You have borrowed $18,000. If the annual rate of interest is 4%, how long will it take

Question:

You have borrowed $18,000. If the annual rate of interest is 4%, how long will it take you to repay the note if you are making semi-annual blended principal plus interest payments of $1,702?

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

Step by Step Answer:

Related Book For book-img-for-question

Principles Of Financial Accounting

ISBN: 9781118757147

1st Canadian Edition

Authors: Jerry J. Weygandt, Michael J. Atkins, Donald E. Kieso, Paul D. Kimmel, Valerie Ann Kinnear, Barbara Trenholm, Joan E. Barlow

See More Books

Question Posted: Apr 11, 2018 09:00 AM

See More Questions

Find the present value of $50,000 to be received after 1 year if the annual rate of interest is a. 8 percent b. 10 percent c. 12 percent
Suppose you are considering borrowing $140,000 to finance your house. The annual rate of interest is 15% and payments are made monthly. If the mortgage is on a 30-year schedule, what are the monthly...
Sam Wainwright is a new accountant with Ground floor Company. Ground floor purchased merchandise on account for $18,000. The credit terms are 1/10, n/30. Sam has talked with the company's banker and...
Discuss in your own words why internal auditors often fail to detect frauds. You should discuss a minimum of four reasons.
How do credit and interest, in the form of a modern credit card, compare with the early forms of credit and interest you saw in the medieval Italian banks? What is the same? What is different? In...
A Harvard psychologist recruited 75 female hotel maids to participate in a study. She randomly selected 41 and informed them (truthfully) that the work they do satisfies the Surgeon Generals...
How should she start the meeting? ALTA DATA SOLUTIONS: MAKING THE SALE36 When Vicki Nguyen reached her office, she had a message from Mike Smith, the regional sales manager, to meet him in his office...
A market research firm used a sample of individuals to rate the purchase potential of a particular product before and after the individuals saw a new television commercial about the product. The...
8 more efficiently manage its inventory, Treynor Corporation maintains its internal entory records using first-in, first-out (FIFO) under a perpetual inventory system. 2 following information relates...
Consider the following MAILORDER relational schema describing the data for a mail order company. PARTS(Pno, Pname, Qoh, Price, Olevel) CUSTOMERS(Cno, Cname, Street, Zip, Phone) EMPLOYEES(Eno, Ename,...
The municipality of Lansdown issued a three-year, 5% mortgage note payable for $185,000 to finance the purchase of three salt trucks. The terms provide for equal quarterly blended principal plus...
You would like to purchase a car that costs $32,000, and the dealer offers financing over a five- year period at 3%. If repayments are to be made annually, what would your annual payments be?
A post mix beverage machine is adjusted to release a certain amount of syrup into a chamber where it is mixed with carbonated water. A random sample of 25 beverages was found to have a mean syrup...
n1 = 15, n2 = 18, S = 280, H1: m1 > m2. Exercises 57 present sample sizes and the sum of ranks for the rank-sum test. Compute S, S, and the value of the test statistic z. Then find the P-value.
n1 = 25, n2 = 32, S = 850, H1: m1 m2. Exercises 57 present sample sizes and the sum of ranks for the rank-sum test. Compute S, S, and the value of the test statistic z. Then find the P-value.
Evaluate the matrix element $\left\langle j_{1} j_{2} J\left|T_{k q}(1) ight| j_{1}^{\prime} j_{2}^{\prime} J^{\prime} ightangle$, where the tensor operator $T_{k q}(1)$ operates only on the part of...
Mark Gold opened Gold Roofing Service on April 1. Transactions for April are as follows: 1 Gold contributed $\$ 15,000$ of his personal funds in exchange for common stock to begin the business. 2...
n1 = 20, n2 = 30, S = 400, H1: m1 < m2. Exercises 57 present sample sizes and the sum of ranks for the rank-sum test. Compute S, S, and the value of the test statistic z. Then find the P-value.
Graph each circle. Identify the center and the radius. x 2 + y 2 = 9
An item of depreciable machinery was acquired on 1 July 2009 for $120,000 by cash It is expected to have a useful life of 10 years and zero salvage value On 1 July 2012, it was decided to revalue the...
Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA...
Key figures for Apple and Google follow. Required 1. Compute the debt-to-equity ratios for Apple and Google for both the current year and the prior year. 2. Use the ratios you computed in part 1 to...
Key figures for Apple and Google follow. Required 1. Compute the debt-to-equity ratios for Apple and Google for both the current year and the prior year. 2. Use the ratios you computed in part 1 to...
Create a Data Table to depict the future value when you vary the interest rate and the investment amount. Use the following assumptions: Interest Rates: Investment Amounts:-10.0% $10,000.00 -8.0%...
Isaac earns a base salary of $1250 per month and a graduated commission of 0.4% on the first $100,000 of sales, and 0.5% on sales over $100,000. Last month, Isaac's gross salary was $2025. What were...
Calculate the price, including both GST and PST, that an individual will pay for a car sold for $26,995.00 in Manitoba. (Assume GST = 5% and PST = 8%) a$29,154.60 b$30,234.40 c$30,504.35 d$28,334.75...

You have borrowed $18,000. If the annual rate of interest is 4%, how long will it take

Question:

Step by Step Answer:

Using tables First divide the present value with the amou...View the full answer

Principles Of Financial Accounting

Students also viewed these Business questions