{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T11:07:52-04:00", "answer_date": "2024-05-26 11:07:52", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1736290", "url": "\/study-help\/questions\/janis-has-borrowed-100000-from-the-bank-to-buy-a-1736290", "question_creation_date_js": "2024-05-26T11:07:52-04:00", "question_creation_date": "May 26, 2024 11:07 AM", "meta_title": "[Solved] Janis has borrowed $100,000 from the bank | SolutionInn", "meta_description": "Answer of - Janis has borrowed $100,000 from the bank to buy a rare Pokmon card. Her debatable financial judgement aside, the bank | SolutionInn", "meta_keywords": "janis,borrowed,$100,000,bank,buy,rare,pokmon,card,debatable,financial,judgement,agreed", "question_title_h1": " Janis has borrowed $100,000 from the bank to buy a rare Pokmon card. Her debatable financial judgement aside, the bank has agreed to lend", "question_title": " Janis has borrowed $100,000 from the bank to buy a rare", "question_title_for_js_snippet": "Janis has borrowed $100,000 from the bank to buy a rare Pokmon card Her debatable financial judgement aside, the bank has agreed to lend her this money at an interest rate of 13 p a effective Janis has agreed to repay this loan over 2 years, using 8 level quarterly installments The first installment is exactly 3 months from today Using this information, answer the following questions a) State clearly the type of effective rate that should be used in an annuity formula for Janis' loan as described above (e g effective quarterly rate , effective weekly rate , etc ) Then determine the value of this effective rate (1 mark) b) Draw a cash flow diagram for Janis' loan described above, and then determine the size of the level repayment for Janis' loan (2 marks) c) Suppose that Janis' first repayment was instead 2 months from today (the pay ments are still quarterly) Without doing any further calculations, would you expect Janis' quarterly repay ments to be larger or smaller than the amount calculated in part b) Justify your answer (1 mark)", "question_description": "\"image", "transcribed_text": "Janis has borrowed $100,000 from the bank to buy a rare Pokmon card. Her debatable financial judgement aside, the bank has agreed to lend her this money at an interest rate of 13% p.a. effective. Janis has agreed to repay this loan over 2 years, using 8 level quarterly installments. The first installment is exactly 3 months from today. Using this information, answer the following questions. a) State clearly the type of effective rate that should be used in an annuity formula for Janis' loan as described above (e.g. \"effective quarterly rate\", \"effective weekly rate\", etc.). Then determine the value of this effective rate. (1 mark) b) Draw a cash flow diagram for Janis' loan described above, and then determine the size of the level repayment for Janis' loan. (2 marks) c) Suppose that Janis' first repayment was instead 2 months from today (the pay- ments are still quarterly). Without doing any further calculations, would you expect Janis' quarterly repay- ments to be larger or smaller than the amount calculated in part b)? Justify your answer. (1 mark)", "related_book": { "title": "Intermediate Accounting", "isbn": "9780470587232, 470587288, 470587237, 978-0470587287", "edition": "14th Edition", "authors": "kieso, weygandt and warfield.", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/51.jpg", "uri": "\/textbooks\/intermediate-accounting-14th-edition-51", "see_more_uri": "\/textbooks\/business-insurance-3413" }, "free_related_book": { "isbn": "020160339X", "uri": "\/textbooks\/mathematica-for-calculus-based-physics-1st-edition-978-0201603392-108310", "name": "Mathematica For Calculus Based Physics", "edition": "1st Edition" }, "question_posted": "2024-05-26 11:07:52", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/in-the-accompanying-sales-transactions-data-use-excels-filtering-capability-474822", "description": "In the accompanying Sales Transactions data, use Excel's filtering capability to extract a. all orders that used Paypal. b. all orders under $100. c. all orders that were over $100 and used a credit...", "stars": 3 }, { "url": "\/a-public-accounting-firm-has-been-engaged-to-audit-a", "description": "A public accounting firm has been engaged to audit a local food distribution program funded by the U. 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