A $ 150 bicycle was purchase don December 1with a $15 down payment the balance is to
Question:
A $ 150 bicycle was purchase don December 1with a $15 down payment the balance is to be paid at the rate of $10 at the end of each month, with the first payment due on December 31. The last payment may be some amount less than $10. If interest on the unpaid balance is computed at 11/2%per month, how many payments will there be, and what is the amount of the final payment? (Answers: 16 payments; final payment: $1.99)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (15 reviews)
150 15 10 PA 15 n PA 15 n 13510 135 From the 15 interest table we see that n is between 15 a...View the full answer
Answered By
Sandip Agarwal
I have an experience of over 4 years in tutoring. I have solved more than 2100 assignments and I am comfortable with all levels of writing and referencing.
4.70+
19+ Reviews
29+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
A serial bit stream, proceeding at a rate of 10 kbps from a source, is given as 110110 010111 011011 (spacing for clarity) Number the bits from left to right starting with 1 and going through 18 for...
-
A bond with semi-annual coupons at a rate of 10 percent will mature in one year. If the bonds price is $1,010, use the trial-and-error method to find the YTM. Check your answer by using a financial...
-
A spherical balloon is inflated at a rate of 10 cm 3 /min. At what rate is the diameter of the balloon increasing when the balloon has a diameter of 5 cm?
-
State the density property of a barometer liquid and explain its effects. Explain in detailed.
-
You are starting a small business. You have 9 investors who are willing to share equally in the venture. When you add 3 more investors, each person's share decreases by $2500. What is the total...
-
Reporting marketable securities available for sale at fair value on the balance sheet but not including the unrealized holding gains and losses in income is inconsistent and provides an opportunity...
-
Sales of automotive products for Ford Motor Company and General Motors Corporation for a five-year period are: Net sales for Pfizer Inc. and Abbott Laboratories for the same five years follow:...
-
Classify each of the following transaction as an operating, investing, or financial activity, even those that would not appear explicitly on the statement of cash flows. Some transactions may be...
-
he was found guilty and in the case of Mr. Williams the case was 'stayed' because the Supreme Court ruled that Mr Williams was entrapped. For this assignment we are going to focus on the decision...
-
Wednesday Addams is a graduating senior who is going to take her final exams next week. She divides her available weekend study time into 10 periods of equal length. She is taking four courses, two...
-
An engineer borrowed $3000 from the bank, payable in six equal end-of-year payments at 8%. The bank agreed to reduce the interest on the loan if interest rates declined in the United States before...
-
A company buys a machine for $12,000, which it agrees to pay for in five equal annual payments, beginning one year after the date of purchase, at an interest rate of 4% per annum. Immediately after...
-
Based on the information listed in Table 1, a peak section with a height of 5.56.0 m would be exposed to wind approximately what percentage of a year? A. 22% B. 39% C. 48% D. 53% Peak section height...
-
A $89,000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 3.9% compounded semi-annually for a five-year term. (a) Compute the size of the monthly payment. Determine...
-
How do mechanistic and organic organizational structures diverge in their fundamental principles, and what implications do these variances hold for adaptability and responsiveness to environmental...
-
You have the choice of receiving $50,000 now, or $19,000 now and another $35,000 two years from now. In terms of today's dollar, which choice is better and by how much? Money is worth 4.2% compounded...
-
Write an if-else statement that if numDifference is greater than stringDifference, execute totalDifference = -35. Else, execute totalDifference numDifference. 1 let totalDifference 0; 2 let...
-
The revenue function R(x) and the cost function C(x) for a particular product are given. These functions are valid only for the specified range of values. Find the number of units that must be...
-
Discuss the framework of rules designed to safeguard the interests of shareholders.
-
During the month, services performed for customers on account amounted to $7,500 and collections from customers in payment of their accounts totaled $6,000. At the end of the month, the Accounts...
-
In a 1031 like-kind exchange, Rafael exchanges a piece of equipment that originally cost $200,000. On the date of the exchange, the equipment given up has an adjusted basis of $85,000 and a fair...
-
Two options are available for setting up a wireless meter scanner and controller. A simple setup is good for 2 years and has an initial cost of $12,000, no salvage value , and an operating cost of...
-
Prepare a tabulation of incremental cash fl ows for the two machine alternativesbelow. Machine X Machine Y 35,000 90,000 Annual operating cost, $ per year 31,600 19,400 8,000 First cost, S 90,000...
-
For the alternatives shown, determine the sum of the incremental cash flows for Q P Alternative P Alternative Q 50,000 First cost,S Annual operating cost, S per year-8,600 Annual revenue, $ per year...
-
Harrimon Industries bonds have 6 years left to maturity. Interest is paid annually, and the bonds have a $1,000 par value and a coupon rate of 8%. a. What is the yield to maturity at a current market...
-
A Finance Manager (CFO) recognizes revenues and expenses utilizing Question 9Answer a. the standardized, generally accepted, accounting principles. b. the accrual method. c. the revenue method. d....
-
You have an opportunity to invest $50,000 now in return for $60,500 in one year. If your cost of capital is 7.6%, what is the NPV of this investment? The NPV will be $ (Round to the nearest cent.)
Study smarter with the SolutionInn App