Question: Use ordinary interest to solve for A) Time, B) Simple Interest, and C) Maturity Value.Round to the nearest cent. Given: Principal = $9,000 Rate =

Use ordinary interest to solve for A) Time, B) Simple Interest, and C) Maturity Value.Round to the nearest cent.

Given:

Principal = $9,000

Rate = 11%

Date Borrowed: April 20

Date Repaid: August 8

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!

Q:

Paul has forgotten the rate of simple interest he earned on a twelve-month term deposit at the bank. At the end of the twelve-month period, he received interest of $298.80 on his $16,600.00 deposit....

Q:

Given Principal $11,500, Interest Rate 11%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $4,400 On 180th day, $2,700 a. Use the U.S. Rule to solve for total interest cost....

Q:

Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Pinnacle Manufacturing received a $37,000 promissory note at 9% simple...

Q:

1. Calculate the future value of $9,000 invested (single amount) for ten years in an account with an APR of 6.3%. (Do not round interest rates.) a. If compounded annually? b. If compounded...

Q:

What is the effective interest rate for the rst year for a loan of $20,000 for three years if the interest is compounded quarterly at a rate of 12%? Instructions: Week 5 Individual Assignment Total...

Q:

3. is my trouble. Sara is looking to purchase a washer and dryer. The Saturday newspaper had an advertisement for a local appliance store offering "90 days, same as cash!" financing. Sara asked how...

Q:

1. [-/5 Points] DETAILS Compute the simple interest IN for the specified length of time and the future value FV at the end of that time (in dollars). Round all answers to the nearest cent. $13,500 is...

Q:

Each Question is worth 5 points. The total score that you can receive is 50 points. Please show all work and formu 1) ABCD Company borrowed $1,200 on a 90-day, 11 % note . After 15 days, ABCD paid...

Q:

Calculate the simple interest and maturity value. (Do not round Intermediate calculations. Round your answers to the nearest cent.) Time Principal 18,000 Simple interest Maturity value Interest rate...

Q:

1. [-/6.66 Points] DETAILS Find the effective annual interest rate ~ (as a percent) of the given nominal annual interest rate. Round your answer to the nearest 0.01%. 9% compounded monthly r= 2....

Q:

Inhibin initiates a negative feedback relationship with GnRH, FSH, and LH. If inhibit increases, what effect will that have on the amount of GNRH: FSH: & LH in the male?

Q:

Write a business case format including the business plan and Business Case Vs Business Plan

Q:

Which of the following risks are not specifically associated with CMBSs ? A . Default risk B . Prepayment risk C . Extension risk D . Political risk

Q:

2023 1040 form 1.Phillip and Claire are married and file a joint return. Phillip is self-employed as a real estate agent, and Claire is a flight attendant. Phillip and Claire have three dependent...