A 15-year loan requires month-end payments of $587.33 including interest at 8.4% compounded monthly. a. What was

Question:

A 15-year loan requires month-end payments of $587.33 including interest at 8.4% compounded monthly.
a. What was the original amount of the loan?
b. What is the balance on the loan after half of the payments have been made?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

See More Books

Question Posted: Jan 20, 2016 07:38 AM

See More Questions

A conditional sale contract between Classic Furniture and the purchaser of a dining room set requires month-end payments of $250 for 15 months. Classic Furniture sold the contract to Household...
a. A 5% promissory note for $10 000 was issued 183 days ago. How much cash is needed today to pay the note? b. SportZ has secured a line of credit with the Bank of Alberta. The following transactions...
1. For a given amount, interest rate, and number of years, which of the following will yield the highest number? a. Future value of a single sum b. Future value of an annuity c. Present value of a...
Adel runs a construction equipment rental company, renting out loaders, generators, lifts and similar equipment on short term rentals. In the past, Adel has purchased the equipment he then rents out,...
Assume the same information from Exercise 38. In addition, Peep Inc. incurred the following direct costs: Accounting fees for the purchase........$15,000 Legal fees for registering the common...
For each of the following sequences, rank them in order (from best to worst) as sequences that could be used to initiate translation according to Kozak's rules. GACGCCAUGG GCCUCCAUGC GCCAUCAAGG...
8. Assume that an enterprise has 10 operating segments. Of these, five segments qualify as reportable segments by passing one of the 10 percent tests. However, their combined revenues from sales to...
Everyone needs an emergency fund. Assume your best friend asks you to evaluate a list of investments for an emergency savings fund. Comment on the appropriateness of each of the following: a....
Robin Strait gana $104 000 al ao, trabaj 44 horas durante una semana reciente y gana salarios por horas extra que son 1,5 veces mayores que su salario regular. Sus ganancias brutas para la semana son...
As a financial consultant at Alexandra Anderson & Co., you and your team have been assigned to work on the WalterCola account, a fortune 500 soft drink beverage producer. Max Prophet, CEO of WC, has...
What minimum amount of money earning 7% compounded semiannually will sustain withdrawals of $1000 at the end of every month for 12 years?
What amount of money invested now will provide payments of $500 at the end of every month for five years following a four-year period of deferral? The money will earn 7.2% compounded monthly.
Show that a circle of radius has curvature 1/.
ASA TOUR TEACHER PRACTICE ANOTHER A linear programming computer package needed ams Currently, pretional plans are under way for this year's programs Advertising ateratives include television The...
Mastery Problem: Activity-Based Costing WoolCorp WoolCorp buys sheeps wool from farmers. The company began operations in January of this year, and is making decisions on product offerings, pricing,...
.1 Exploring Matrix Multiplication The table shows the first two test scores for Anna, Bruce, Chris, and David. Use the table to create a 4x2 matrix M to represent the data. This is Project 2.1 in...
Before tackling the Rosewood case, this initial question tests your ability to compute the CLV metric and then apply it in a simple breakeven analysis. The data below show the results of a Starbucks...
True or False: Secondary analysis involves the firsthand collection of data by the researcher. True False True or False: Research oriented data sets are collected according to stringent measurement...
A worker with a high need for ____________ power in McClellands theory tries to use power for the good of the organization. (a) position (b) expert (c) personal (d) social
Explain the circumstances that could result in a long-term bank loan being shown in a statement of financial position as a current liability.
For the year ending December 31, 2006, Mount Inc. reports net income $120,000 and dividends $85,000. Prepare the retained earnings statement for the year assuming the balance in retained earnings on...
Assume that interest rate parity holds. In both the spot market and the 90-day forward market 1 Japanese yen equals 0.0086 dollar. The 90-day risk-free securities yield 4.6 percent in Japan. What is...
In the spot market 7.8 pesos can be exchanged for 1 U.S. dollar. A compact disk costs $15 in the United States. If purchasing power parity holds, what should be the price of the same disk in Mexico?
Why is corporate finance important to all managers? MINI CASE Assume that you recently graduated with a degree in finance and have just reported to work as an investment advisor at the brokerage firm...
More info
American Food Services, Incorporated leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1 , 2 0 2 4 . The lease...
Which of the following statements is true? Financial measures tend to be lag indicators that report on the results of past actions. LA profit center is responsible for generating revenue, but it is...

A 15-year loan requires month-end payments of $587.33 including interest at 8.4% compounded monthly. a. What was

Question:

Step by Step Answer:

a The original amount of the loan is the presen...View the full answer

Business Mathematics In Canada

Students also viewed these Corporate Finance questions