Laura borrowed a total of $18000 from two different banks. one bank charged 6% simple interest and the other 7.5% simple interest. If the total interest after 2 years was $2,220 determine the amount borrowed by both banks. let x represent the principal of the loan business loan 6% then what is the remaining amount borrowed at 7.5%?
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- A man borrowed P18,400.00 from a credit union that charges 8% simple interest for 1 year and 9 months. What is the amount of interest charged?Ms. Kim borrowed an amount from a bank but she only recieved from the bank P1,340. She promised to pay the principal at the end of 9 months. If the corresponding discount rate or often referred toas the banker's discount is 13.73%, what is the amount borrowed? P1,200 P1,250 P1,350 P1,500Ken borrowed $3400 from the bank for 20 months. The bank discounted the loan at 7.4%.How much was the interest?$Correct State your result to the nearest penny.How much did Ken receive from the bank?$Correct State your result to the nearest penny.What was the actual rate of interest?
- 4. What is the purpose of a bridge loan? 5. Distinguish between bank discount and simple interest.6. Differentiate between a stated rate of interest and an effective rate of interest. 7. What is the significance of finding the internal rate of return (IRR)? 8. Jill Kramer borrowed $25,000 to pay for a startup business. Jill must repay the loan at the end of five months in one payment with a 6 percent simple interest rate.What is the total amount that Jill must repay in five months?How much interest does Jill repay?9. Joe Jones went to his bank to find out how long it will take for $1,000 to amount to $1,350 at 9 percent simple interest. Solve Joe's problem.1. Chelsie borrowed 10,000 from a financial institution at an interest rate of 1% monthly. The monthly payment she pays is 554.15. Find the number of periods required to repay the loan? 2. Mary Rose borrowed money from a bank amounted 12,000 with an interest rate of 11.5%, the monthly installments are 313.07. how long will it take to repay the loan? 3. ABC company has borrowed money from a financial institution that will be paid for about 2 years with monthly installments of 6,000. How much is the principal loan?Raquel borrowed $2300 from the bank for 18 months. The bank discounted the loan at 3.4%.How much was the interest?$How much did Raquel receive from the bank?$ What was the actual rate of interest?%
- Alana Olsen borrowed $5,000 for 90 days from First Bank. The bankdiscounted the note at 7 percent.a. What proceeds did Olsen receive?b. What is the effective rate to the nearest basis point?Suppose you borrow from a bank $1,756.06 today (t=0). You agree to pay back $3,637.64 in 4 years (t=4). The interest rate (%) that the bank charge you is closest to ________%. Input your answer without the % sign and round your answer to two decimal places.A bank loaned out $30,500, part of it at the rate of 6% annual interest, and the rest at 5% annual interest. The total interest earned for both loans was $1,660.00. How much was loaned at each rate? was loaned at 6% and was loaned at 5%.
- 1) Ms. Smith borrowed P125,000 at 11% stated rate of interest and was to pay back the loan in 24 monthly payments. What is her effective rate of interest? A. 10.56% C. 21.12%B. 18.96% D. 22.00% 2) Kenneth's Arrows and Bows borrow P10,000 for one year at 12% interest. What is the effective rate of interest if the loan is discounted?A. < 12.5% C. > 13.5% but < 14.5%B. > 12.5% but < 13.5% D. > 14.5% 3) Koopman's Chickens, Inc. plans to borrow P300,000 from its bank for one year. The rate of interest is 10%, but a compensating balance of 15% is required. What is the effective rate of interest?A. < 11.4% C. > 11.6 % but < 11.8 %B. > 11.4% but < 11.6% D. > 11.8 %The Johnson Family borrowed $3,000 for 18 months at 4% interest. What is the total payback on the Single Payment loan(round to the nearest dollar){DO NOT INCLUDE COMMAS OR $}?PLEASE ANSWER THESE 2 QUESTIONS. THANKYOU BARTLEBY. 9. A bank loan of P 2,000.00 was made at 8% simple interest. How long would it take in years for the amount of the loan and interest to be equal to P 3,280.00? 10. The loan was made 3 years and 4 months at 6% simple interest. The principal interest amount of the loan has just been repaid along with P 800.00 interest. Compute the amount of the original loan.