Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. short-term financing through bank loans big kahuna

Short-term financing through bank loans Big Kahuna Burger Inc. needs to take out a one-year...

90.2K

Verified Solution

Question

Finance

image
image
Short-term financing through bank loans Big Kahuna Burger Inc. needs to take out a one-year bank loan of $500,000 and has been offered several different terms. One bank has offered a loan with 11% simple interest that requires monthly payments. The loan principal will be paid back at the end of the year. Based on a 360-day year, what will be the monthly payment for June? (Hint: Remember that June has 30 days.) $4,583.33 $4,012.50 $5,041.66 O $3.666.66 Another bank has offered 8% add-on interest to be repaid in 12 equal monthly installments. What is the monthly payment on this add-on interest loan? O $49,500.00 $45,000.00 $36,000.00 O $47,250.00

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

Chemistry
1.2K views

1) Calculate how many moles of NH3 form when each quantity of reactant completely reacts according...

Psychology
1.2K views

What are some of the signs, features, and behaviours associated with schizophrenia? Have you ever known anyone...

Finance
1.2K views

Provide Sue with financial advice on which option has the potential to yield the highest monetary...

Accounting
1.2K views

Why is it critical to reconcile the bank statement on a timely basis each month?

Biology
1.2K views

AmoebaSisters MULTIPLE CHOICE QUESTION 500 bp or base pair means that the fragments is 500...

Physics
1.2K views

ii A point charge q 2 C is placed at origin point O The electric...

Physics
1.2K views

In the given A C circuit the instantaneous current through inductor and capacitor are 0...

Basic Math
1.2K views

Select the correct definition of an experiment from the choices below.An official survey given to...

Algebra
1.2K views

Espa o Isabel bought a desktop computer and a laptop computer Before finance charges the...

Accounting
1.2K views

Julie has just retired. Her companys retirement program has two options as to how retirement...

Accounting
1.2K views

Suggest a way to blend the US rule-based standard with the principles-based IFRS standard.

Accounting
1.2K views

The following activities occur at Greenwich Corporation, a company that manufactures a variety of products....