a. How long will it take monthly payments of $600 to repay a $65,000 loan if the

Question:

a. How long will it take monthly payments of $600 to repay a $65,000 loan if the interest rate on the loan is 9.5% compounded semiannually?
b. How much will the time to repay the loan be reduced if the payments are $50 more per month?

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 07:47 AM

See More Questions

Answer the following questions: a. Assuming a rate of 10% annually, find the FV of $1,000 after 5 years. b. What is the investments FV at rates of 0%, 5%, and 20% after 0, 1, 2, 3, 4, and 5 years? c....
The mortgage on your house is five years old. It required monthly payments of $1402, had an original term of 30 years, and had an interest rate of 10% (APR). In the intervening five years, interest...
Brandi just received her credit card bill, which has an outstanding balance equal to $3,310. After reviewing her financial position, Brandi has concluded that she cannot pay the outstanding balance...
Refer to the Journal of Experimental Psychology-Applied (June 2000) name-retrieval study, presented in Exercise. The data for the study are saved in the NAMEGAME2 file. a. Find a 99% confidence...
Assume the same facts as in P8- 13 except that Pinware Wholesalers Inc. (Pinware) must order the watches two months in advance of expected delivery. On March 1, 20X3, Pinware ordered Swiss watches...
The shape of a bacterium can be approximated by a cylinder of radius r and height h capped on each end by a hemisphere. The volume and surface area of the bacterium are given by It is known that the...
Consider a one-period economy where two basic financial assets are traded without portfolio constraints or transaction costs. There are three equally likely end-ofperiod states of the economy and the...
How many types of bankruptcy and these types explained in Chapters?
Why typically the cost of equity exceeds the cost of debt?
Second Thought Products (STP) began operations on January 1, 2017, and adopted the FIFO method of inventory valuation at that time. Management elected to change its inventory method to the...
Mr. Braun wants the value of his RRSP 25 years from now to have the purchasing power of $400,000 in current dollars. a. Assuming an inflation rate of 2.5% per year, what nominal dollar amount should...
A 70-year-old man can purchase either of the following annuities for the same price from a life insurance company. A 20-year-term annuity will pay $394 at each month-end. A life annuity will pay $440...
(a) Test the hypothesis that $\mu_{1} eq \mu_{2}$ at the $\alpha=0.1$ level of significance for the given sample data. (b) Construct a $90 \%$ confidence interval for $\mu_{1}-\mu_{2}$. (c)...
Briefly, discuss the use of survey research in exploratory, descriptive, explanatory, and evaluation studies. Using a criminal justice example select one type of research study and develop one...
Medical Helicopters In a study of helicopter usage and patient survival, results were obtained from 47,637 patients transported by helicopter and 111,874 patients transported by ground (based on data...
Woodland Hills Company reported income before taxes (pretax financial income) in its income statement of $60,000. Among the items included in the computation of pretax financial income were the...
cest Shouldice Hospital in Canada is widely known for one thing-hernia repair! In fact, that is the only operation it performs, and it performs a great many of them. Over the past two decades this...
The activation energy for the gas phase decomposition of isobutyl bromide is 211 kJ. (CH3)2CHCH2 Br (CH3)2C=CH2+ HBr The rate constant at 676 K is 5.73 x 10-4 s. The rate constant will be 0.00647 s...
Critics of the Federal Reserve in 2013 warned that the Federal Reserves commitment to keeping the federal funds rate near zero for an extended period of time might increase expected inflation....
Before the 1973 oil embargo and subsequent increases in the price of crude oil, gasoline usage in the United States had grown at a seasonally adjusted rate of 0.57 percent per month, with a standard...
Putsch Corporation owns 30 percent of the voting stock of Mazelli, Inc. Mazelli reports net income of $100,000 and declares and pays cash dividends of $40,000. Which method should Putsch use to...
Calculating Annuity Payments this is a classic retirement problem. A time line will help in solving it. Your friend is celebrating her 35th birthday today and wants to start saving for her...
Calculating the Number of Periods Your Christmas ski vacation was great, but it unfortunately ran a bit over budget. All is not lost: You just received an offer in the mail to transfer your $10,000...
Future Value and Multiple Cash Flows An insurance company is offering a new policy to its customers. Typically, the policy is bought by a parent or grandparent for a child at the childs birth. The...
On NSE (Indian stock exchange), shares of ICICI Bank trade for 935 rupees. If the spot exchange rate is USD 0.012, what is the no-arbitrage USD price of ICICI Bank ADR? Assume that transactions costs...
Income Statement Balance Sheet Balance Sheet Additional Financial Information 1. Market price of Ranfield's common stock: $90.44 at December 31, 2024, and $58.35 at December 31, 2023. 2. Common...
There is a credit rating agency for businesses that gives out various amounts of information based on the subscription level. This company is called a. Business Credit Scoring b. Fair Issue c. Dun...

a. How long will it take monthly payments of $600 to repay a $65,000 loan if the

Question:

Step by Step Answer:

a Original loan Present value of all payments The loan will be paid off after 238 mo...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions