zack borrowed $30,000 at 9 % on July 23, 2020. He repaid $15,000 on October 21 and $10,000 on December 16. Find the final payment required on the February 12, 2021 using merchant’ rule?
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zack borrowed $30,000 at 9 % on July 23, 2020. He repaid $15,000 on October 21 and $10,000 on December 16. Find the final payment required on the February 12, 2021 using merchant’ rule?
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- Zack borrowed $30,000.00 at 9% on July 23, 2020. He repaid $15,000.00 on October 21 and $10,000.00 on December 16. Determine the final payment required on February 12, 2021 using the Merchant's Rule.Problem: Answer the following questions completely. Show all computations. Round off only the final answers to two decimal places. On June 26, 2019, Sarah obtained a loan of P150,000 from a local businessman. The interest rate on the loan was 7.75% and it is to be paid on November 15, 2020. What is the exact time from June 26, 2019, to November 15, 2020? What is the approximate time from June 26, 2019, to November 15, 2020? What is the Ordinary simple interest using exact time? What is the Ordinary simple interest using approximate time? What is the Exact simple interest using exact time? What is the Exact simple interest using approximate time? If Sarah was given the option to choose the type of interest to use, which should she had chosen? Explain why in one sentence.Problem:Answer the following questions completely. Show all computations. Round off only the final answers to two decimal places.On June 26, 2019, Naomi obtained a loan of P150,000 from a local businessman. The interest rate on the loan was 7.75% and it is to be paid on November 15, 2020.1. 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? 4. What is the Ordinary simple interest using approximate time? 5. What is the Exact simple interest using exact time? 6. What is the Exact simple interest using approximate time? 7. If Naomi was given the option to choose the type of interest to use, which should she had chosen? Explain why in one sentence.
- Mohammed received a housing loan of RO 50,000 from Bank Sohar, Nizwa Soug branch on 1st January, 2020. For this purpose, he and the branch manager signed a loan contract and Mr. Mohammed agreed to repay the loan in monthly installments. From the above scenario what type of relationship that Mr. Mohammed and Bank Sohar are having? Who is having the liability and when the liability will expire? Explain in your own way.Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $3,900 at 4.25% on December 26, 2019, and paid it off February 21, 2021. How much did he pay in interest? (Assume ordinary interest and no leap year) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Interest paidKelly O’Brien met Jody Jansen at Sunshine Bank and suggested she consider a loan on exact interest. Recalculate the loan for Jody under this assumption. Jody Jansen went to Sunshine Bank on: 9/12/2020 She borrowed: $ 2,300.00 Her interest rate was: 0.09 Date the money borrowed is due: 1/27/2021 Previous interest was: 78.78 Required: Complete the following using the information above and exact interest: How many days is Jody Jansen borrowing this money for? Assume the loan is on exact interest. What interest will Jody owe on January 27? What is the total amount Jody must repay at maturity How much would she save in interest?
- Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $4,400 at 4.75% on December 26, 2019, and paid it off February 21, 2021. How much did he pay in interest? (Assume ordinary interest and no leap year.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Interest Paidb) Starting from 1* June 2021 with a fresh bank account, Ah Guan save RM320.00 into the bank account every month. A fixed interest of 0.8% is given on the last day of every month. Determine the date (the last day of a month after the interest is given) where he will be able to purchase a smartphone worth RM3126.00 *display your final answer as: [last day of the month] / month / yearFatin buys a new café furniture worth RM 9,200. She receives an invoice dated 19 April 2021 with trade discounts of 8% and 2 %. She is offered cash discount terms of, 15/10, n/30. Determine a) the amount she needs to pay on 28 April 2021 b)the amount outstanding if she pays RM 4000 on 25 April 2021.
- Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $2,700 at 3.5% on December 26, 2021, and paid it off February 21, 2023. How much did he pay in interest? (Assume ordinary interest and no leap year.) (Use Days in a year table.) Note: Do not round intermediate calculations. Round your answer to the nearest cent.A loan of $10,000 is taken out on November 7, 2020 at a simple interest rate of r = 9%. The loan will be paid back on May 11, 2021. If the bank uses ordinary interest (the Banker's Rule), how much interest is charged? a $450.00 b $456.16 c $443.84 d $462.501. A man wishes to have P 100,000.00 on a bank that earns an exact simple interest rate of 10.50%. a. How much money should he deposit on an account to fulfill his wish if he decided to deposit it on February 20, 2016, and withdraw this account on February 20, 2017, and no other withdrawals will take place?