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

Question

1 Approved Answer

How long will it take monthly payments of $400 to repay a $50,000 loan if the interest rate on the loan is 8% compounded semiannually?(Round

How long will it take monthly payments of $400 to repay a $50,000 loan if the interest rate on the loan is 8% compounded semiannually?(Round your answer UP to the next whole month.) ___Months

b. How much will the time to repay the loan be reduced if the payments are $40 per month larger?(Round your answer UP to the next whole month.) ___ Months

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

Step: 3

blur-text-image

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

Business Mathematics In Canada

Business Mathematics In Canada

Authors: Ernest Jerome

7th edition

978-0071091411, 71091416, 978-0070009899

More Books

Students also viewed these Finance questions

Question

★★★★★
Many companies use economists forecasts of foreign exchange rates to translate cash flow projections denominated in foreign currency. What are the possible drawbacks of using such forecasts?

Answered: 1 week ago

Question

★★★★★
Estimate the friction angle of the soil C in Problem 2.7 (see Figure P2.7) at 80% relative density and void ratio of 0.61 using the empirical correlations given by a. Eq. (2.87) b. Eq. (2.88) Figure...

Answered: 1 week ago

Question

★★★★★
Cultural sophistication: Did the evaluator demonstrate cultural sophistication on the cognitive, affective, and skill dimensions? Was the evaluator able to have positive interpersonal connections,...

Answered: 1 week ago

Question

★★★★★
In 2012, Cherry Design billed its customers $58,000 for services performed. The company collected $46,000 of the amount billed. Cherry Design incurred $41,000 of other operating expenses on account....

Answered: 1 week ago

Question

★★★★★
The FASB recently released an Exposure Draft (enclosed here) on Improvements to Income Tax Disclosures. Read the Exposure Draft and respond to the FASB's Questions to the Respondents Questions 1 - 13...

Answered: 1 week ago

Question

★★★★★
Marquita Filters produces an air filter for use in jet aircraft. Parts are added at several points in the production process. In August, production began with 600 filters in Work in Process, 80...

Answered: 1 week ago

Question

★★★★★
the longer the time period the less reliable the payback method. Is that a true statement? If so, why? Think about the time value of money. If we have a ten year time frame versus a three year time...

Answered: 1 week ago

Question

★★★★★
5. Using the following data, calculate the breakeven point and margin of safety in units: Selling Price = $50 Variable Cost =$40 Fixed Cost = $70,000 Budgeted Sales = 7,500 units

Answered: 1 week ago

Question

★★★★★
Megan used to work at the local pizzeria for $30,000 per year but quit in order to start her own deli. Last year, she paid $6,000 rent each month, $5,500 for employee payroll each month, and $1,500...

Answered: 1 week ago

Question

★★★★★
Using a Motorcycle System, create a list of functional and physical terms, develop a functional hierarchy and a physical hierarchy for the Motorcycle System.

Answered: 1 week ago

Question

★★★★★
After also looking specifically at the report on pages 11 and 10, discuss the usefulness of the ESEA of 1965 as it relates to safety and security in the 2010's. Discuss the value of federal action...

Answered: 1 week ago

Question

★★★★★
Question 1: Discuss the Primary Factors Influencing Earth's Climate and How They Interact Question 2: Explain the Concept of Climate Models and Their Role in Predicting Future Climate Changes

Answered: 1 week ago

Question

★★★★★
On May 1, Your Company sold merchandise in the amount of $15,500, with credit terms of 3/10, n/30. The cost of the items sold is $9,000. Your Company uses the perpetual inventory system. You received...

Answered: 1 week ago

Question

★★★★★
justify why cost-plus pricing is widely used; LO1

Answered: 1 week ago

Question

★★★★★
explain the limitations of cost-plus pricing; LO1

Answered: 1 week ago

Question

★★★★★
describe how the optimum output and selling price is determined using economic theory; LO1

Answered: 1 week ago

Previous Question Next Question