A loan of $14 400 is to be repaid in end-of-the-quarter payments of $600. How many payments

Question:

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?

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

Step by Step Answer:

Related Book For book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

See More Books

Question Posted: Feb 26, 2016 03:58 AM

See More Questions

A $40 000 mortgage is to be repaid over a 10-year period by monthly payments rounded up to the next-higher $50. Interest is 7.15% compounded semi-annually. (a) Determine the number of rounded...
A $160 000 mortgage is to be repaid over a 20-year period by monthly payments rounded up to the next-higher $100. Interest is 5.44% compounded semi-annually. (a) Determine the number of rounded...
A $28,000 loan at 8% compounded quarterly is to be repaid by equal quarterly payments over a seven-year term. a. What will be the principal component of the sixth payment? b. What will be the...
Repeat Prob. 37 using singularity functions exclusively (including reactions). Repeat Prob. 37, For the beam shown, find the reactions at the supports and plot the shear-force and bending-moment...
According to data from the Organization for Economic Cooperation and Development, the average U.S. worker takes 16 days of vacation each year (The Wall Street Journal, June 20, 2007). Assume that...
Lily Zhang started a new business on January 1, 2017, called Zhang Consulting. She develops financial investment plans for young adults. During the businesss first year of operations, the following...
Name and describe the categories of ordering costs found in a factory. LO.1
It takes approximately 8 working days for an order of number 6 screws to arrive once the order has been placed. The demand for number 6 screws is fairly constant, and on the average, Lila has...
An enduring power of attorney will cease upon: a. the death of the donor b. the loss of mental competence of a witness to the power of attorney c. the loss of mental competence of the attorney d. the...
Allie has bought a new apple orchard. The orchard has a single file of trees, numbered from 1 to N. Each tree has a certail number of ripe apples. Allie has a rule she wants to follow. She wants to...
Compute the nominal annual rate of interest compounded semi-annually on a loan of $48 000 repaid in installments of $4000 at the end of every 6 months in 10 years.
The amount of $574 is invested monthly at 6% compounded monthly for six years. The balance in the fund is then converted into an annuity paying $3600 at the end of every three months. If interest on...
Lento Inc. owned machinery with a $30,000 initial cost basis. Accumulated book depreciation with respect to the machinery was $12,000, and accumulated tax depreciation was $19,100. Lento sold the...
From the following electrochemical cells write: (a) the electrode half reactions for oxidation and reduction (b) the overall cell reaction (c) the NERNST equation for the emf for each of the cells...
Use the range rule of thumb to identify the values that are significantly low, the values that are signficantly high, and the values that are neither significantly low nor significantly high. A test...
On January 1, Year 1, Handy Company (Handy) purchased 70% of the outstanding common shares of Dandy Limited (Dandy) for $11,900. On that date, Dandys shareholders equity consisted of common shares of...
CarFind Inc. showed the following equity information at December 31, 2019. Common shares, unlimited shares authorized; 4,900,000 shares issued and outstanding Retained earnings $1,045,000 1,385,000...
Cell Phone Radiation Listed below are the measured radiation rates (in W/kg) corresponding to these cell phones: iPhone X, iPhone 7, Google Pixel, Samsung Galaxy 58, OnePlus 5, Motorola VE465, LG G3,...
Increased global competition has spurred most firms to take a hard look at their costs and become lean and mean. Rochco, a large industrial complex, has seen offshore competition erode its market...
A horizontal annulus with inside and outside diameters of 8 and 10 cm, respectively, contains liquid water. The inside and outside surfaces are maintained at 40 and 20oC, respectively. Calculate the...
Identify which channel and intermediaries will provide the best coverage of the target market for your product or service.
Changing the order in a sequence of transformations may change the final result. Investigate the pair of transformations in Problem to determine if reversing their order can produce a different...
Changing the order in a sequence of transformations may change the final result. Investigate the pair of transformations in Problem to determine if reversing their order can produce a different...
Changing the order in a sequence of transformations may change the final result. Investigate the pair of transformations in Problem to determine if reversing their order can produce a different...
Los siguientes datos corresponden a las operaciones de Turk Company el ao pasado: Ventas $ 900 000 Utilidad operativa neta $ 36 000 Margen de contribucin $ 150 000 Activos operativos promedio $ 180...
Problem 16-16 Tax Shields (LO2) River Cruises is all-equity-financed with 53,000 shares. It now proposes to issue $280,000 of debt at an interest rate of 12% and to use the proceeds to repurchase...
In a process costing system, companies use predetermined overhead rates to apply overhead

A loan of $14 400 is to be repaid in end-of-the-quarter payments of $600. How many payments

Question:

Step by Step Answer:

PV n 14 40000 PMT 60000 i 2625 n In 037 In102625 n 0994252 ...View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these Finance questions