Question: State the simple interest formula and explain how simple interest is calculated. Calculate the simple interest for a loan for $39,545 for 3 1/2 years

State the simple interest formula and explain how simple interest is calculated. Calculate the simple interest for a loan for $39,545 for 3 1/2 years at 7.5% interest per year. Round to the nearest cent. How much is owed in total at the date?

Step by Step Solution

★★★★★

3.42 Rating (177 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Given that principle amount P 39545 Dollar Interest r... 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)

1365-B-C-A-A-R(646).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

Use the simple interest formula method for Exercises 7 to 10. See Examples 1 and 2. Thayer Farm Trust made farmer a loan of $1,200 at 16% for three years compounded annually. Find the future value...

Use the simple interest formula method for Exercises 9-12. See Examples 1 and 2. Find the future value of an ordinary annuity of $3,000 annually after two years at 3.8% annual interest. Find the...

What is the effective interest rate for a loan of $5,000 at 10% compounded semiannually for three years? Use the simple interest formula method?

Question 1: (10 Points) State the simple interest formula and explain how simple interest is calculated. Calculate the simple interest for a loan for $39,545 for 3 1/2 years at 7.5% interest per...

pls one by one step method to calculate [10 Marks QUESTION 2 [20 MARKS (8) CIMB Financing lent an engineering company $100,000 to reconstruct an environmentally unfriendly building. The loan is for 3...

1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...

26. Evaluate the expression for the given value of the variable. (2 pts.) 3x2 + 36. 42. 10. x=2 y=5 (2 pts.) Problems 20, 42, 50, 66, 68 Combine like terms. (2 pts.) Solve the equation. (2 pts.) x1 5...

The attached file contains explanations on how to complete the excel assignment. You MUST follow all rules and formulas to get the solutions...etc/ Please send me the completed excel sheet that...

Interest and Loan Concepts You must showyour work at all times. The steps for solving each problem must be explained. Type all answers directly in this Assignmentbelow each question. Interest and...

Imagine that Gillette has a monopoly in the market for razor blades in Mexico. The market demand curve for blades in Mexico is P = 968 - 20Q, where P is the price of blades in cents and Q is annual...

Examine what happens to the debt ratio when: a. Short-term debt is converted into an equivalent amount of long-term debt. b. A major asset is sold, with part of the proceeds being used to repay debt....

Describe the formula specified for calculating an income tax underpayment and what each component of it means.

On October 29, 2007, the Red Sox won the World Series. That same day the stock market rose. The S&P 500 index (an index of the stock prices of the 500 largest corporations in the United States)...

Show all work 13. Data on IQ was collected for a group of 200 7th grade students in Utah County. Use the histogram to answer the following questions. The numbers above each bar represents the exact...

questions below 6. Two particles, P and Q, have masses 9 kg and 12 kg respectively. They are connected by a light inextensible string that passes over a smooth pulley. The particles are released from...

https://www.limes.one/Content/DataFiles/Tornadoes.txt Upload Tornado data and make a correlation table consisting of ALL 12 months. Use only the Tornados per month columns. Answer the questions: I)...