b. Spread over four years starting with the year of change c....
Jessica sold an apartment building, in which she had a $400,000 adjusted basis, for $1,100,000. The buyer paid $150,000 down, assumed Jessica's mortgage, and signed an installment obligation with a...
Assume the same facts as the problem above except the selling price is $180,000 and Joe will collect $90,000 in 2018 and 2019. a. What is Joe's recognized gain in 2018 and 2019? b. Go to irs.gov and...
Joe England sold equipment on May 10, 2018 for $100,000. He bought the equipment on November 7, 2016 for $140,000, and accumulated depreciation at the date of sale was $60,000. Joe collected $50,000...
In 2019, Chris sold a painting to Bernie for $40,000. Chris received $10,000 in 2019 and will receive $30,000 in 2020. Chris bought the painting in 2015 for $15,000. Bernie did not pay Chris $30,000...
What problems may occur by following Roberts approach?
Wal-Mart is the second largest retailer in the world. The data file on the disk holds monthly data on Wal-Marts revenue, along with several possibly related economic variables. a) Using computer...
Certificate A pays $1000 in four months and another $1000 in eight months. Certificate B pays $1000 in five months and another $1000 in nine months. If the current rate of return required on this...
For investments between $100,000 and $249,999.99 and terms between 180 and 269 days, Royal Bank pays 1.00% on a non redeemable GlC and 0.75% on a redeemable GlC. Julienne has $185,000 to invest for...
Monica finished her program at New Brunswick Community College on June 3 with Canada Student Loans totalling $6800. She decided to capitalize the interest that accrued (at prime plus 2.5%) during the...
What extent does emotional intelligence among leaders and employees contribute to effective teamwork and conflict resolution, and what methods can be employed to enhance emotional intelligence within...
Determine the exponential function y = c(b) that goes through the points (-2, 16) and (1,54). Algebraic work must be shown for full credit.
Solve 6. 8. 8 So log x (1 + x)(4+ x) [log x] 2 dx 0 1 + x So dx

Bruce borrowed $6000 from Darryl on November 23. When Bruce repaid the loan, Darryl charged $203.22 interest.

Question:

Step by Step Answer:

Year 031507 365 days 115 days Serial number of repayme...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions