Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. miguel owes $7,000 to a friend who is charging her

Miguel owes $7,000 to a friend who is charging her simple interest of 3.50% p.a....

50.1K

Verified Solution

Question

Finance

image
Miguel owes $7,000 to a friend who is charging her simple interest of 3.50% p.a. She is required to settle the loan with two equal payments, one today and the other in three months. Calculate the size of the equal payments using three months as the focal date. $0.00 Round to the nearest cent

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

You have been asked to review the December 31, 2021, balancesheet for Champion Cleaning....

Accounting
1.2K views

Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal...

Biology
1.2K views

The sarcolemma, or muscle cell plasma membrane, helps maintain a concentration gradient of calcium ions...

Basic Math
1.2K views

Last week at the grocery store where you work, you sold 298 peaches and lost...

Statistics
1.2K views

the question Suppose that computer literacy among people ages 40 and older is being studied...

Algebra
1.2K views

A scientist needs to make 5 4 liters of saline solution salt water in which...

Algebra
1.2K views

Which of the following statements are correct Select all that apply 1 xb a xa...

Algebra
1.2K views

Divide and simplify 49n4 14n 3 7n

Accounting
1.2K views

Based on the following data, what is the accounts receivable turnover? a. 9.2 b. 2.4...

Accounting
1.2K views

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance...

Accounting
1.2K views

At the beginning of the period, the Cutting Department budgeted direct labor of $35,000 and...

Finance
1.2K views

3. How many days are in the operating cycle if the cash cycle is 70...