Answered step by step
Verified Expert Solution
Question
1 Approved Answer
22. A commercial bank will loan you $7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly
22. A commercial bank will loan you $7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The annual interest rate on the loan is 12 percent of the unpaid balance. How large are the monthly payments? A. $282.43 B. $332.45 C. $369.82 D. $353.05 E. None 23. Which of the following is an appropriate reconciling item to the balance per bank in a bank reconciliation? A. Bank service charge. B. Deposit in transit. C. Bank interest. D. Chargeback for NSF check 24. Mr X deposited birr 500 in an account each month for 5 years and the account earns 10 percent interest compounded monthly, how much will be in the account after the last deposit is made? A. 38.718.5361 B. 10,692.142 C. 500 D. None 25. What is the present value of birr 20,000 payable in 10 years at 6 percent compounded semiannually? A. 11,167.896 B. 11,073.515 C. 6,236,095 D. 6,211.04
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started