. What is the exact time from June 26, 2019, to November 15, 2020?  2. What is the approximate time from June 26, 2019, to November 15, 2020?  3. What is the Ordinary simple interest using exact time?

Q: Panpan purchased a car. She paid ₱250,000.00 as down payment, and ₱5,500.00 payable at the beginning…

A: An amortization schedule is a complete table of periodic loan payments, showing the amount of…

Q: A Seller accepts her offer on her home for 60,000. At the time of the offer, a 2,000 earnest money…

A: Check: Check is used for payments related to purchasing assets, paying expenses, and liabilities.…

Q: For items 16-30, when asked about an amount of money (interest, discount, present value, future…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: I need assistance to solve this problem: On September 1, 2018, you bought a car for $23,000. You…

A: Calculation of payoff the loan on November 1, 2020:First it is required to calculate the total…

Q: Dillion Savage (sounds like a romance novel name---he is really a music teacher) decides to make…

A: Given, Semi annual payments PMT = $5000 Semi annual Interest (r) = 5% Time  = 9 Years (January 1…

Q: On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her…

A:

Q: On January 4,2016, Minggun, borrowed P24,000 and promised to pay the principal and the interest at…

A: The given problem can be solved using FV function in excel. FV function computes outstanding loan…

Q: A recent college graduate got a good job and began a savings account. He authorized the bank to…

A: Amount of the present cash flows at a given rate when computed by the future value (FV) factor gives…

Q: 2. Janica received a loan from her bank for Php 4,085 for a period of one year. The interest rate is…

A: Interest on Loan: The expense of borrowing money is represented by interest. When loan disbursements…

Q: Sam Monte deposits $21,500 into Legal Bank, which pays 6% interest that is compounded semiannually.…

A: Using excel PV function

Q: Adrian received the proceeds from an inheritance on May 14. He wants to set aside enough on May 15…

A: Simple interest is calculated directly on the given principal amount. The formula for calculating…

Q: On June 30, Jeff, who uses the cash method of accounting, borrowed $25,000 from a bank for use in…

A: Loan is the amount of money that is being borrowed from some person and on which interest payments…

Q: A young executive is going to purchase a vacation property for investment purposes. She needs to…

A: Borrowed Amount =$130000.00 YEars =28 Terms(m) =28*12 = 336 Monthly Rate(r) = 4.7%/12 = 0.39166667%…

Q: A friend of yours borrowed an amount of Php 70,000. Based on your conversation, She intends to pay…

A: Loan Amount = Php 70,000 Interest rate = 24% Time Period = 1 Year

Q: While buying a new car, Thomas made a down payment of $1,000.00 and agreed to make month-end…

A: Present value of annuity is current value of the future annuity flow.

Q: 2-4. Lita borrowed P15,000 last June 10, 2020 from a lending institution which offered 12% simple…

A: Borrowed amount = P 15000 Borrowing date = June 10,2020 Payment date = October 10,2020

Q: de to invest $7,500 into an account that pays 1.1% annual compound interest. Write an equation for…

A: Given information : Investment amount = $7500 Interest rate = 1.1% The given question is asking for…

Q: What amount must be deposited by a 20-year old student in a bank that pays 5% compunded anually so…

A: Solution: Desired future value = P100,000 Period = 10 years Interest rate = 5%

Q: a man purchased a car with a cash price of 350,000.00 He was able to negotiate with the seller to…

A: Solution:- Calculation of the monthly payment and remaining balance paid as follows under:-

Q: Jason borrowed $2,500 on March 1 from a bank and promised to pay back the money in 90 days at 6%…

A: Amount borrowed “P” = $2500 Number of days “n” = 90 Stated rate of interest = 6%

Q: Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest…

A: solution given Amount borrowed $3900 Interest rate 4.25% Date of borrowing…

Q: E. On May 30, 2012 a lady manufacturing engineer loaned $ 15,000 in the bank for the expansion of…

A: Simple interest: Simple interest is the interest payable on a certain amount based on the…

Q: Gabe opened an RRSP deposit account on December​ 1, 2008, with a deposit of ​$2000. He added ​$2000…

A: Computation:

Q: A young executive is going to purchase a vacation property for investment purposes. She needs to…

A: Amount Borrowed =$85,000.00 Interest Rate = 6.5% = 6.5/12 = 0.54167% Years = 29 Terms = 29*12 = 348…

