Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Apr 26, 2024

An 90000 loan is amortized by payments of $1850 at the end of every 6 months at a rate of 2% compounded monthly 1. Construct

An 90000 loan is amortized by payments of $1850 at the end of every 6 months at a rate of 2% compounded monthly

1. Construct a partial amortization schedule showing the last 2 payments

2. determine the total amount paid to settle the loan

3. determine the total principle repaid

4. determine the total amount of interest paid

Step by Step Solution

There are 3 Steps involved in it

Step: 1

1 For the last two payments in the partial amortization s... 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

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

Contemporary Business Mathematics with Canadian Applications

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

10th edition

133052311, 978-0133052312

More Books

Students also viewed these Finance questions

Question

Prepare compound journal entries for each transaction. a. The owner invests $10,000 cash and $7,000 of equipment in the company in exchange for common stock. b. The company acquires $5,500 of...

Answered: 1 week ago

Question

★★★★★

As an auditor of a company, you discover evidence that executives in the firm conspired to murder a business competitor. You are considering whether to report the crime to either the board of...

Answered: 1 week ago

Question

★★★★★

A $198 000 mortgage amortized by monthly payments over 20 years is renewable after 5 years. Interest is 4.65% compounded semi-annually. (a) What is the size of the monthly payments? (b) How much...

Answered: 1 week ago

Question

★★★★★

In baseball, a players batting average is the proportion of times the player gets a hit out of his total number of times at bat. The distribution of batting averages in a recent season for Major...

Answered: 1 week ago

Question

★★★★★

Use Table 14 - 1 or the appropriate formula or calculator application for Exercise 23 - 26 Example 6, 13, and 15. Find the future value of a quarterly annuity due of $4,400 of three years at 8%...

Answered: 1 week ago

Question

★★★★★

31. Suppose .30 for the relationship between two cadinal variables. a) Of the pairs that are concordant or discordant, what proportion are concordant? Dis- cordant' b) Is this a suonger or a weaker...

Answered: 1 week ago

Question

★★★★★

3. Compare and contrast the different theories of violent offending.

Answered: 1 week ago

Question

★★★★★

Some newly issued T-bills are auctioned by discriminatory pricing in Dutch auctions, whereas other newly issued T-bills are auctioned by uniform prices second-highest sealed-bid ascending-price...

Answered: 1 week ago

Question

★★★★★

Elon Musks tweets show that Teslas board either cant or wont try to keep him in check CNBC, Published 27 February 2019. Author: Robert Ferris Robert Ferris reported that Elon Musk (CEO and Chairman...

Answered: 1 week ago

Question

★★★★★

a. To simplify the analysis, assume for now that there is virtually no turnaround time between flights so the next flight can begin as soon as the current flight ends. (If an immediate next flight is...

Answered: 1 week ago

Question

★★★★★

HELP!!! Defense of home: Find facts on the following case. Perform a legal analysis and decide if, in fact, a person had a particular state of mind, or if they caused the harm (i.e. death, injury)...

Answered: 1 week ago

Question

★★★★★

obin is filling out a performance review form for his employee, Sally, who has made more sales than anyone else in the department. Since Sally has very good sales skills, Robin rates Sally high...

Answered: 1 week ago

Question

★★★★★

Section Four 10 points Directions: Using your knowledge of contract formation and defenses, please review the following scenarios and state whether there is a valid contract, that is an offer,...

Answered: 1 week ago

Question

★★★★★

This week, your assignment is to create a crisis management plan for either your organization or for Dalton, Walton, and Carlton, Inc. When constructing your plan, think about what needs to be done...

Answered: 1 week ago

Question

★★★★★

1) An altimeter is a device that measures the height of a plane above the ground. It works based on air pressure according to the formula h = 18400log where h is the height above the ground in...

Answered: 1 week ago

Question

★★★★★

Lets put on our trainer hats and compose a brief training script on critical concepts in legal and ethical issues in the workplace. Select 1 of the following questions. Make sure you define your...

Answered: 1 week ago

Question

★★★★★

Acetylene is produced from methane in the reaction: 2CH4(g)C2H2(g)+3H2(g) An undesired side reaction is the decomposition of acetylene: C2H2(g)2C(s)+H2(g) Methane is fed to the reactor at 1500C at a...

Answered: 1 week ago

Question

★★★★★

Michelles trust is subject to 3.8% surtax on the lesser of the trusts net investment income or the excess of the trusts adjusted gross income over the $12,400 threshold (the highest trust tax rate)....

Answered: 1 week ago

Question

★★★★★

A $100 000 bond bearing interest at 6.75% payable semi-annually is bought eight years before maturity to yield 7.35% compounded annually. If the bond is redeem- able at par, what is the purchase...

Answered: 1 week ago

Question

★★★★★

Media Marketing of Atlanta, Georgia, offers a three-day accommodation coupon for a Hilton Head resort in South Carolina at a promotion price of C$316. If the exchange rate is C$1.02 per U.S. dollar,...

Answered: 1 week ago

Question

★★★★★

Asa has invested money from the settlement of an insurance claim. She plans to withdraw $600 from her savings account at the end of each month for four years. If the payments are deferred for two...

Answered: 1 week ago

Question

★★★★★

Does eating broccoli reduce the risk of prostate cancer? According to an observational study from the Fred Hutchinson Cancer Research Center (see the CNN.com web site article titled Broccoli, Not...

Answered: 1 week ago

Question

★★★★★

An article that appeared in USA Today (August 11, 1998) described a study on prayer and blood pressure. In this study, 2391 people 65 years or older, were followed for 6 years. The article stated...

Answered: 1 week ago

Question

★★★★★

Americium 241 (241Am) is a radioactive material used in the manufacture of smoke detectors. The article Retention and Dosimetry of Injected 241Am in Beagles (Radiation Research [1984]: 564 575)...

Answered: 1 week ago

Previous Question Next Question