Charlotte borrows $20,000 from the bank to help her expand her business. She agrees to repay the
Question:
Charlotte borrows $20,000 from the bank to help her expand her business. She agrees to repay the money in equal payments at the end of each year for 9 years. Interest is at 8.9% compounded annually. Find the amount of each payment.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (9 reviews)
20000 is the present value of an ann...View the full answer
Answered By
Branice Buyengo Ajevi
I have been teaching for the last 5 years which has strengthened my interaction with students of different level.
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Mathematics questions
-
Harlan made equal payments at the end of each month into his RRSP. If interest in his account is 3.7% compounded annually, and the balance after 15 years is $10 000.28, what is the size of the...
-
Sarah wants to deposit $12,000 at the end of each year for 9 years into an annuity. (a) Sarahs local bank offers an account paying 5% interest compounded annually. Find the final amount she will have...
-
Ron invests Z at the end of each year for 7 years at an annual effective interest rate of 3%. The interest credited at the end of each year is reinvested at an annual effective rate of 6%. The...
-
1. Consider the linear system Ax = b (all integer values) with the notation shown below, 1 -3 -1 -2 - H 5 7 - 2261x11 X2 -4 3 9 16x3 615 LX4- = A X b The element a24 = a has been lost. Assume,...
-
A fast food franchise tracked the number of errors that occurred in customers orders. These included wrong menu item, wrong size drink, lack of condiments, wrong price total, and so on. Some orders...
-
Consider why Netflix CEO Reed Hastings apology ignited a firestorm of criticism: It is clear from the feedback over the past two months that many members felt we lacked respect and humility in the...
-
Parks Canada prepared the following budget for one of its national parks for 2006: The fees were based on an average of 50,000 vehicle-admission days (vehicles multiplied by number of days in park)...
-
Safe Now sells its main product, ergonomic mouse pads, for $13 each. Its variable cost is $5.30 per pad. Fixed costs are $220,000 per month for volumes up to 65,000 pads. Above 65,000 pads, monthly...
-
Question 14 A half hour daytime tv show has an average of of commercials follows a normal distribution a) Find the percent of half hour daytime tv sh probability no
-
Calculate some of the standard customer acquisition costs across different types of channels: (conversion rate means the percentage of people who purchased the item among all the people who watched...
-
Samir wants to expand his pharmacy. To do this, he takes out a bank loan of $49,275 and agrees to repay it at 12.2% compounded monthly over 48 months. Find the amount of each payment necessary to...
-
Darrell deposits $1526.38 at the end of each 6-month period in an account paying 7.6% compounded semiannually. How much will be in the account after 5 years?
-
What is the fundamental accounting model?
-
Samples of five units each were taken. Use three-sigma control limits (so use Exhibit 13,7). SAMPLE NUMBER 1234567E 23 7 8 HA 106 9. 10 11 23 12 13 14 HAHARAN 819 5 15 16 17 18 19 20 Sample Number 1...
-
What roles do QA and QC and its management play in an MRO? Is one more important than the other in MRO organizations? Why, or why not? How do QA and QC fit within the organizational structure? How do...
-
Profit for Jeffrey Franco's Treasures is P250,000 for the current year. The owner withdrew P30,000 per month for personal living expenses. The owner's Capital account will show a net ?
-
In March 2017, AmTrust Financial revealed that it had a variety of internal control material weaknesses, one of which led to a material misstatement in the revenue cycle. Obtain the 10-k of AmTrust...
-
Identify the various roles that the HRIS plays within the different managerial levels of an organization.
-
Morris Friedman was president of Tiny Doubles International, Inc. He sold business opportunities for Tiny Doubles Studios, which made small photographic statues of people for customers. Friedman was...
-
Decades after the event, Johnson & Johnson (J&J), the 130-year-old American multinational, is still praised for swiftly The company indicated that its response was based on the expectations set forth...
-
Conduct the test recommended in Problem 9.22? Hypertension An instrument that is used in some blood-pressure studies is the random-zero device, in which the zero point of the machine is randomly set...
-
Which nonparametric test should be used to test the hypothesis that variability of the two machines is comparable? Another aspect of the same study is to compare the variability of blood pressure...
-
Conduct the test recommended in Problem 9.24? Another aspect of the same study is to compare the variability of blood pressure with each method. This comparison is achieved by computing |x 1 x 2 |...
-
Hip Manufacturing produces denim clothing. This year it produced 3,340 denim jackets at a cost of $100,200. These jackets were damaged in the warehouse during storage. Management identified three...
-
Ratio Analysis Presentation One of the key learning outcomes in this course is to analyze financial statements using key financial ratios to enhance understanding of a company's financial...
-
Special Rules : CCA for rental property Question 10 options: Separate Class For Each Rental Property With A Cost Greater Than $50,000 Separate Class For Each Rental Property With A Cost Greater Than...
Study smarter with the SolutionInn App