Sarah gave out a loan of $4,500 to a friend on December 11, 2015. The loan...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Sarah gave out a loan of $4,500 to a friend on December 11, 2015. The loan was on May 17, 2016 with $140.64 interest. a. What was the time period of the loan expressed in days? days . vVnat was the time period of the loan expressed in days? days b. What was the annual simple interest rate for this loan? % Round to two decimal places Sarah gave out a loan of $4,500 to a friend on December 11, 2015. The loan was on May 17, 2016 with $140.64 interest. a. What was the time period of the loan expressed in days? days . vVnat was the time period of the loan expressed in days? days b. What was the annual simple interest rate for this loan? % Round to two decimal places
Expert Answer:
Related Book For
Introduction to Derivatives and Risk Management
ISBN: 978-1305104969
10th edition
Authors: Don M. Chance
Posted Date:
Students also viewed these accounting questions
-
On January 15, a firm takes out a loan of $30 million, with interest payments to be made on April 16, July 15, October 14, and the following January 15, when the principal will be repaid. Interest...
-
A person takes out a loan of $10,000 at an annual interest rate of 6%, compounded monthly, and makes payments at $100 per month. Let An represent the balance on the loan after n months. (a) Explain...
-
The following table represents admission data of two programs for the given years: 2009/10 2010/11 2011/12 99 136 112 307 309 297 Computer Systems Technician Computer Systems Technology a) What...
-
112 S cos-(2x) dx
-
The classified balance sheet and selected income statement data for Quinn, Inc., as of December 31 , 201 2, are presented next. Selected Income Statement Data Gross Profit...
-
Police chief Lenny Lawnorder has heard through a normally reliable source that 30% of his officers are not using regulation handguns. To see whether this is true, Lenny randomly inspects 35 of his...
-
Repeat the numerical integration in Example 15-5, except use the quadrature formula, Eq. \((9-12)\) Example 5-5 Equation (9-12) A steady-state system of ethanol and water has equimolar...
-
Recall the TJ Inc.'s problem (Chapter 2, Problem 28). Letting W = jars of Western Foods Salsa M = jars of Mexico City Salsa Leads to the formulation: Max 1W + 1.25M s.t. 5W + 7M ¤ 4480 Whole...
-
Slight increase in the order quantity from the EOQ does not change the total daily inventory cost significantly because 1 point Both the daily holding and ordering cost will increase, but the...
-
a) How would you construct the static roll center for the front of a car from the lateral ICs of both left front (LF) and right front (RF) wheels and their position on the car? b) How is the roll...
-
AC 161 Writing Assignment. For this writing assignment please state your major. Then, based on your major, please write a memo to your boss, explaining how the video Planet Popcorn and this AC...
-
Tucker Company shows the following transactions for the accounting period ending December 31, Year 1: Sold books to customers for $68,000 on account. Collected $56,000 from customers. Issued common...
-
You are the Safety and Health Officer at ABC Company and the following accident has just occurred:At approximately 8 : 4 5 am on the morning May 6 , 2 0 2 3 , an employee of ABC Company activated...
-
Analogous estimating, parametric estimating, and three-point estimating are all techniques used? Estimate cost only Estimate duration only Estimate both cost and duration Estimate neither cost nor...
-
At March 31, Cummins Company had an unadjusted balance in its cash account of $10.500. At the end of March, the company determined that it had outstanding checks of $1130, deposits in transit of...
-
2. White light is reflected from a soap bubble (n=1.35) on to a double slit apparatus producing the complete interference pattern below. (not to scale) 5 Marks HEVER Determine the minimum thickness...
-
Data Table 1: Length Measurements Object Length (cm) CD or DVD Key Spoon Fork Length (mm) Length (m)
-
Graph one period of each function. y = 4 cos x
-
Explain how a bank could use a swaption to hedge the possibility that it will enter into a pay-floating, receive-fixed swap at a later date?
-
The put-call parity rule can be expressed as C - P = [f0(T) - X] (1 + r) - T. Consider the following data: f0(T) = 102, X = 100, r = 0.1, T = 0.25, C = 4, and P = 1.75. A few calculations will show...
-
Consider three call options identical in every respect except for the strike price of $90, $100, and $110. Specifically, the stock price is $100, the annually compounded risk-free rate is 5 percent,...
-
Dillon Manufacturing had the following inventories at December 31, 2018, the end of its fiscal year: During January 2019, the following transactions occurred; 1. Purchased materials on account,...
-
Job Cost Journal Entries Prior to the beginning of 2019, Stapleton Company estimated that it would incur \($153,000\) of manufacturing overhead cost during 2019, using 17,000 direct labor hours to...
-
Summarized data for the first month's operations of Slater Foundry during 2019 are presented below. A job order costing system is used. 1. Materials purchased on account, \($88,000\). 2. Amounts of...
Study smarter with the SolutionInn App