Question: Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when

Use the ordinary interest method to compute the time (in days) for

Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) $7,700 10.4 Interest Time days $222

Step by Step Solution

★★★★★

3.41 Rating (151 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Answer To compute the time for the loan using the ordinary interest method we can use the formula I... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (2 attachments)

663e6570406e1_956965.pdf

180 KBs PDF File

663e6570406e1_956965.docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Depiction of Project : In 1999 the city of Helsinki, Finland, carried out a public vehicle telematics framework consolidating continuous traveler data, transport and train needs at traffic lights,...

Lilian's Linens borrows $8,500, at 9 1/2% interest, for 144 days. If the bank uses the exact interest method, how much interest will the bank collect? Using the ordinary interest method, find the...

Sienna has experienced a few profitable months and has over $20,600 in disposable income. However, she should replace a few high-end blenders for the smoothie bar. She's considering investing her...

I need help with #7 and #8 please. thank you! 7. DETAILS BRECMBC9 10.11.008. 0/1 Submissions Used Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary...

9. Suppose that you took out a loan at 12% interest for 200 days. If the amount of interest was $677.26, use the exact interest method to find the amount of principal you borrowed. (Round to the...

Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,400 10.4 days $224

Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up t Principal Rate (%) $7,300 10.4 Time days Interest $223 Use the ordinary interest method to compute...

Use the ordinary interest method to compute the time ( in days ) for the loan. Round your answer up to the next highest day when necessary. \ table [ [ Principal , Rate ( % ) , Time,Interest ] , [ $...

Use the ordinary interest method to compute the time (in years) for the loan. Round your answer up to the next highest year when necessary. Principal Rate (%) Time Interest $25,000 8.3 years $8,300...

Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 4 6 months $700 Compute the rate (in %) for the loan. Round answers to...

Review the following three (3) mass murderers. Which mass murder classification best fits each Case Study? Use the Mass Murder Classification system of Dr. Holmes. Remember that sometimes a mass...

How does the term double taxation apply to corporations? Give an example of double taxation.

A business borrowed $3,500 for new office furniture. The terms were 6% simple interest per year. If the business paid $525 interest, what was the duration of the loan? show work

Eight years earlier in 2004. the list of 10 most admired U.S. companies was: Wal-Mart, Berkshire Hathaway. Southwest Airlines, General Electric. Dell Computer, Microsoft, Johnson&Johnson,...

Today, a SFr future contract has the settlement price of $1.72/SFrat CME. The initial and maintenance margin are 150,000 USD and 100,000 USD of the contract value of 1,000,000 SFr in that order. The...

17.5 The device shown in the figure below is used to estimate the thermal conductivity of a new biomaterial by measuring the steady-state heat-transfer rate and temperature. The bio- material is...

Super Snowboards Inc. manufactures skis and snowboards. The company just completed its year end to June 30, 2019. The departments are divided by its three products lines. Until last year, they...

Jisoo Limited and Rose Pty Limited entered into a joint operation, BP.Perfume, at the beginning of the financial year to produce and sell fragrances. The joint operation agreement indicates the...

A shaft carries five masses A, B, C, D and E which revolve at the same radius in planes which are equidistant from one another. The magnitude of the masses in planes A, C and D are 50 kg, 40 kg and...

What information is contained on the purchases journal report?

In this problem, you will perform the accounting system setup for Wright Cleaning Service, a cleaning service owned and operated by Laurie Wright. Wright Cleaning Service is a service business that...

What is the purpose of the journal wizard?

What are the aims of Value Engineering? AppendixLO1

_____________functions are usually related to esteem appearance. (a) Primary (b) Secondary (c) Tertiary (d) None of the above AppendixLO1

_____________is a technique for assessing the risk associated with defective products reaching the market. (a) DFA (b) FMECA (c) QFD (d) CAD AppendixLO1