Top Posters
Since Sunday
14
o
6
1
l
1
J
1
a
1
C
1
r
1
1
A
1
1

# Billy North loaned $2,250 to his former college roommate, Jerold Weinsted. Jerold agreed to repay ... wrote... Posts: 65 Rep: A week ago Billy North loaned$2,250 to his former college roommate, Jerold Weinsted. Jerold agreed to repay the principal in three monthly installments of $750 each. Billy charged interest at 0.5% (monthly rate) on the unpaid balance each month. Complete the North-Weinsted loan payment schedule. Then use the North-Weinsted loan payment schedule to solve the effective rate problem.  Unpaid Interest Principal Total New Month Balance Payment Payment Payment Balance a. 1 ______ ______$750 ______ ______ b. 2 ______ ______ $750 ______ ______ c. 3 ______ ______$750 ______ ______ --------- --------- Total ______ ______ d. Compute the effective annual interest rate in the North-Weinsted loan agreement by using where P is the average principal over the 3-month period, I is the total amount of interest, and T is 3/12 year.
Textbook

## Contemporary Business Mathematics for Colleges

Edition: 16th
Authors:
Replies
Answer verified by a subject expert
pipi123pipi123
wrote...
Posts: 73
Rep:
A week ago

### Related Topics

mmi Author
wrote...

A week ago
 Just got PERFECT on my quiz
wrote...

Yesterday
 This calls for a celebration
wrote...

2 hours ago
 This helped my grade so much
Explore
85 People Browsing
315 Signed Up Today
Related Images

571

182

160