Use the ordinary interest method to find the rate of interest that Make Over Picture Photo pays on a loan of $8,000 for 265 days, if the amount of interest is $540.00. (Round your answer to the nearest tenth percent.) O 8.0% O 8.9% O 9.0% O 9.2%
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- What is the rate of interest on a loan of $2,000, for 282 days, if the amount of interest is $139.07, using the exact interest method? (Round your answer to the nearest tenth percent.) O 7.0% 8.9% 9.0% O 14.2%Suppose that you took out a loan at 12% interest for 200 days. If the amount of interest was $710.14, use the exact interest method to find the amount of principal you. borrowed. (Round to the nearest whole dollar amount.) O $47 O $4,669 O $10,656 O $10,800Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,300 10.4 107 X days $227 Need Help? Read It
- Using the ordinary interest method, find the amount of interest on a loan of $5,000 at 12 % interest, for 274 days. (Round to the nearest cent.) 2 O $380.56 O$469.18 O $475.69 O $575.00Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,300 10.4 __________ DAYS $227Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $4,000 ?? % 4 years $1,440
- K Find the APR (true annual interest rate), to the nearest 0.01%, for the loan given below. Purchase Price Add-On Interest Rate $4350 3.7% Down Payment $380 Number of Payments 12 *** The APR for the loan amount is%. (Type an integer or decimal rounded to the nearest hundredth as needed.)Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary. Time Maturity Value (in $) Rate Interest Principal Interest (%) (days) Method $17,000 13 121 days Ordinary $730 $ 17730 Need Help? Read ItDetermine the exact and ordinary simple interest on a 180-day loan of $10000 at 6%. Exact Interest is $Blank 1 and Ordinary Interest is $ Blank 2. Blank 1 Add your answer Blank 2 Add your answer
- Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) $7,700 10.4 Time days Interest $226Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest for the loan. (Round your answers to two decimal places.) Principal Rate (%) Time (days) Exact Interest Ordinary Interest $10,000,000 10 1 $ ___ $ ____Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and precentage to one decimal) Amount Financed = 100,000 Number of Payments = 72 Monthly Payment = 2,025.50 SOLVING FOR THE FOLLOWING: Finance Charge = $_________ APR= ___________%