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Ordinary interest is an interest rate calculated based on a (false) 360 day year as opposed to a 365 day year. It is an approximation, and is close enough for most practical applications. This suggests the question of whether one would be a better measure than the other?
Math Help Interest Rates Banking Math Word Problem Math Problem Math Help For College Interest Business Finance Business Math 2 College Business Math RELATED QUESTIONS LH borrowed $16,900 to pay for education at College.
The equation which assists us in determining the ordinary and exact interest is as follows: " I = Prt Here "P" represents the principal, "r" represents the rate of interest for one year, and "t" represents time in years.
Learn how to calculate the interest and maturity value of a loan using exact interest and simple interest formulas. See answers from expert tutors with examples and explanations.
In this case, the nominal annual interest rate is 8% and the month period interest rate is 8% divided by 12 months, since there are 12 months in a year. i= 8/12= 0.67%. Use the formula: F= A[(1+i)^n-1]/i , where F is the future value=70000, A is the annuity, i is the period interest rate=0.67%, n is the number of periods= 12* 14= 168
A user asks for help with a word problem about calculating the maturity value of a short-term loan with a 7.04% interest rate. Two tutors provide answers using different formulas and calendars.
Diane Van Os decided to buy a new car since her credit union was offering such low interest rates. She borrowed $30,500 at 4.75% on December 29 2012, and paid it off February 28 2014. How much did she pay in interest? (Assume ordinary interest.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the ...
Simple interest is calculated by I=prt, where I is interest, p is principal amount, r is interest rate, and t is time. Here, p is 500, r is .06, and t is 6/12. Upvote • 0 Downvote
Learn how to find the future value of an ordinary annuity with a given interest rate, payment amount and number of periods. See the equation, steps and answer for a sample problem with $1200/quarter for 5 years at 4%/year.
Find the equivalent rate of interest for a discount rate of 7.5% for 60 days. Answers · 2 how long would it take to pay off a loan of $2,900 at 11% discount when the bank charges $638?