Q: On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her…

A: Future value of an investment is the combined sum of the principal amount and interest amount.…

Q: Randy opened an RRSP deposit account on December 1, 2008, with a deposit of $1800 He added $1800 on…

A: According to the time value rule, the money available in hand today is worth more than the amount…

Q: A man bought a Ford vintage car for P210,000 on installment basis at the rate of 12% per annum on…

A: Quarterly Payment refers to the total of Monthly Payments made at the conclusion of each quarter of…

Q: On June 3, 2014, Crystal Nelson deposits $8,000 in an account earning 2.5% compounded daily. What…

A: Future Value refers to the value of the current asset or investment or of cash flows at a specified…

Q: A young executive is going to purchase a vacation property for investment purposes. She needs to…

A: Introduction: Compound interest is the interest generated on the initial principle plus the interest…

Q: 1. Lilibeth borrowed $1,200 from her aunt to buy a book. She promised to pay her after a month. Her…

A: Simple Interest may be defined as Interest that is calculated as a simple percentage of the original…

Q: Lucy Heartfillia buy a television set from a merchant who offers P25,000 at the end of 60 days. She…

A: Offer price after 60 days (FV) = P 25000 Period (t) = 60 days = 60/365 = 0.164383561643836 Years…

Q: What will your monthly payment be for a car you purchase for $95,000 today where the bank will…

A: In the given question we require to calculate the monthly payment on car finance.

Q: Miss W deposited Php 5,000 in the bank last May 2019. In May 2020, she was notified that her money…

A: Future value is the future worth of the cash flow at a certain rate of interest and time period.…

Q: To expand his business, Happy took a loan of $1million from a bank on 1 January 2020 which he will…

A: Here, Loan Amount is $1,000,000 Interest Rate charged is as follows: 5% per annum effective for…

Q: Haatim opened an RRSP deposit account on December 1, 2008, with a deposit of $2500. He added $2500…

A: Time value of money-It is based on the concept that money earned today is worth more than similar…

Q: A man borrowed P100,000 with 20% interest promised to pay the amount annually for 10 years however…

A: Loan amount (PV) = P 100,000 Annual interest rate (r) = 20% Number of annual payment (n) = 10

Q: To expand his business, Happy took a loan of $1million from a bank on 1 January 2020 which he will…

A: Here, Loan Amount is $1,000,000 Interest Rate charged is as follows: 5% per annum effective for…

Q: Ôn March 15, 2018, Isaac paid $1,020 for one year of car insurance, starting that day. Isaac decides…

A: Isaac will get insurance refunded for the period Jun 13,2018 to March 14,2019

Q: How much money will you end up with if you deposit $150 at the end of each month into an account…

A: Given: Interest rate = 8.4% years = 18 Amount =$150

Q: Sally purchased a home in Georgia for $167,500. She took out a mortgage for 80% of the purchase…

A: Loan amount  = Purchase price*(1-down payment  %)  =167500*(1-20%)  = $134,000

Q: Antoni is about to graduate and he wants to buy a new electric bike he borrowed php 2,5000 from a…

A: Interest is an additional amount which is charged on borrowed amount for the period. It is a…

Q: Hugo Garcia is preparing his balance sheet and income and expense statement for the year ending…

A: a.  Rent paid is considered as an expense. If any rent is due, then it will comes under the head…

Q: please help with how to do calculation within excel Carol Travis started a paper route on…

A:

Q: On January 1, Frank bought a used car for $7200 and agreed to pay for it as follows: down payment;…

A: Time has been valuable in all aspects but in terms of finance, time has a money value. The worth of…

Q: On March 1, 2021, you opened an account with a deposit of $500. You plan to continue to make $500…

A: The future value of money is an important concept of financial management. This shows the future…

Q: To expand his business, Happy took a loan of $1million from a bank on 1 January 2020 which he will…

A: Here, Loan Amount is $1,000,000 Interest Rate charged is as follows: 5% per annum effective for…

Q: On 1 July 2019 Richard bought a rental property for $920,000. He borrowed $630,000 on the same day…

A: On 01.07.2019, Richard bought a rental property = $920000 Borrowed from bank on same day = $630000…

Q: Noura was working at Perco. Noura starts saving 500 sh every three months (quarterly ) from…

A: Future value of ordinary annuity refers to the sum total value of all deposits made periodically at…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.