Question: Morgan's website development business was doing well and he wanted to lend the surplus earnings he made to his friend who was in need of

Morgan's website development business was doing well and he wanted to lend the surplus earnings he made to his friend who was in need of money. He lent $2,190 at a simple interest rate of 3.50% p.a. to his friend on August 07, 2016.

a. Calculate how much interest Morgan's friend had to pay on March 18, 2017.

b. What is the total repayment amount

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!

Required information [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased...

Kumar's website development business was doing well and he wanted to lend the surplus earnings he made to his friend who was in need of money. He lent $5000 at 6% p.a. to his friend on February 7,...

Morgan's website development business was doing well and she wanted to lend the surplus earnings she made to her friend who was in need of money. She lent $2,790 at a simple interest rate of 3.40%...

Mark's website development business was doing well and he wanted to lend the surplus earnings he made to his friend who was in need of money. He lent $2,960 at a simple interest rate of 3.50% p.a. to...

Dylan's website development business was doing well and he wanted to lend the surplus earnings he made to his friend who was in need of money. He lent $2,010 at a simple interest rate of 3.70% p.a....

1. Calculate the nominal interest rate of Taylor's loan of $12,000.00 if it accumulated to $14,108.27 in 7.5 years and interest is compounded monthly 2. Corey paid off a loan by making a payment of...

Jacob's website development business was doing well and she wanted to lend the surplus earnings she made to her friend who was in need of money. She lent $2.900 at a simple interest rate of 2.90%...

1. From the scenario, cite your forecasting conclusions that support TFC?s decision to expand to the West Coast market. Speculate as to whether or not the agency conflict discussed in the scenario...

Beer for All Beer for All: SABMiller in Mozambique. Pg. 183 Describe the Mozambican context from a social and economic perspective. How has SABMiller shifted its traditional model to suit the...

Describe the customer value proposition, profit model, core capabilities, and dynamic capabilities that underlay Prosper's business model. Note that Prosper's 'matching' service involves two sets of...

NOTE: PLEASE BEFOR YOU ANSWER IT READ THE ARTICLE/CASE AND PLEASE EXPLAIN MORE YOUR ANSER THANKS. Introduction "Name" has been studying the Jabatan Audit Negara (National Audit Department [NAD])...

A U.S. firm is going to be opening a subsidiary in Japan within the next six months. What type of leadership style does research show to be most effective for leading high-achieving Japanese?...

A simple way to observe an interference pattern is to look at a distant light source through a stretched handkerchief or an opened umbrella. Explain how this works.

The main measure of intesent rabe risk used by small community banks and thitss is the irberest rate gap. duration gap. tepricing gap. asset to tosmity gap.

What happen to the value of a bond portfolio with a Modified duration of 2.5 years if the yield-to maturity decrease by 1%?