A $45 000 mortgage is repaid in 20 years by making monthly payments of $387.72. What is

Question:

A $45 000 mortgage is repaid in 20 years by making monthly payments of $387.72. What is the nominal annual rate of interest compounded semi-annually?

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: Sep 21, 2024 05:20 AM

See More Questions

Suppose that there is parity between the Australian dollar and the United States dollar. Let x be a positive number and assume that the United States dollar increases by 100x % in Australian dollars....
On July 1,2015, Walter Allen Inc. purchased 6,000 shares of the outstanding common stock of Piaffe Corporation at a cost of $140,000. Piafee had 30,000 shares of outstanding common stock. Assume the...
Write an essay on polymeric materials that are used in the packaging of food products and drinks. Include a list of the general requisite characteristics of materials that are used for these...
A $45 000 mortgage is repaid in 20 years by making monthly payments of $387.72. What is the nominal annual rate of interest compounded semi-annually?
1. Describe how the work thats done at Google can result in employees feeling both very stressed and also very positive about their work and the company. In what way do these effects depend on Google...
A. Peninsular Berhad is entering into a 4-year remodeling and expansion project. The construction will have a limiting effect on earnings during that time, but when it is complete, it should allow...
What is the nominal rate of interest compounded monthly at which payments of $200 made at the end of every three months accumulate to $9200 in eight years?
What nominal annual rate of interest compounded quarterly was paid if contributions of $250 made into an RRSP at the beginning of every 3 months amounted to $14 559 after 10 years?
Use the step-by-step technique to find vo(t) for t > 0 in the network in figure. 24 V 200 3 kn 3 kn 2 kQ volt) 6 kn 2000 ia + 6v(+ p! = 0
Nikki's Labs, Inc Income Statement Year Ended September 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit 233,000 91,000 142,000 Operating Expenses: Salaries Expense 54,000 Depreciation...
On January 2, 2019, Lapar Corporation purchased a machine for $50,000. Lapar paid shipping expenses of $500, as well as installation costs of $1,200. The company estimated that the machine would have...
It consists of establishing objectives for a specific period of time that will lead you to your long-term professional goal. ( ( A . . Race, B . . Professional Development, C . . Career plan, D . ....
If an individual agrees to participate in a research study because he or she believes that harm or punishment will result for refusing to participate in the study, the individual's decision to...
Ethics Some operating systems can be run directly from an optical disc or flash drive. Booting a computer this way circumvents the OS installed on the hard drive of the system. In a school or...
For the particle of Prob. 12.78, determine the tangential component Ft of the central force F along the tangent to the path of the particle for (a) = 0, (b) =45?.
Reichenbach Co., organized in 2018, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2018 and 2019. Instructions...
Now add a set of indifference curves to the graph created for part B. What do these curves represent? What is the optimal portfolio for this investor? Finally, add a second set of indifference curves...
What is the capital asset pricing model (CAPM)? What are the assumptions that underlie the model?
Now add the risk-free asset. What impact does this have on the efficient frontier?
You are an auditor of the company ABC. During the audit of the accounting statements it is found that ABC has recognized in its assets the following elements: a) goods which are immovable for a...
The following items are taken from the financial statements of One Headlight Company for 2021: Accounts payable Accounts receivable $1,510 600 Accumulated depreciation-equipment Unearned Rent Revenue...
Mason Industries purchased a drilling rig for $75,900. Delivery costs totaled $2,817. The useful life is 7 years and the salvage value is $12,924. Prepare a depreciation schedule using the...

A $45 000 mortgage is repaid in 20 years by making monthly payments of $387.72. What is

Question:

Step by Step Answer:

PV 45 00000PMT 38772 n 240 c 212 ...View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these Finance questions