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

Question

1 Approved Answer

A loan payment of $2,000 was due 120 days ago, and another payment of $1,500 is due 60 days from now.Instead, two equal payments will

A loan payment of $2,000 was due 120 days ago, and another payment of $1,500 is due 60 days from now.Instead, two equal payments will be paid, one in 30 days from now and second in 90 days from now.If the interest rate is 12% and the focal date is in 30 days, what is the size of equal payments?

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

Geometric Problems On Maxima And Minima

Geometric Problems On Maxima And Minima

Authors: Titu Andreescu ,Luchezar Stoyanovoleg Mushkarov

2006th Edition

0817635173, 978-0817635176

More Books

Students also viewed these Mathematics questions

Question

★★★★★
Offix Company manufactures office equipment for retail stores. Carole Windsor, the vice president of marketing, has proposed that Offix introduce two new products: an electric stapler and an electric...

Answered: 1 week ago

Question

★★★★★
Which type of database has the simplest storage method? Group of answer choices Relational Graph Columnar Document Key - value

Answered: 1 week ago

Question

★★★★★
2. What is the European Union? Will it ever be a United States of Europe?

Answered: 1 week ago

Question

★★★★★
A man bought a 5% tax-free municipal bond. It cost $1000 and will pay $50 interest each year for 20 years. The bond will mature at the end of the 20 years and return the original $1000. If there is...

Answered: 1 week ago

Question

★★★★★
A loan payment of $2,000 was due 120 days ago, and another payment of $1,500 is due 60 days from now.Instead, two equal payments will be paid, one in 30 days from now and second in 90 days from...

Answered: 1 week ago

Question

★★★★★
Paper Company receives a $3,473, 3-month, 11% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note? Select the...

Answered: 1 week ago

Question

★★★★★
Partners D, E and F share profits in the ratio of 5:3:2, During January, first installment of liquidation, D and E received P6,000 and P1,000 respectively. On the following month E received P6,000,...

Answered: 1 week ago

Question

★★★★★
Sue's Cupcakes hires your marketing firm to assist in determining which cupcakes were the top seller on National Cupcake Day last year. The results will help the company determine the top-selling...

Answered: 1 week ago

Question

★★★★★
Modeled after the two satellites problem (slide 12 in Lecture13, Universal gravity), imagine now if the period of the satellite is exact 46.91 hours, the earth mass is 5.98 x 1024 kg, and the radius...

Answered: 1 week ago

Question

★★★★★
1. A nurseis preparing to initiate IV therapy for an older adult client. Which of the following actions should the nurse plan to take ? a. Clean the site using vigorous friction b. Apply a tourniquet...

Answered: 1 week ago

Question

★★★★★
You plan to invest in securities that pay 8.0%, compounded annually. If you invest $5,000 today, how many years will it take for your investment to grow to $9,140.20? Using the information in the...

Answered: 1 week ago

Previous Question Next Question