Top Posters
Since Sunday
r
4
L
4
3
d
3
M
3
l
3
V
3
s
3
d
3
a
3
g
3
j
3
New Topic  
mmi mmi
wrote...
Posts: 157
Rep: 0 0
A year 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.

  UnpaidInterestPrincipalTotalNew
 
Month
BalancePaymentPaymentPaymentBalance
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
  
 pr019-1.jpg
  
 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

Contemporary Business Mathematics for Colleges


Edition: 16th
Authors:
Read 75 times
1 Reply
Replies
Answer verified by a subject expert
pipi123pipi123
wrote...
Posts: 158
Rep: 0 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

mmi Author
wrote...

A year ago
Thanks for your help!!
wrote...

Yesterday
Brilliant
wrote...

2 hours ago
This calls for a celebration Person Raising Both Hands in Celebration
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  1900 People Browsing
Related Images
  
 229
  
 259
  
 376
Your Opinion
Who will win the 2024 president election?
Votes: 119
Closes: November 4