Interest of $6083.19 was charged on a student loan of $30,000 that was compounding semi-annually for three

Question:

Interest of $6083.19 was charged on a student loan of $30,000 that was compounding semi-annually for three years. If the interest rate remains the same, how long will it take for the loan to accumulate additional interest of at least $6000?

AppendixLO1

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

Step by Step Answer:

Related Book For book-img-for-question

Mathematics Of Business And Finance

ISBN: 9781927737545

4th Edition

Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans

See More Books

Question Posted: Aug 30, 2024 09:05 AM

See More Questions

1. Does Amazon have a special responsibility to their employees given the current COVID-19 pandemic? Are they meeting this responsibility? Why or why not? 2. How should Amazon prioritize their...
To the dismay of business travelers, airlines discretely cater to families with young children who fly first class (Rosman, Katherine, "Frequent Criers," Wall Street Journal, May 20, 2005, W1)....
What can an employee exclude from income if he receives a safety or length of service award?
Debate the ideal characteristics of a group therapy group (e.g., composition, cotherapists).
Mr. Soukup has prepared the following list of statements about service companies and merchandisers. 1. Measuring net income for a merchandiser is conceptually the same as for a service company. 2....
A company which sells goods to customers is known as a A) proprietorship. B) corporation. C) merchandising company. D) service company. Q 65 Which of the following companies would NOT be considered a...
The interest earned on a $12,000 investment is $3015. Calculate the time period if the monthly compounded rate was 9.00%. AppendixLO1
A company was charged interest of $17,894.86 on a loan of $100,000 that was compounding monthly for three years. If the interest rate remains the same, how long will it take for the loan to...
If an environment does not currently engage in solid requirements engineering practices, should tools be introduced?
Compare the resiliency to failure of n-cube to a fully- connected interconnection network. Plot a comparison of reliability as a function of the added number of links for the two topologies. Refer to...
Write the Kalman filter equations for an $\operatorname{AR}(1)$ process written is state space form with $H_{t}=1, \alpha_{t}=z_{t}$ and $V_{t}=0, \Omega_{t}=\phi, R_{t}=\sigma_{a}^{2}$. Show...
A wire bent into a circular arc of radius $R$ subtending an angle $\phi$ carries a current of magnitude $I$ (Figure 28.35). Use the Biot-Savart law to derive an expression for the magnitude of...
As of May 31, 2011, the bank statement showed an ending balance of $\$ 17,250$. The unadjusted Cash account balance was $\$ 16,450$. The following information is available: 1. Deposit in transit,...
Consider an economy that is populated by many identical riskneutral banks so that we can pick up an arbitrary representative bank and investigate its behavior. The bank makes loans at time 0, and the...
Why is it necessary for the chromosomes to condense during mitosis and meiosis? What do you think might happen if the chromosomes were not condensed?
Quadrilateral EFGH is a kite. Find mG. E H <105 G 50 F
After a brief illness, Bill died. Bills employer paid $20,000 to his widow. The corporation sent along a letter with the check indicating that $5,000 represented payment for Bills accrued vacation...
For each of the following cases, indicate the amount of the foreign-earned income exclusion. (Disregard the effect of exemptions for certain allowances under Sec. 912.) a. Sam, a U.S. citizen, is an...
On January 5, 2017 Rita left the United States for Germany, where she had accepted an appointment as vice president of foreign operations. Her employer, USA Corporation, told her the assignment would...
Michele has a $300,000 loan to be paid back with 4.508% interest over 15 years. What are Michele's monthly payments? How much in total does Michele pay to the bank? How much interest does Michele pay
Find the area of the shaded region. Show all steps. 10 Area- 8) Using the figure below, determine the area of the sector (shaded region) if: mAOB 160 and the radius of the circle is 5 cm. (Use 3.14...
View Policies Current Attempt in Progress Why do airlines charge even higher rates for heavier bags, bags that are odd shapes (e.g., ski bags), and bags with hazardous materials in them? It is...

Interest of $6083.19 was charged on a student loan of $30,000 that was compounding semi-annually for three

Question:

Step by Step Answer:

Mathematics Of Business And Finance

Students also viewed these Business questions