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: Sep 21, 2024 08:02 AM

See More Questions

The costs of achieving emission reductions in the future will depend greatly on the types of policies used to reduce emissions today. Explain.
1. Find the monthly payment on a $100,000, 25-year mortgage at 5.4% interest compounded monthly. 2. Mortgage Payment Find the monthly payment on a $250,000, 30-year mortgage at 4.8% interest...
By mistake, the production supervisor transposed the digits on the production report and reported a higher percentage of completion for each inventory component. Assume that there was no beginning...
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...
Would you rather have a savings account that pays 5% interest compounded semi-annually or one that pays 5% interest compounded Daily? Explain.
e. Calculate the risk for stock B. (2 marks) f. Calculate the risk for the TSX. (2 marks) g. Calculate the covariance and correlation of the returns for stock A and stock B. (2 marks) h. Calculate...
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...
Use the following contingency table: a. Compute the expected frequency for each cell. b. Compute x2STAT. Is it significant at a = 0.05? 125 125 05 t 935 1-30 4-75 A 10 40-50
Problem 22-03A Cullumber Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle. For...
Saved Help Save & Exit Problem 9-11A Partial year's depreciation; revising depreciation rates LO1, 2, 4 NeverLate Ltd. completed the following transactions involving delivery trucks: Dec. 2023 26...
While James Craig and his former classmate Paul Dolittle both studied accounting at school, they ended up pursuing careers in professional cake decorating. Their company, Good to Eat (GTE),...
8. Activity Based Costing Problem II - Show your work [50 points] Scott, Inc., manufactures two products, Regular and Deluxe, and applies overhead on the basis of direct labor hours. Anticipated...
Book Problem 9-8A PPE costs; partial year's depreciation; alternative methods LO1, 2, 3 Logic Co. recently negotiated a lump-sum purchase of several assets from a company that was going out of...
The graph of f is given. (i) lim x→2+ f(x) (ii) lim x→3+ f(x) (iii) lim x→2 f(x) (iv) lim x→4 f(x) (v) lim x→0 f(x) (vi) lim x→2 f(x) (vii) lim x→∞ f(x) (ii)...
Without solving, determine the character of the solutions of each equation in the complex number system. 3x 2 3x + 4 = 0
Explain the differences between depreciation expense and accumulated depreciation.
Shinn Company purchased equipment for $18,000. By the current balance sheet date, $6,000 had been depreciated. Indicate the balance sheet presentation of the data.
On January 9, a company pays $5,000 for salaries, of which $2,000 was reported as Salaries Payable on December 31. Make the entry to record the payment.
Construct the frequency distribution for drive-through service times for Burger King lunches using the accompanying data set Times begin when a vehicle stops at the order window and end when the...
Last month when Holiday Creations, Incorporated, sold 39,000 units, total sales were $156,000, total variable expenses were $118,560, and fixed expenses were $36,800. Required: 1. What is the...
The Belt Department has a book inventory of $85,880. Sales for the Spring season were $205,675. The physical inventory was $62,540. What is the shortage percent for the Spring Season in this...

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 allpayments Theloan will be paid of...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions