Payments of $1240 at the end of every six months will pay off the balance owed on a loan in 9 years If the interest rate on the loan is 5 9 compounded semiannually, what is the current balance on the loan ...

Payments of $1240 at the end of every six months will pay off the balance owed on

Question:

Payments of $1240 at the end of every six months will pay off the balance owed on a loan in 9 ½ years. If the interest rate on the loan is 5.9% compounded semiannually, what is the current balance on the loan?

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

Step by Step Answer:

Related Book For book-img-for-question

Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

See More Books

Question Posted: Oct 21, 2020 05:06 AM

See More Questions

Semiannual payments of $1240 will pay off the balance owed on a loan in 9 1/2 years. If the interest rate on the loan is 9.9% compounded semiannually, what is the current balance on the loan?
The municipality of Duncan has financed a sewage treatment plant by issuing $18 million worth of sinking fund debentures . The debentures have a 15-year term and pay a coupon rate of 9% compounded...
What semiannually compounded rate and effective rate of interest are being charged on a $12,000 loan if payments of $1022.89 at the end of every six months will repay the loan in seven years?
Reset all of the assumptions to the original values. Then assess the sensitivity of the impairment test results by changing the following assumptions listed below. Assumption Name: Revised...
Air enters the compressor of a simple gas turbine at 100 kPa, 25oC, with a volumetric flow rate of 6 m3/s. The compressor pressure ratio is 10 and its isentropic efficiency is 80%. The turbine inlet...
5. As an employee, if you know that your company occasionally reads emails, does that change your behavior? If so, does that justify the company reading your email? Does this situation differ from...
Thickness of dust on solar cells. The performance of a solar cell can deteriorate when atmospheric dust accumulates on the solar panel surface. In the International Journal of Energy and...
An isolated spherical capacitor has charge + Q on its inner conductor (radius ra and charge -Q on its outer conductor (radius rb) Half of the volume between the two conductors is then filled with a...
Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost 295 units $13.80 - Unita Sold at Retail $ 4,071 Date January 1 January 10 March 14...
Sesi 2. Question to be discussed Are the trained staff assets of Open Safari? (Note: Open Safari has incurred significant staff training costs and some staff possess specialised skills that are...
How much will an investor have at the end of 20 years if he deposits $500 at the end of every month for the next 20 years? Assume money earns 2.5% compounded semiannually.
Jamal is saving for a trip that he'd like to take when he graduates from college in three years. If he invests $200 at the end of every three months for the next three years, how much will he have...
Consider a project to produce custom door moldings for GMC Acadia cross-over vehicles, described in Table 7.4. a. If you start the project immediately, when will it be finished? b. you are interested...
Construct a 90% confidence interval for the population standard deviation o at Bank B. Bank B 4.2 5.4 5.9 6.1 6.6 7.7 7.7 8.6 9.3 10.0
Jamila Traders has a head office in Nanyuki and an autonomous branch in Thika. The trial balances of the head office and the branch as at 30 September 2014 were as follows: Head office Sh. Sh. Thika...
Poll Results in the Media USA Today provided results from a survey of 1144 Americans who were asked if they approve of Brett Kavanaugh as the choice for Supreme Court justice. 51% of the respondents...
ROI analysis using the DuPont model a. Firm A has a margin of 7%, sales of $980,000, and ROI of 19.6%. Calculate the firm's average total assets. b. Firm B has net income of $259,200, turnover of...
The test statistic of z = - 2.93 is obtained when testing the claim that p < 2/ 3. This is a left-tailed test. Using a 0.01 significance level, complete parts (a) and (b). a. Find the critical...
Why do we need data structures with varying numbers of elements?
United Business Forms capital structure is as follows: Debt ............................................ 35% Preferred stock ........................... 15 Common equity .......................... 50...
According to the American Academy of Cosmetic Dentistry, 75% of adults believe that an unattractive smile hurts career success. Suppose that 25 adults are randomly selected. a. What is the...
According to a Gallup poll 27% of American adults have confidence in banks. Suppose that you interview 5 Americans adults at random. a. What is the probability that 2 or fewer have confidence in...
According to a Pew Research Center survey 30% of graduates who had student loans are delinquent (90 or more days behind in their payments. Suppose that a survey of 10 such graduates is taken. a. What...
Nitin is paid a base salary of $200 per week and commission at the rate of 3% for sales over $5000, 4% if his sales are over $8000, and 5% if sales are over $15,000. How much will Nitin earn in a...
Safa is paid a base salary of $1500 per month and a commission of 6% on all sales over $75,000. Last month, Safa's gross salary was $4440. What were her sales for the month? a$149,000 b$124,000...
Your regular hourly rate of pay is $15.86, and you are paid double time for all work on weekends and for any time over forty hours per week (Monday to Friday). Calculate your gross earnings for a...

Payments of $1240 at the end of every six months will pay off the balance owed on

Question:

Step by Step Answer:

Given PV PMT 111 i 19 11...View the full answer

Fundamentals Of Business Mathematics In Canada

Students also viewed these Mathematics questions