FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A loan of amount $19585.46 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments are $1200

image text in transcribed

A loan of amount $19585.46 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments are $1200 each, and the final 9 payments are each $2400. Interest is at an effective annual rate of 4.5%. What is the amount of the principal repayment in the 6th payment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Industrializing Financial Services With DevOps

Industrializing Financial Services With DevOps

Authors: Spyridon Maniotis

1st Edition

1804614343, 978-1804614341

More Books

Students also viewed these Finance questions

Question

★★★★★
At what level should individual work be presented to the group? Should all work submitted to the group reflect MBA-level writing, or is "draft mode" acceptable? What final grade do you desire on the...

Answered: 1 week ago

Question

★★★★★
At the end of your car lease period, you intend to turn in the car, and you will not pay extra at that time based on the residual value of the car. Your have a____ leas. a residual an open-end a...

Answered: 1 week ago

Question

★★★★★
1. Search the Internet for material on managerial decision making. What general classes of materials can you identify in a sample of 10 sites?

Answered: 1 week ago

Question

★★★★★
Valuing Bonds The Marigold Corporation has two different bonds currently outstanding. Bond M has a face value of $20,000 and matures in 20 years. The bond makes no payments for the first six years,...

Answered: 1 week ago

Question

★★★★★
A loan of amount $19585.46 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments are $1200 each, and the final 9 payments are each $2400. Interest is at an...

Answered: 1 week ago

Question

★★★★★
Girdwood Inc. has a trademark that it expects to have an indefinite life. The carrying value of the trademark is $750,000. As of December 31, 2022, the fair value of the trademark was $600,000. The...

Answered: 1 week ago

Question

★★★★★
2. Let y = (Y11, Y23, Y12, y21). Let j = (1,1,1,1)", i = (1,1,1,0), i = (0,0,0,1)". Define the following vector spaces: V = L(14), V = L(i, i2), V = Von V (Note: Pay special attention to subscripts...

Answered: 1 week ago

Question

★★★★★
M140 EMA Cut-off date 30 May 2024 This EMA covers some interesting data related to Gravitational Wave (GW) events. The detection of gravitational waves, which are ripples in space-time, make it...

Answered: 1 week ago

Question

★★★★★
There are two dice in a box, one is fair: all outcomes are equally likely when rolling this die, the other is loaded the probability of getting a six on any roll is 1/2 and all other outcomes are...

Answered: 1 week ago

Question

★★★★★
At Meta, we seek to offer products and services truly designed for all. How will your lived experiences (educational, professional, or otherwise) help you offer our product teams a new perspective as...

Answered: 1 week ago

Question

★★★★★
Refer to the interactive below: Production Possibilities and Economic Growth GRAPH CALCULATIONS Capital Goods 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Production Possibilities (Present) Production...

Answered: 1 week ago

Previous Question Next Question