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ollegr [7]
3 years ago
15

Sue Gastineau borrowed $17,000 from Regions Bank at a rate of 5.5% to open her lingerie shop. The date of the loan was March 5.

Sue hoped to repay the loan on September 19. Assuming the loan is based on ordinary interest, Sue will pay back how much in interest expense?
Business
1 answer:
dezoksy [38]3 years ago
5 0

Sue will pay back $507.20 in interest expense.

Explanation:

The formula for calculating simple interest is:

SI = P x r x t ÷ 100

  • P = Principal
  • r = Rate of Interest
  • t = Term of the loan/deposit in years

In the given problem,

  • Sue Gastineau borrowed $17,000 from Regions Bank so, P = $17000
  • Sue Gastineau borrowed $17,000 from Regions Bank at a rate of 5.5%, so r = 5.5 %
  • Number of days of the loan = March 5 to September 19
  • Sue borrowed $17,000 from Regions Bank for the period of = 198 days, So t = 198 / 365

Simple Interest = (17000 * (5.5/100) * (198/365))

Simple Interest = (17000 * (0.055) * (0.5424657534246575‬))

Simple Interest = (17000 * (0.055) * (0.5424657534246575‬))

Simple Interest = $507.20

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denpristay [2]

Answer:

$4,900 (From simple interest method)

Explanation:

Given:

Amount invested (p) = $4,000

Interest rate for simple interest (r) = 4.5% = 4.5/100 = 0.045

Interest rate for Compound interest (i) = 4%

Number of year (t) = 5

Computation of amount from simple interest method:

Amount = p(1+rt)

Amount = $4,000[1+(0.045 × 5)]

Amount = $4,000[1+0.225]

Amount = $4,000[1.225]

Amount (from simple interest method) = $4,900

Computation of amount from compound interest method:

Amount = p(1+i)^t\\\\Amount = 4,000(1+0.04)^5\\\\Amount = 4,000(1.04)^5\\\\Amount = 4,000(1.2166529)\\\\Amount = 4,866.616\\\\

Therefore, Amount from simple interest method is higher .

3 0
3 years ago
Running a company and protecting the interests of owners and other stakeholders is known as _____.
alexandr1967 [171]

Running a company and protecting the interests of owners and other stakeholders is known as <u>Corporate Governance</u>.

<h3>What is a Corporate Governance?</h3>

Basically, the corporate governance refers to the system by which companies are directed and controlled.

The Boards of directors are responsible for the governance of their companies while the shareholders' role in governance is to appoint the directors.

Therefore, the running of a company and protecting the interests of owners and other stakeholders is known as corporate Governance.

Read more Corporate Governance

brainly.com/question/14522678

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3 0
1 year ago
Mains Corporation owns equipment with a cost of $290,000 and accumulated depreciation at December 31, 2014 of $150,000. It is es
Firlakuza [10]

Answer:

(a)$0

Explanation:

Since the book value is less than the generated future cash flows so there would not be any loss on impairment of the asset

The book value is computed below

= Owns value - accumulated depreciation

= $290,000 - $150,000

= $140,000

The book value is $140,000 and the generated cash flows are $165,000. So, no value would be recognized

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3 years ago
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True [87]

Answer:

fourth option

Explanation:

global trade is worldwide

it is the 4th option

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Lars and Shelia work together in an office. Lars makes copies of documents for Shelia, handles phone calls, and files reports. S
Oxana [17]
D is the correct answer from the choices!!!!!!
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