Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 09, 2024

Evan received a $39,400 loan from a bank that was charging interest at 4.50% compounded semi-annually. a. How much does he need to pay at

Evan received a $39,400 loan from a bank that was charging interest at 4.50% compounded semi-annually.

a. How much does he need to pay at the end of every 6 months to settle the loan in 5 years?

b. What was the amount of interest charged on the loan over the 5-year period?

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

Mutual Fund Industry Handbook

Authors: Gremillion

1st Edition

0471736244, 978-0471736240

More Books

Students also viewed these Finance questions

Question

★★★★★

Explain how your need for achievement, power, and/or affiliation has affected your motivation on the job.

Answered: 1 week ago

Question

★★★★★

Make sure to do Journal Entries Lease example A machine that can be purchased for cash today for 100,000, is leased for 3 years, for a down payment of 30,000, plus 3 annual end of year payments of...

Answered: 1 week ago

Question

★★★★★

=+ (b) Suppose that c is a right eigenvector: Pc = Ac. If A = 1, then c is a scalar multiple of co (again the geometric multiplicity is 1). If A + 1, then again |A| Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★

An economist wants to determine the relation between ones FICO score, x, and the interest rate of a 36-month auto loan, y. The given data represent the interest rate (in percent) a bank would offer...

Answered: 1 week ago

Question

★★★★★

EA 7 . - The salaries payable account should be credited, for the adjusting entry. True False

Answered: 1 week ago

Question

★★★★★

Use the incomplete Stockholders' Equity section of Box Company's balance sheet as of December 31, 2017, to answer the following question. Common stock, $7 par, 100,000 shares authorized $ 700,000...

Answered: 1 week ago

Question

★★★★★

You have $420 in an account which pays 4.1% compounded annually. If you invest your money for 9 years, then how many dollars of interest will you earn by the end of the term? The amount of interest...

Answered: 1 week ago

Question

★★★★★

Americans are greedy because everybody sues everybody on everything." Do you agree with above statement, and why there are many more liability litigation cases seeking huge amount for damage remedy...

Answered: 1 week ago

Question

★★★★★

You require 4.300 kg prepared carrots for service. The trimming loss for carrots is 14%. What quantity of raw carrots will you require for preparation? Enter your answer to 3 decimal places, e.g....

Answered: 1 week ago

Question

★★★★★

How does the battery from Tesla cars negatively impact the environment? Does Tesla negatively impact the environment at all? If so, how? What could Tesla do to help solve these impacts?

Answered: 1 week ago

Question

★★★★★

United States Motors Inc. (USMI) manufactures automobiles and light trucks and distributes them for sale to consumers through franchised retail outlets. As part of the franchise agreement,...

Answered: 1 week ago

Question

★★★★★

The Social Justice case for D&I has been argued in strategic human resource management literature as having longer term impact in building an inclusive culture, as opposed to the Business Case,...

Answered: 1 week ago

Question

★★★★★

Evaluate the effectiveness of the training intervention. Did it work? Why/why not?

Answered: 1 week ago

Question

★★★★★

Stereotype threat, arises when one is in a situation or doing something for which a negative stereotype about ones group applies (Steele 1997:614) and has the potential to lower the motivation and...

Answered: 1 week ago

Previous Question Next Question