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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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