Question and answer
The amount the bank charges for use of money is called interest. True False
TRUE. The amount the bank charges for use of money is called interest. http://slater1.pageout.net/page.dyn/instructor/assessment/display_assessment?quiz_id=488661
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Asked 4/7/2012 6:39:10 PM
Updated 1/22/2014 10:02:41 AM
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This answer has been confirmed as correct and helpful.
Edited by jeifunk [1/22/2014 10:02:38 AM]
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Annual means compounded once a year. true false
Question
Updated 8/31/2015 7:49:28 PM
1 Answer/Comment
Annual means compounded once a year. TRUE.
Added 8/31/2015 7:47:22 PM
This answer has been confirmed as correct and helpful.
Confirmed by Andrew. [8/31/2015 7:49:18 PM]
Federal Reserve Banks as well as the Federal government like to calculate simple interest based on:
Weegy: Simple interest is calculated only on the principal amount, [ or on that portion of the principal amount that remains unpaid.The amount of simple interest is calculated according to the following formula: I_{simp} = r \cdot B_0 \cdot m where r is the period interest rate (I/m), B0 the initial balance and m the number of time periods elapsed. ] (More)
Question
Updated 3/9/2014 12:15:40 AM
1 Answer/Comment
Federal Reserve Banks as well as the Federal government like to calculate simple interest based on: EXACT INTEREST.
Added 3/9/2014 12:15:39 AM
This answer has been confirmed as correct and helpful.
Joyce took out a loan for $21,900 at 12 percent on March 18, 2007, which will be due on January 9, 2008. Using ordinary interest, Joyce will pay back on Jan. 9 a total amount:
Weegy: 21,900 x 0.12 x 297/365 = 2138.4. Add that to $21,900.00= 24 038.4. Answer is Joyce will pay back 24 038.4 (More)
Question
Updated 3/9/2014 12:17:04 AM
1 Answer/Comment
Using ordinary interest, Joyce will pay back on Jan. 9 a total amount: $24,068.10

Added 3/9/2014 12:17:04 AM
This answer has been confirmed as correct and helpful.
Compound value = $ amount divided by table factor. True False
Question
Updated 1/22/2014 10:00:26 AM
1 Answer/Comment
Compound value = $ amount divided by table factor. This is FALSE.
Added 1/22/2014 10:00:26 AM
This answer has been confirmed as correct and helpful.
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