Question

Kari borrowed $13,500 at 7% ordinary interest for 170 days. After 20 days, she made a...

Kari borrowed $13,500 at 7% ordinary interest for 170 days. After 20 days, she made a partial payment of $3,000. After another 100 days, Kari made a second partial payment of $1,000. What is the final amount due on the loan?
Math   Advanced-Math   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Polly Flynn borrowed $5,000 for 60 days at 7%. On day 20 Polly made a $2,000...
Polly Flynn borrowed $5,000 for 60 days at 7%. On day 20 Polly made a $2,000 partial payment ( assume ordinary interest). What is her final payment? How much did she save by making the partial payment?
Suppose you take out a loan for 150 days in the amount of $14,000 at 6%...
Suppose you take out a loan for 150 days in the amount of $14,000 at 6% ordinary interest. After 50 days, you make a partial payment of $2,000. After another 30 days, you make a second partial payment of $2,000. What is the final amount due on the loan?
Meghan Brown borrowed $50,000, on a 90-day 10% note. After 55 days, Brown made an initial...
Meghan Brown borrowed $50,000, on a 90-day 10% note. After 55 days, Brown made an initial payment of $9,000. On day 70, Brown made an additional payment of $10,000. Assuming the U.S. Rule, what is the adjusted balance of the first payment? Use 360 days.
a.Dr. Vaccarro invested his money at 12.5% for 175 days and earned interest of $760. How...
a.Dr. Vaccarro invested his money at 12.5% for 175 days and earned interest of $760. How much money did Dr. Vaccarro invest? b.In June, Becky opened a $20,000 bank CD paying 1% interest, but she had to withdraw the money in a few days to cover one child's college tuition. The bank charged her $1,000 in penalties for the withdrawal. What percent of the $20,000 was she charged c.Find how long in days David Wong must invest $23,500 of his...
Consider an "interest only” mortgage that is made for $80,000 at 5 percent interest for 20...
Consider an "interest only” mortgage that is made for $80,000 at 5 percent interest for 20 years. The monthly payments will be constant during the life of the loan. Assume that the borrower does not make any partial repayments of principal. a. What will the monthly payments be? b. What will be the loan balance after 5 years? c. lf the loan is repaid after 5 years, what will be the yield to the lender? d. Instead of being repaid...
Bill Brody borrowed $12,500 on an 11% 120-day note. After 65 days, bill paid $500 toward...
Bill Brody borrowed $12,500 on an 11% 120-day note. After 65 days, bill paid $500 toward the note. On day 89, bill paid an additional $4,500. What is the final balance due? Work out the total interest and ending balance due by the U.S. Rule.
A loan of $10,000 is to be repaid by annual payments of $1,000 with the first...
A loan of $10,000 is to be repaid by annual payments of $1,000 with the first payment occurring 1 year from now, and continuing as long as necessary. The last payment is less than the regular payment and is paid exactly one year after the final regular payment. If the interest rate is 3% effective, when is the partial payment made and what is the amount of the partial payment?
4. To pay off a Php. 100,000.00 loan, it is required that 20 semi-annual payments that...
4. To pay off a Php. 100,000.00 loan, it is required that 20 semi-annual payments that increase by Php. 500.00 be made. Determine the amount of the first payment if it due six months after the loan is made and interest is 7% compounded semi-annually.
a) "Clay borrowed $32,000 from a bank at an interest rate of 11.16% compounded monthly. The...
a) "Clay borrowed $32,000 from a bank at an interest rate of 11.16% compounded monthly. The loan will be repaid in 72 monthly installments over 6 years. Immediately after his 48th payment, Clay desires to pay the remainder of the loan in a single payment. Compute the total amount he must pay." b) "Suppose that $5,000 is placed in a bank account at the end of each quarter over the next 7 years. What is the future worth at the...
Neema bought appliances costing ​$3715 at a store charging 7​% add-on interest. She made a $900...
Neema bought appliances costing ​$3715 at a store charging 7​% add-on interest. She made a $900 down payment and agreed to monthly payments over two years. Find the total amount to be repaid.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT