This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: You lend a friend $1300 on May 11th. The demand loan rate is 10.12%. Your friend makes a partial ... (Read 339 times)

gbarreiro

  • Hero Member
  • *****
  • Posts: 566
on: Jun 6, 2019

Question 1

You borrow $4000 on August 2nd this year. Your demand loan carries an interest rate of 8.41%. You make partial payments of $500 on September 15th and $1575 on October 17th. You want to make a final payment to pay off the remaining outstanding balance on November 21st. What is the size of your final payment? Use the declining balance method.
◦ $2777.72
◦ $2208.18
◦ $2007.72
◦ $2080.18
◦ $2018.80

Question 2

You lend a friend $1300 on May 11th. The demand loan rate is 10.12%. Your friend makes a partial payment on May 26th for $550 and on June 19th for $675. You demand full repayment of the outstanding balance on July 17th. What is the final payment amount to? Use the declining balance method.
◦ $96.10
◦ $68.10
◦ $88.10
◦ $82.10
◦ $86.10
Contemporary Business Mathematics with Canadian Applications ¦ Hummelbrunner, Halliday, Coombs ¦ 11th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by gbarreiro on Jun 6, 2019

sierramartinez

  • Sr. Member
  • ****
  • Posts: 313
Reply #1 on: Jun 6, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 55% of students answer this correctly


gbarreiro

  • Member
  • Posts: 566
Reply 2 on: Jun 6, 2019
Wow, this really help

TheDev123

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Image of pitcher plant mosquito Wyeomyia smithii, showing segmentation and partial anatomy of circul Image of pitcher plant mosquito Wyeomyia smithii, showing segmentation and partial anatomy of circul
Rate of Residential Change, Past Year, in the United States Rate of Residential Change, Past Year, in the United States
Most drugs exhibit first-order elimination, in which the rate of drug elimination is equivalent to ... Most drugs exhibit first-order elimination, in which the rate of drug elimination is equivalent to ...
Partial genetic map of E. coli Partial genetic map of E. coli
China has relied on cheap coal to meet its demand for energy China has relied on cheap coal to meet its demand for energy
For each function f(x) = 6x^2 - 4, estimate the instantaneous rate of change for the given ... For each function f(x) = 6x^2 - 4, estimate the instantaneous rate of change for the given ...
Video: Causes of Angina

For a complete list of videos, visit our video library