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

Question:

$850 borrowed on January 7 was repaid with interest at an annual rate of 7% on July 1 of the same calendar year. What was the amount of interest? Assume 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

Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

See More Books

Question Posted: Oct 16, 2020 03:58 AM

See More Questions

Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2012. Given on the first two tabs are ABC's 12/31/12...
$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?
Boyd Company has a line of credit with State Bank. Boyd can borrow up to $400,000 at any time over the course of the Year 1 calendar year. The following table shows the prime rate expressed as an...
Burger Prince buys top-grade ground beef for $1.00 per pound. A large sign over the entrance guarantees that the meat is fresh daily. Any leftover meat is sold to the local high school cafeteria for...
Propane gas (C3H8) at 300 K and 100 kPa enters combustion chamber operating at steady state and reacts with 100% of excess air entering at 350 K and 100 kPa. An equilibrium mixture consists of CO2,...
The chromium in a series of steel samples was determined by ICP emission spectroscopy. The spectrometer was calibrated with a series of standards containing 0, 2.0, 4.0, 6.0, and 8.0 g K 2 Cr 2 O 7...
What are some of the advantages and disadvantages of using online recruitment?
Safety First Insurance Company carries three major lines of insurance: auto, workers compensation, and homeowners. The company has prepared the following report for 2015: Management is concerned that...
Compare and contrast expert lending systems with statistical credit scoring models. Discuss the strengths and weaknesses of each. Please explain the components of each system in your answer.
Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2017, its first month...
An invoice states that interest will be charged on overdue accounts at the rate of 1 1/2 % per month. What will the interest charges be on a $3760 billing that is 3 months overdue?
Marta borrowed $1750 from Jasper on November 15, 2016, and agreed to repay the debt with simple interest at the rate of 7.4% on June 3, 2017. How much interest was owed on June 3?
Assuming all other things equal, it is possible that the lower-of-cost-or-market method can result in any given year in higher income than would be the case under the same inventory costing method...
4. Explain what an arbitrageur would do in the following cases and how the arbitrage strategy would have no liabilities at expiration or when it is closed: a. The price of an ABC 40 call, expiring at...
Apply following commands and note the response/output of computer 1. date 2. who 3. echo $TERM 4. cal followed by month and year 5. PS1="May I help you?" 6. Enter PS1=$ 7. cal 8. banner I Love Unix...
Please write a dictionary named "country_counter" and combine a function called "addone" that can get the output as following. Also briefly explain the purpose of each step in your codes. Define a...
Question 2: (5marks) Given the summary quote below of Microsoft Corporation: Previous Close Open Bid Day's Range 52 Week Range Volume Avg. Volume Market Cap Beta (SY Monthly) PE Ratio (TTM) EPS (TTM)...
You have been given this probability distribution for the holding-period return for a stock: State of the Economy Probability HPR Boom 0.40 22% Normal Growth 0.35 11% Recession 0.25 -9% What is the...
Are the following global standardization industries or industries where localization is more important: bulk chemicals, pharmaceuticals, branded food products, moviemaking, television manufacturing,...
How will relating product contribution margin s to the amount of the constrained resource they consume help a company maximize its profits?
What test can be used to compare the mean of the two groups? Cancer Age at menarche (onset of menstrual periods) is an important risk factor for breast cancer and possibly ovarian cancer. In general,...
Perform the test in Problem 8.136, and report a two tailed p-value? Cancer Age at menarche (onset of menstrual periods) is an important risk factor for breast cancer and possibly ovarian cancer. In...
How many participants should be enrolled in each group in a future study, if (a) The true mean difference in age at menarche between girls with low- and high-childhood- SES is 0.5 year, (b) Standard...
1 Mandatory requirement: Students are required to complete Budget on the provided Excel 2 3 4 5 5 B spreadsheet template. (For the purpose of Budget calculation in the assessment, ignore all GST...
A company has Rs 4 per year carrying cost on each unit of inventory, an annual usage of 50,000 units and an ordering cost of Rs 100 per order. Calculate the economic order quantity. What shall be the...
The company decided to make some changes to its operations based on the actual results and the variance analysis. The plan is to maintain the selling price of the product at RM100 per unit and the...

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

Question:

Step by Step Answer:

Amount borrowed on January 7 Amount paid on July 1 Calcu...View the full answer

Fundamentals Of Business Mathematics In Canada

Students also viewed these Mathematics questions