Question: Michael loaned $6,375 to Kiara at a simple interest rate of 3.82% p.a. for 3 years and 8 months. Calculate the amount of interest charged

Michael loaned $6,375 to Kiara at a simple interest rate of 3.82% p.a. for 3 years and 8 months. Calculate the amount of interest charged at the end of the term. Round to the nearest cent

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 Mathematics Questions!

(a) Sheffield Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 520 bookcases at a cost of $ 122 each. During June, the company had the following...

Catherine loaned $2,375 to Kelly at a simple interest rate of 3.25% p.a. for 3 years and 6 months. Calculate the amount of interest charged at the end of the term. Round to the nearest cent

Steven loaned $5,375 to Adam at a simple interest rate of 4.53% p.a. for 3 years and 10 months. Calculate the amount of interest charged at the end of the term.

Question 1 of 6 Alexis loaned $ 5 , 3 7 5 to Nathan at a simple interest rate of 4 . 2 3 % p . a . for 2 years and 6 months. Calculate the amount of interest charged at the end of the term. Round to...

Emily loaned $6,500 to David at a simple interest rate of 4.29% p.a. for 2 years and 6 months. Calculate the amount of interest charged at the end of the term.

Question: 2) Veronica loaned $7,000 to Rachel at a simple interest rate of 4.66% p.a. for 2 years and 9 months. Calculate the amount of interest charged at the end of the term. 3) How long will it...

2) Veronica loaned $7,000 to Rachel at a simple interest rate of 4.66% p.a. for 2 years and 9 months. Calculate the amount of interest charged at the end of the term. 3) How long will it take for an...

59:08 n 12 (2) on 13 (2) jon 14 (1) urse-resource/section/12062/assignment/17218ew Test #3 Close Date: Tue, Apr 19, 2022, 11:59 PM Question 1 of 19 Brianna loaned $6,125 to Paige at a simple interest...

Jacob loaned $2,250 to Peter at a simple interest rate of 3.93% p.a. for 2 years and 7 months. Calculate the amount of interest charged at the end of the term. Round to the nearest cent

If Monica obtained a business loan of $215,000.00 at 4.29% compounded semi-annually, how much should she pay at the end of every 6 months to clear the loan in 30 years? Round to the nearest cent...

LAB 6 1) How long will it take for an investment to double at simple interest rate of 5.10% p.a.? 2) Jason received a loan at 2% p.a. simple interest for 6 months. If he was charged an interest of...

Company A wants to borrow in Euros while company B wants to borrow in Pounds. Company A Company B GBP 5 % 8 % EUR 4 % 6 % Set a 4-year currency swap for these companies if the gains are to be equally...

Sivan Co. manufactures and sells one product. For the year, they started with no opening inventory; produced 100,000 units but only sold 70,000 units. The selling price per each unit is $60. Variable...

Which statement about the gift tax marital deduction is incorrect? The unlimited gift tax marital deduction is not available to non-citizen spouses. One spouse may gift any amount to the other spouse...

List two principles for producing software that might have prevented the crash of American Airlines Flight 965 near Cali, Columbia in 1995. Briefly describe what each one is and how it might have...