Lillian Barnes made extra money by lending small amounts of money to small businesses. One such loan dated September 9, was for $8,680, for 75 days at 8.6% interest. On October 25, Lillian decided to sell the loan to a lending institution which discounted it at 12.7%. Use a 365-day year to find the missing information on the loan.
Definitions:
Residual Income
The amount of income that an individual or company retains after accounting for all operating expenses and cost of capital.
Operating Assets
Assets that are used by a company in its daily operations to generate revenue, excluding any investment or non-operational assets.
Net Operating Income
The profit derived from a company's regular business activities, excluding deductions of interest and taxes.
Return On Investment
A performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of a number of different investments.
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