How much interest did Patty pay for the use of the money? Patty borrowed $1640 from a

Question:

How much interest did Patty pay for the use of the money?

Patty borrowed $1640 from a bank for 18 months to buy a new office computer. The simple interest rate charged is 3.15%.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

A Survey of Mathematics with Applications

ISBN: 978-0134112107

10th edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

See More Books

Question Posted: Jan 24, 2019 04:31 AM

See More Questions

On December 3, 2014, Trinity purchased a 364-day, $6000 U.S. Treasury bill at a 0.12% discount. (a) What is the date of maturity of the Treasury bill? (b) How much did Trinity actually pay for the...
Ralph deposited $910 in an account that pays 5.2% simple interest, for 3 1/2 years. a. How much interest did the account earn? b. What is the ending balance? c. How much interest did the account earn...
John borrowed $875 against his charge account on September 12 and repaid the loan on October 14 (32 days later). Assume that the interest rate is 0.04273% per day. (a) How much interest did John pay...
Suppose that today, you paid $1,000 for the bond described in Problem 8 of Chapter 8, The net present value functions: NPV and XNPV. What would be the bonds IRR? A bonds IRR is often called the yield...
McNemar's test, developed in Exercise 56, can also be used when individuals are paired (matched) to yield n pairs and then one member of each pair is given treatment 1 and the other is given...
Which of the following database architectures is most closely aligned with traditional, enterprise-level relational databases? a. Centralized b. Client/server c. Data warehouse d. Distributed
The stagnation pressure and temperature of air flowing past a probe are $120 \mathrm{kPa}(\mathrm{abs})$ and $100{ }^{\circ} \mathrm{C}$, respectively. The air pressure is \(80...
Moving On Inc. (Moving On) operates several gas stations across the United States. Moving On owns the land on which the gas stations are built, along with the related structures. The fuel pumps are...
Eplain what it means to exercise discretion and the role it plays in the criminal justice field. Dscribe the roles integrity, authority, discretionary power, and morality play in discretionary...
Explain why it is preferable to separate a dilute mixture of benzoic acid in water by liquidliquid extraction rather than distillation.
Fill in the blanks with an appropriate word, phrase, or symbol(s). The amount of money that is present in an ordinary annuity after t years is known as the accumulated amount or the ___________ value...
Fill in the blanks with an appropriate word, phrase, or symbol(s). The amount of cash the buyer must pay to the seller before the lending institution will grant the buyer a mortgage is known as the...
In exercises find the limit of the trigonometric function. lim x-0 sin x X
What is a lockbox arrangement, and how does its use reduce a firms float?
Black (1972) proposed a zero-beta CAPM without and with a riskless rate. Write the equations for these two models. Can investors borrow at the riskless rate in the second model?
Define float and its origins in the cash management process (that is, mail processing and transit).
Define the terms financial risk and interest rate risk.
Describe the use of the break-even concept with respect to the management of cash.
Using one or more search engines and key words of your choice, find (a) A website that reports the average life span of Saint Bernard dogs and (b) A website that advises business professionals on...
You are interested in investing and are considering a portfolio comprised of the following two stocks. Their estimated returns under varying market conditions are provided: (note: it is difficult to...
Of graduating high school seniors, 14% said that their generation will be remembered for their social concerns. If 7 graduating seniors are selected at random, find the probability that either 2 or 3...
In a recent year, 13% of businesses have eliminated jobs. If 5 businesses are selected at random, find the probability that at least 3 have eliminated jobs during that year.
Fifty-eight percent of runaways in the United Stated are female. In 20 runaways are selected at random, find the probability that exactly 14 are female.
A consultant advises that a fund pays out $100,000 at the end of 5 years. Provided $12,000 is invested in the fund at the start of each year, beginning immediately and continuing up to and including...
Durco Automotive needs a $2 million balance in its contingency fund 3 years from now. The chief financial officer (CFO) wants to know how much to deposit now into Durco's high-yield investment...
3. Create a chart for gross margin less R&D and capital costs calculations. a. Calculate gross margin less R&D and capital costs for options A and B. b. Graph total gross margin less R&D and capital...

How much interest did Patty pay for the use of the money? Patty borrowed $1640 from a

Question:

Step by Step Answer:

i prt...View the full answer

A Survey of Mathematics with Applications

Students also viewed these Mathematics questions