On April 1 a man borrows $100. The loan is to be repaid in three equal semiannual
Question:
On April 1 a man borrows $100. The loan is to be repaid in three equal semiannual (every 6 months) payments. If the annual interest rate is 7% compounded semiannually, how much is each payment?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (17 reviews)
A 100 AP ...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
A loan of $5000 is to be repaid in three equal installments due 60, 120, and 180 days after the date of the loan. If the focal date is the date of the loan and interest is 6.9% p.a., compute the...
-
A loan of $14 400 is to be repaid in end-of-the-quarter payments of $600. How many payments are required to repay the loan at 10.5% compounded quarterly?
-
A $9000 loan is to be repaid in three equal payments occurring 60, 180, and 300 days, respectively, after the date of the loan. Calculate the size of these payments if the interest rate on the loan...
-
A fruit vendor professes to sell fruits at the cost price, but uses false weights. He gains 40% in this manner. What weight does he substitute for one kilogram?
-
Define a function named Reverse that takes a string as input and returns a copy of that string in reverse order. For example, the function call Reverse('abcd') should return the string 'dcba'. Once...
-
Consider the key seat of Macnamara in 2022 Federal elections: First preference Labor Party Josh Burns Greens Steph Hodgins-May Liberal Party Colleen Harkin Vote 31.8% 29.7% 29.0% 29,552 27,587 26,976...
-
You are looking at Jack's Shoes' accounting statements. Jack's Shoes has net income of $16,900 in 2003 and owes $8,650 in taxes for the year. The company repaid $4,200 in loan principal and $650 in...
-
Good Samaritan Hospital began using standards to evaluate its Admission Department. The standard was broken into two types of admissions as follows: The unscheduled admission took longer, since name,...
-
4. Anderson Bros., Chennai has a branch at Agra. All goods required for sale at Agra are supplied from Chennai at cost-plus 25% and all cash received at the branch is banked daily in the Head Office...
-
A huge international oil company is considering its strategy in the Arctic Sea. The UK government has announced that a new drilling site in the Arctic Sea will be offered for sale on a competitive...
-
As shown in the cash flow diagram, there is an annual disbursement of money that varies from year to year from $100 to $300 in a fixed pattern that repeats forever. If interest is 10%, compute the...
-
An electronics firm invested $60,000 in a precision inspection device. It cost $4000 to operate and maintain in the first year and $3000 in each of the subsequent years. At the end of 4 years, the...
-
If you put up $45,000 today in exchange for a 6.25% 15-year annuity, what will the annual cash flow be?
-
A line passes through the point (-2,6) and has a slope of -5/2 write an equation in slope intercept form for this line
-
Refer to Figure 21-6. If the price of good X is $15, what is the price of good Y?
-
A seashore sand mixture contains 85% insoluble sand, 12% salt, and 3% water by weight. 100 kilograms of this mixture is to be washed by batch operations so that it will contain less than 0.2% salt...
-
1.A property-casualty insurer brings in $6.17 million in premiums on its homeowners MP line of insurance. The line's losses amount to $4,238,790, expenses are $1,523,990, and dividends are $104,890....
-
Effective leadership is essential for organizations to adapt and succeed in today's dynamic business environment. To be a successful leader, one must be able to inspire and guide their teams to...
-
\(3 \times 10^{1}+2 \times 10^{0}\) Express the expanded number as a Hindu-Arabic number.
-
A. Select a recent issue (paper or online) of Report on Business Magazine, Canadian Business Magazine (online only), Bloomberg Businessweek, Fast Company, The Economist, or another business magazine....
-
You and your three partners are engineers who minored in business at college and have decided to start a consulting business. Your goal is to provide manufacturing-process engineering and other...
-
There are four estimates made for the anticipated cycle time to produce a subcomponent. The estimates, in seconds, are 10, 20, 30, and 50. (a) If equal weight is placed on each estimate, what is the...
-
The PW value for an alternative is expected to be one of two values based on bids from two vendors. Your office partner told you that the low bid is $3200 per year. If she indicates a chance of 70%...
-
A total of 40 different proposals were evaluated by the IRAD (Industrial Research and Development) committee during the past year. Twenty were funded. Their rate of return estimates are summarized...
-
A manufacturer, such as BMW, would A. use a purchases account to calculate COGS. B. have three classes of inventory: DM, DL, and OH. C. be a push manufacturer, using Fords model. D. None of the above...
-
Q 25 30 Frakasaw Company started business on May 3, 2020 and reported the following balance sheet on Dec. 31, 2020. Balance Sheet as of Dec. 31, 2020 Assets Liabilities Cash $12,000 Accounts payable...
-
On July 1, 2017, Brent purchases a new automobile for $41,500. He uses the car 80% for business and drives the car as follows: 6,000 miles in 2017, 15,000 miles in 2018, 16,800 miles in 2019, and...
Study smarter with the SolutionInn App