Question: 2A) 2B) Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount of interest for the following

2A)

2A) 2B) Use the exact interest method (365 days) and the ordinary

2B)

interest method (360 days) to compare the amount of interest for the

Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount of interest for the following loan. Round your answers to the nearest cent. Rate (%) Exact Interest Ordinary Interest Principal $120,000 Time (days) 16 8 Find the amount of interest and the maturity value of the following loan. Use the formula MV = P +I to find the maturity value. Round your answers to the nearest cent. Principal Rate (%) Time Interest Maturity Value $110,000 81 8 months

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

need answers for these please hope its clear enough 1 - Points! DETAILS BRECMBCS 10.2006 MY NOTES Principal at Time Show My Wort 2.0/1 Points DETAILS PREVIOUS ANSWERS BREOMSC 10.2012 MY NOTES Use the...

Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $90,000 mt 6 months $ Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $70,000 7 55...

12 M MMER era S. EME GOO EPH webassign.net/web/Student/Assignment-Responses/lastidep-23531969 Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the...

[-/2 Points] BRECMBC9 10.I.008. Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in \$) of interest for the loan. (Round your answers to two...

1A) 1B) Find the amount of interest on the following loan. Round your answer to the nearest cent. Rate (%) Time Interest Principal $75,000 12 4 months Use the exact interest method (365 days) and the...

5. Find the amount (in $) of interest and the maturity value of the loans. Use the formula MV = P + I to find the maturity value. (Round your answers to two decimal places.) Principal Rate (%) Time...

$9,637.50 Need Help? Randit Talk to Tutor Viewing Saved Work Revert to Last Response [-15 Points] DETAILS BRECM 8. MY NOTES Find the amount (in 5) of interest and the maturity value of the loans. Use...

Find the amountains of interest on the loan Principal Rate (9) Time Interest $70,000 6 months Need Help? 2. [-/6.66 Polnts) DETAILS BRECMBC9 10.1.008. MY NOTES ASK YOUR TEACHER PRACTICE ANOTH Use the...

Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest for the loan. (Round your answers to two decimal places.) Principal Rate...

2. DETAILS BRECMBC9 10.1.012. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest...

The term underground economy encompasses economic activity that people do not report because it is illegal or because they hope to avoid paying taxes. Though the size of the underground economy is...

Financial statements prepared by a voluntary health and welfare nongovernmental not-for-profit organization must report expenses by the following classification(s): Functional Natural A. YES YES B....

How many bits of the DES key are used to generate the per - round keys?

HIT contracts have been the subject of concern due to standard, vendor-written terms that favor the HIT vendor. To understand and recognize these issues, locate online, examples of contracts that...

(Appendices) PURCHASES RECORDED GROSS. Dawson Enterprises uses the periodic system and records purchases gross. On a recent day, Dawson engaged in the following three transactions: LO2 a) Purchased...

(Appendices) UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Bradford ~Plumbing had the following data for a recent year. LO8 REQUIRED: 1. Compute uncollectible account expense for the year. 2....

(Appendices) UNCOLLECTIBLE ACCOUNT EXPENSE: AGING METHOD. Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year: LO6