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Vilka [71]
3 years ago
6

lila gallo borrowed $10000 from her bank to build up the inventory of her stationery store. the loan was payable in six months a

t 12 percent interest per year, which the bank deducted in advance. how much money did lila actually receive/
Business
2 answers:
sesenic [268]3 years ago
5 0

Answer:

$9,400

Explanation:

generally bank loans collect their interests when the loan payments are due, e.g. every monthly payment includes a part that pays interests and another that reduces principal amount. In this case, Lila got a 6 month loan that requires a lump sum payment at the end of the sixth month, but the bank charges her interest in advance, which is a fancy way of actually charging a higher effective interest.

she will receive principal - (principal x interest charges) = $10,000 - ($10,000 x 12%/2) = $10,000 - $600 = $9,400

in this case, the interest rate that Lila is effectively paying = $600 / $9,400 =   6.38% semiannual or 12.77% annual

antiseptic1488 [7]3 years ago
4 0

Answer:

Explanation:

Amount actually received = Initial amount - interest payment

Interest payment = 10,000*12%/2 = 10,000*6% = 600

Amount actually received = 10,000-600 = $9,400

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