Bill can afford a monthly payment of $475. He wants to take out a $20,000 loan at

Question:

Bill can afford a monthly payment of $475. He wants to take out a $20,000 loan at 7% interest rate. What should the length of the loan be? Round your answer to the nearest year.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Algebra advanced algebra with financial applications

ISBN: 978-0538449670

1st edition

Authors: Robert K. Gerver

See More Books

Question Posted: Apr 14, 2016 04:47 AM

See More Questions

Since Chapter 1, you have solved problems about monthly payments, such as auto loans and home mortgages. You've learned how to find the monthly payment, P, required to pay off an initial amount, A0,...
1. An investment broker bought some stock at $87.89 per share and sold it after 3 months for $105.34 per share. What was the annual simple interest rate earned on this transaction? 2. A couple feels...
Jim is a 60-year-old Anglo male in reasonably good health. He wants to take out a $50,000 term (that is, straight death benefit) life insurance policy until he is 65. The policy will expire on his...
Write a BST client that uses the data file ip-tocountry.csv found on the booksite to determine the source country of a given IP address. The data file has five fields: beginning of IP address range,...
Refer to Exercise 12- 22. In Exercise 12- 22, Stanmore Corporation makes a special- purpose machine, D4H, used in the textile industry. Stanmore has designed the D4H machine for 2013 to be distinct...
According to the passage, chimpanzees hunt primarily because of: A. Increased numbers of red colobus monkeys. B. Food shortages during the dry season. C. Their DNA sequence. D. Their preference for...
Prepare journal entries related to typical events of a not-for-profit organization. AppendixLO1
Friedman Construction reported taxable income of $50,000 for 2011, its first fiscal year. The enacted tax rate for 2011 is 40%. Enacted tax rates and deductible amounts for 20122014 are as follows:...
On July 31, 2022, Teal Mountain Company had a cash balance per books of $6,285. The statement from Dakota State Bank on that date showed a balance of $7,835.80. A comparison of the bank statement...
Ilana Industries, Inc., needs a new lathe. It can buy a new high-speed lathe for $1 million. The lathe will cost $35,000 per year to run, but will save the firm $125,000 in labor costs, and will be...
The table lists the balances at the end of each year for a 15-year, $50,000 loan with an 8% interest rate. a. Construct a scatterplot using the data points (year, loan balance). b. Write a linear...
Ciana wants to take out a $7,500 loan with a 5.3% APR. She can afford to pay $128 per month for loan payments. a. What should be the length of her loan? Round to the nearest tenth of a year. b. What...
(a) If the marginal cost for x units of a good is MC =x2+9 (dollars per unit) and if the fixed cost is $300, what is the total cost function of the good? (b)What is the total cost of producing 4...
20 of 30 Operational, organizational, historical, and custom are all types of need to check on a daily basis as a system administrator. that you'll reporting logging monitoring
Consider each of the 3 definitions of "Health" below: 1) "a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity". (WHO) 2) "the ability to...
What is the expected FY24 accounts receivable amount and the net plant & equipment amount? Sales Cost of Goods Sold Other Expenses Depreciation Taxable Income Taxes (21%) Net Income FY23 Income...
Using research literature in project management, explain the differences between traditional project management from a tactical and strategic perspective. What are the short-term differences? What...
The expected value for a question was: E(X) = ( 1 / t h e t a ) ( ( e 5 6 ) / ( and 5 1 ) ) Using the E(X) above, comapre this expected value with the expected value of the Expo(theta) distribution,...
Discuss how you have used entrepreneurial skills on your projects to solve problems and take advantage of opportunities.
Cornell and Roberts are partners who agree to admit Stanley to their partnership. Cornell has a capital balance of $80,000 and Roberts has a capital balance of $120,000. Cornell and Roberts share net...
Find the intercepts of 5x - 2y = -10 and graph the line.
Find the slope and the y-intercept of the line with equation -3x + 2y = 5.
Clear Signal charges $80 for a cell phone and $49.95 per month under its standard plan. Write an equation that can be used to determine the total cost C(t) of operating a Clear Signal cell phone for...
Diplomatic Security Service provides Airport Transportation and Surveillance Service to Foreign Diplomats in Guyana. The company has two support departments - Information Systems and Equipment...
Q1: A disparity of bargaining power between the parties to a contract may result in unfair terms but a court is not likely to consider the contract unconscionable. Group of answer choices a. True b....
Life Tool Manufacturing has a system in place to recall products that prove to be dangerous at some time after manufacture and distribution. This represents which element of the due care theory?...

Bill can afford a monthly payment of $475. He wants to take out a $20,000 loan at

Question:

Step by Step Answer:

Use the loan length formul...View the full answer

Financial Algebra advanced algebra with financial applications

Students also viewed these Linear Algebra questions