Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 30, 2024

A local business received a $45,000 loan at 3.65% compounded monthly. The business settled the loan with quarterly payments of $775. a. How many payments

A local business received a $45,000 loan at 3.65% compounded monthly. The business settled the loan with quarterly payments of $775.

a. How many payments are required to settle the loan?

Round up to the nearest whole payment.

b. What was the interest portion of payment 28?

Round to the nearest cent

c. What was the size of the final payment?

Round to the nearest cent.

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

Recommended Textbook for

Financial Mathematics Derivatives And Structured Products

Authors: Chan

1st Edition

9811336954, 978-9811336959

Students also viewed these Finance questions

Question

★★★★★

Assume that a Section 15 affidavit of incontestability was filed for the mark PRECODA for computer software. ABC Inc. has recently alleged that the registration for PRECODA was procured through a...

Answered: 1 week ago

Question

★★★★★

For the beam and loading shown, determine (a) The magnitude and location of the resultant of the distributed load, (b) The reactions at the beam supports. Parabolu Vertex SO Ift 20 Ib/n

Answered: 1 week ago

Question

★★★★★

When I solved this type of problem before, which visual representation did I use?

Answered: 1 week ago

Question

★★★★★

The income statement disclosed the following items for 2010: Depreciation expense $ 36,000 Gain on disposal of equipment 21,000 Net income 317,500 Balances of the current assets and current liability...

Answered: 1 week ago

Question

★★★★★

The following information pertains to Bramble Corp. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and...

Answered: 1 week ago

Question

★★★★★

Le 1" fevrier 2011, le president de Cuisines de luxe Itee (CDL) vous contacte, a titre de conseiller en finance, pour preparer sa reponse a la requete de son institution finan- ciere, qui s'inqui...

Answered: 1 week ago

Question

★★★★★

Dying for a Paycheck, Jeffrey Pfeffer: Pfeffer presents layoffs as a lose-lose proposition and lays out the case through data that companies don't have to resort to layoffs. Layoffs negatively impact...

Answered: 1 week ago

Question

★★★★★

A maintenance workshop wants to add a new welding station. So the welding manager asked the simulation engineer to provide him with how much space should they allocate. What measures can the...

Answered: 1 week ago

Question

★★★★★

Are social media companies culpable, complicit, or capable in relation to societal harms perpetrated on their platform - and what might Nike's Project Rewire look like for a social media company...

Answered: 1 week ago

Question

★★★★★

Free station Calculations A very accurate solution is required for the location of a holding down bolt on a compressor within a range of +/- 5mm. Three precise pins are located surrounding the bolt...

Answered: 1 week ago

Question

★★★★★

There are six M1A1 tanks awaiting repair at Ft. Hood. Assume that only one tank can be repaired at a time, and no more tanks will be accepted until they process the 6 tanks currently in the repair...

Answered: 1 week ago

Question

★★★★★

Visit your campus career center and gather information on interest and personality tests they offer or recommend to help individuals determine their career interests. Take one of the tests, have the...

Answered: 1 week ago

Question

★★★★★

What are the three purposes of an oral communication message? Identify a business scenario that would be appropriate for each purpose. (Objective 4)

Answered: 1 week ago

Question

★★★★★

Give emphasis to the important points in the following paragraph by varying (a) your pitch; (b) your volume; (c) your speed; and (d) your pitch, volume, and speed in appropriate combinations....

Answered: 1 week ago

Previous Question Next Question