Question
3. Leos Auto Repairs Inc. borrowed $5500 to be repaid by end-of-month payments over four years. Interest on the loan is 9% compounded monthly. What
3. Leos Auto Repairs Inc. borrowed $5500 to be repaid by end-of-month payments over four years. Interest on the loan is 9% compounded monthly.
What is the size of the periodic payment?
What is the outstanding principal after the 13th payment?
What is the interest paid in the 14th payment?
How much principal is repaid in the 14th payment?
4. To start their business, Ming and Ling borrowed $24 000 to be repaid by semi-annual payments over 12 years. Interest on the loan is 7% compounded semi-annually.
What is the size of the periodic payment?
What is the outstanding principal after the seventh payment?
What is the interest paid in the eighth payment?
How much principal is repaid in the eighth payment?
PLEASE DO IT ON PAPER SO IT WILL EASY FOR ME TO SUBMIT BCZ I HAVE ONLY 40 TO SUBMIT
THANK YOU
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Aat Management Accounting Budgeting
Authors: BPP Learning Media
1st Edition
1509718400, 978-1509718405
