Edgar borrowed $8200 on a 220-day note that required ordinary interest at 13.2%. Edgar paid $3000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Edgar borrowed $8200 on a 220-day note that required ordinary interest at 13.2%. Edgar paid $3000 on the note on day 150. How much interest did he save by making the partial payment? Round to the nearest cent. A. $661.47 B. $305.96 C. $65.42 OD. $516.42 Edgar borrowed $8200 on a 220-day note that required ordinary interest at 13.2%. Edgar paid $3000 on the note on day 150. How much interest did he save by making the partial payment? Round to the nearest cent. A. $661.47 B. $305.96 C. $65.42 OD. $516.42
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Stock A has a standard deviation of 7%. Stock B has a standard deviation of 12%. The correlation coefficient between the two stocks' returns is 0.4071. What is the risk (standard deviation) for an...
-
On January 1, 2007 Lucas Distributors, Inc., adopted the dollar-value LIFO inventory method for income tax and external financial reporting. However, Lucas continued to use the FIFO inventory method...
-
Determine the leading term, the leading coefficient, and the degree of the polynomial. Then describe the end behavior of the function's graph and classify the polynomial function as constant, linear,...
-
Cascade Electronics Company has two divisions. Video and Audio, and two corporate service departments. Computer Support and Accounts Payable. The corporate expenses for the year ended December 31 are...
-
The 2008 annual reports of Pearson Plc and The McGraw-Hill Companies, Inc. , two publishing and information services companies, included the following selected data as at December 31, 2008, and 2007:...
-
MINI CASE MOUNTAIN SPRING DISTRIBUTORS LIMITED ( MSDL ) The following case details the activities of a mid - sized Jamaican company over the five - year period 2 0 1 9 to 2 0 2 4 . The financial year...
-
John wants to buy a watermelon that weighs about 5.7 pounds. The watermelon is priced at $1.58 per pound. How much is the total cost of the watermelon?
-
When an object is placed \(1.5 \mathrm{~m}\) in front of a converging mirror, an image of the object appears twice as high behind the mirror. (a) Is the image real or virtual? (b) Is it upright or...
-
Describe the partnership view of marriage that underlies the community property approach to the division of marital assets.
-
Following no-fault reform, why did property distribution become the preferred way to address the economic interests/needs of divorcing spouses?
-
An object that is \(50 \mathrm{~mm}\) tall is placed \(75 \mathrm{~mm}\) in front of a converging thin lens. If the image is inverted and \(100 \mathrm{~mm}\) tall, what are (a) the distance of the...
-
Some would argue that we have gone too far in eliminating fault as a consideration in support awards. What role do you think fault should play, if any?
-
7. The number of storm arriving during 100 years at a given site follows a Poisson distribution with mean rate = 5. Also, the water heights reached during different storms are independent with...
-
Periwinkle Company is a multinational organization. Its Parts Division is located in Lavender Land, while its Assembly Division is located in North Orchid. During the current year Periwinkle Companys...
-
Define flowcharting.
-
Flowchart symbols represent what aspect of a system?
-
List and draw the basic flowchart symbols.
Study smarter with the SolutionInn App