Recent Posts • Latest Topics • Unanswered Questions

Billy North loaned $2,250 to his former college roommate, Jerold Weinsted. Jerold agreed to repay ...

mmi

wrote...

Go to Answer

Posts: 141

Rep:

A year ago

Billy North loaned $2,250 to his former college roommate, Jerold Weinsted. Jerold agreed to repay ...

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: 16^th

Authors: Deitz, Southam

Read 61 times

1 Reply

Report

Replies

Answer verified by a subject expert

pipi123

wrote...

Posts: 142

Rep:

A year ago

More solutions for this book are available here

Report

Related Topics

mmi Author

wrote...

A year ago

Good timing, thanks!

klyn

wrote...

Yesterday

Thanks for your help!!

linlinlin

wrote...

2 hours ago

Correct

New Topic

Quick Reply

Explore

Post your homework questions and get free online help from our incredible volunteers

1393 People Browsing

132 Signed Up Today

Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook

Related Images

363

950

Your Opinion

Previous poll results: Does a gender wage gap exist in America?

It's sore throat season, why does my mucus have red spots?

Bonobos, Chimpanzees, and the 98% DNA Link

Courses by Biology Forums

Strange Ingredients Lurking in Doritos Chips

The Toxic Skin and Fungi Defense

Ready to ask a question on Biology Forums? Try it out

Join Our Community

Biology Forums - Study Force is a free online homework help service catered towards college and high school students. Get homework help and answers to your toughest questions in biology, chemistry, physics, mathematics, engineering, accounting, business, humanities, and more. Master your assignments quickly with thousands of step-by-step solutions to countless textbook questions asked and answered by our members. If we don't have your question, don't worry. You can ask any homework question and get expert homework help in as little as two hours.

Our extensive online study community is made up of college and high school students, teachers, professors, parents and subject enthusiasts who contribute to our vast collection of study resources: textbook solutions, study guides, practice tests, practice problems, lecture notes, equation sheets and more. With our help, your homework will never be the same!

Join for free today

How is Biology Forums - Study Force different than tutoring?

Home Search Q & A Board Gallery Resource Library Blog Dictionary Chat	Quick Links Start a Topic Latest Topics Unanswered Questions Courses Study Tools Browse by Textbook	Social Facebook YouTube Community Stats Who's Online Trending Staff	Help About Us Take the Tour Study Tips Posting Guidelines Terms and Policies Contact Us
Biology Forums - Study Force © 2010-2024 \| Powered by SMF \| SMF © 2015, Simple Machines \| Sitemap Biology-Forums.com is not affiliated with any publisher. Book covers, title and author names appear for reference only.