Question: Dave borrowed $ 6 0 0 for one year and paid $ 4 7 in interest. The bank charged him a $ 8 service charge.

Dave borrowed $600 for one year and paid $47 in interest. The bank charged him a $8 service charge. What is the finance charge on this loan?

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 Finance Questions!

Q:

On 1 January 20X4, Dart Incorporated commenced business operations. The following information is available to you: 20X6 $45, 000 20X4 20X5 20X7 $ (300, 000) Earnings (loss) before tax Tax rate...

Q:

.Explain these questions. Question 2 (20 Marks). a) A bond with a coupon rate of 7% makes semi-annual coupon payments on January 15 and July 15 of each year. The Wall Street Journal reports the ask...

Q:

.Solve the following questions A firm uses two inputs, X and Y and its production function is Q = %(xy), where here we are using x and y to represent the quantities of the two inputs. (a) Calculate...

Q:

A.Joshua borrowed $1,500 for one year and paid $75 in interest. The bank charged him a service charge of $15. What is the finance charge on this loan? b.Joshua borrowed $500 on January 1, 2017, and...

Q:

Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge of $12. What is the finance charge on this loan? Finance charge Joshua borrowed $500 on January 1,...

Q:

Can you help me answer the questions...thank you Ch05 HW G Saved Help Save & Exi Submit Check my work Problem 5-1 (LO5.2) A few years ago, Simon Powell purchased a home for $215,000. Today, the home...

Q:

Type or paste question here 1. A few years ago, Simon Powell purchased a home for $110,000. Today, the home is worth $150,000. His remaining mortgage balance is $50,000. Assuming that Simon can...

Q:

4. Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now, Madeline is living at home and works in a shoe store, earning a gross...

Q:

4. Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Madeline is living at home and works in a shoe store, earning a gross...

Q:

7. Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge of $12. If Joshua paid the $1,400 in 12 equal monthly payments, what is the APR? (Enter your...

Q:

Joshua borrowed $700 for one year and paid $35 in interest. The bank charged him a service charge of $10. If Joshua repaid the loan in 12 equal monthly payments, what is the APR? (Enter your answer...

Q:

Using a real life case study, advise a prospective client on the most suitable ICT (Information and communications technology) network to utilize in their office complex (wired/wireless networks)....

Q:

Per Bag Direct materials: 25 pounds of CWhiz-2000 @ $0.08/lb. = $ 2.00 Direct labor: 0.05 hour @ $32.00/hr. = $ 1.60 The company manufactured 100,000 bags of Cheese-Be-Good in December and used...

Q:

"Risk" under the FRICTO approach to making capital structure decisions means: Group of answer choices Ensuring the financial markets do not perceive the firm as excessively risky. Keeping the firm's...

Q:

Can you elucidate the role of molecular chaperones and protein quality control systems in maintaining the integrity and homeostasis of the cytoplasm, particularly under conditions of cellular stress...