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Company BPM plans to attend that really cool music festival for years to come, so...

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Accounting

Company BPM plans to attend that really cool music festival for years to come, so they decided to borrow money and purchase a large truck to transport their merchandise.

  1. BPM borrowed $22,000 at a 4.75% interest rate for 60 months. Calculate the maturity value of the simple interest loan. Round to the nearest penny. M= 22,000 * ( 1 + .0475 * 60/360)

M = 22,000 * (1 + .0475 * 0.16666667)

M = 22,000 * (1 + 0.00791667)

M=22,000 * 1.00791667

M= 22,174.17.

2 If BPM made a $12,000 payment after 24 months, how much money would they save over the life of the loan?

3 BPMs account manager is curious about the difference between ordinary and exact interest. How much more would BPM pay on a 150-day loan for $20,000 at 6.125% interest? Calculate once for ordinary interest and once for exact interest to answer this question.

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