Anne takes out a $343.36 loan at 6.4% annual interest. She pays off $100 at the end
Question:
Anne takes out a $343.36 loan at 6.4% annual interest. She pays off $100 at the end of each year for 4 years. Compute the balance on the loan immediately after she makes the first payment. Compute the balance after the second payment.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
First payment Balance 34336 ...View the full answer
Answered By
Ernie Moises Evora
I have worked as a teacher, a tutor and instructor.
I have also worked as a community leader in my community.
0.00
0 Reviews
10+ Question Solved
Related Book For
Finite Mathematics And Its Applications
ISBN: 9780137616619
13th Edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel , Jill Simmons
Question Posted:
Students also viewed these Mathematics questions
-
A person deposits $1000 at the end of each year into an annuity earning 5% interest compounded annually? How many years are required for the balance to reach $30,539? After how many years will the...
-
A bond pays $100 at the end of each year for five years, plus an additional $1,000 when the bond matures at the end of five years. What is the most you would be willing to pay for this bond if your...
-
A person deposits $2,000 each year for 25 years into an IRA. When she retires immediately after making the 25th deposit, the IRA is worth $220,000. (A) Find the interest rate earned by the IRA over...
-
Many states are now imposing severance taxes on resources being extracted within their borders. In order to understand the effect of these on the allocation of the mineral over time, assume a stable...
-
The balance in the unearned fees account, before adjustment at the end of the year, is $96,000. Of these fees, $78,500 has been earned. In addition, $23,600 of fees has been earned but has not been...
-
What social, political, and economic conditions might signal the existence of a large underground economy, and why should managers pay heed to such signals?
-
Briefly explain each of the three conventional ways of allocating joint costs to products.
-
Carlsbad Enterprises has a capacity to produce 400,000 computer cases per year. The company is currently producing and selling 320,000 cases per year at a selling price of $80 per case. The cost of...
-
2. On January 2, 2017, Stellar Company leases a machine with a fair value of $37,000 from Snead, Inc., on the following terms: 1.Noncancelable term of 4 years. 2.Rental of $9,250 per year (at...
-
Tonys Precision Computer Centre is picking up in business, so he has decided to expand his bookkeeping system to a general journal/ledger system. The balances from June have been forwarded to the...
-
Gabriella is looking to take out a loan at 5.6% interest compounded semiannually for her greenhouse and flower business. If she can make a $1400 payment at the end of each half-year, how much can she...
-
Mr. Long owes $1000 on a credit card with a 9.6% annual rate of interest compounded monthly. At the end of each month, there is a minimum payment of 3% of the balance at the beginning of that month....
-
An industrial engineer concerned with service at a large medical clinic recorded the duration of time from the time a patient called until a doctor or nurse returned the call. A sample of size 180...
-
provide two years of ratios for your company, Apple Inc. and two for a competitor. there are 10 different ratios required. two years times two companies times 10 ratios is a total of 40 ratios. Build...
-
write a Advantage of ERP,SAP Microsoft Dynamics, and Oracle in context of supply chain and management?
-
List and describe at least 2 ingredients of the promotional mix that Tre Stelle is using. Outline another ingredient that you would suggest that Tre Stelle use and explain why they should use it.
-
1. what is a customer benefit package its advantage and give example of a service CBP. 2. describe five reasons for a product and service design and give examples
-
List any suggestions you have for reducing or eliminating the manual handling problem. Identify if the control is Eliminating, Substituting, Isolating, Engineering, Administrative, or PPE.
-
Dividend reinvestment plans (DRIPs) enable stockholders to automatically reinvest dividends received back into the stock of the paying firm. In addition, many DRIPs allow their shareholders the...
-
Explain the regulation of the secretions of the small intestine.
-
1. A designer of a window display wants to form a pyramid with 15 hats. She wants to place the five men's hats in the bottom row, the four women's hats in the next row, next the three baseball caps,...
-
1. How many hands of five cards contain exactly three aces? 2. Numbers How many three-digit numbers are there in which exactly two digits are alike?
-
1. Draw a three-circle Venn diagram, and shade the portion corresponding to the set R' (S T). 2. Determine the first three terms in the binomial expansion of (x - 2y)12. 3. Balls in an Urn An urn...
-
Sort the following into asset, liability and stockholder equityAccounts payable. . . . . . . Liability Accounts receivable. . . . . Asset Advertising expense. . . . . ? Building. . . . . . . . . . ....
-
In applying the present value rule for a lease classification, the present value of the residual value a. should be included regardless of guaranteed or not. b. should only be included if it is...
-
When it comes to cost allocation, there are various best practices that can be used. One is to thoroughly record the allocation process. This helps to guarantee that costs are allocated consistently...
Study smarter with the SolutionInn App