John put $426 into a nine-month term deposit earning simple interest. After 3 months he decided tocash the investment in early, taking a penalty of 5% on his interest rate. If he received $61 of interest,what was the original interest rate before the penalty on his term deposit ?Select one:a. 62.3b. 57.50c. 56.55d. 67.05Check Markus failed to make three payments of $2,500 scheduled one year ago, nine months ago, and 7months ago. As his creditor has successfully sued Markus in small claims court, thejudge orders him to pay his debts. If the court uses a simple interest rate of 1.5%per month, what amount should the judge order Markus to pay today?Select one:a. $8450.00b. $8650.00c. noned. $8550.00Check

1) Principal - $426 Interest -$ 61 Interest duration = 3 months Rate of interest for 3 months=…

Answered: sit earning simple interest. After 3…

sit earning simple interest. After 3 months he decide y of 5% on his interest rate. If he received $61 of int e penalty on his term deposit ?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 34P: Sally is in the business of purchasing accounts receivable last year Sally purchased an account...

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Question

John put $426 into a nine-month term deposit earning simple interest. After 3 months he decided to
cash the investment in early, taking a penalty of 5% on his interest rate. If he received $61 of interest,
what was the original interest rate before the penalty on his term deposit ?
Select one:
a. 62.3
b. 57.50
c. 56.55
d. 67.05
Check

Markus failed to make three payments of $2,500 scheduled one year ago, nine months ago, and 7
months ago. As his creditor has successfully sued Markus in small claims court, the
judge orders him to pay his debts. If the court uses a simple interest rate of 1.5%
per month, what amount should the judge order Markus to pay today?
Select one:
a. $8450.00
b. $8650.00
c. none
d. $8550.00
Check

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