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

Question

1 Approved Answer

Mica took out a loan from the bank today for X.He plans to repay this loan by making payments of 54,869 dollars per month for

Mica took out a loan from the bank today for X.He plans to repay this loan by making payments of 54,869 dollars per month for a certain amount of time.If the interest rate on the loan is 0.67 percent per month, he makes his firstpayment of 54,869 dollars later today, and he makes his final monthly payment of 54,869 dollars in 10 months, then what is X, the amount of the loan?

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

Investments

Investments

Authors: Zvi Bodie, Alex Kane, Alan Marcus, Stylianos Perrakis, Peter

8th Canadian Edition

007133887X, 978-0071338875

More Books

Students also viewed these Finance questions

Question

A merry-go-round of radius R = 2.0 m has a moment of inertia I = 250 kg.m2, and is rotating at 10 rpm. A child whose mass is 25 kg jumps onto the edge of the merry- go-round, heading directly toward...

Answered: 1 week ago

Question

Please post the answer bellow the problem 1) What is the value of an investment that will pay investors 7,810 dollars per year for 10 years and will also pay investors an additional 4,940 dollars in...

Answered: 1 week ago

Question

Bianca took out a loan from the bank today for X. She plans to repay this loan by making payments of 4,820 dollars per month for a certain amount of time. If the interest rate on the loan is 0.91...

Answered: 1 week ago

Question

★★★★★
Refer to the data for Alou Equipment Repair Corp. in P4.9A. Assume that Alou closes its books monthly. In P4.9A On October 31, 2018, Alou Equipment Repair Corp.'s opening trial balance was as...

Answered: 1 week ago

Question

★★★★★
A disk of radius 25.0 cm is free to turn about an axle perpendicular to it through its center it has very thin but strong string wrapped around its rim, and the string is attached to a ball that is...

Answered: 1 week ago

Question

★★★★★
Chlorine monoxide (ClO i ) demonstrates three bimolecular self-reactions: The following table provides the Arrhenius parameters for this reaction: a. For which reaction is ÎH ¡ greatest...

Answered: 1 week ago

Question

★★★★★
What community placements are available for practica?

Answered: 1 week ago

Question

★★★★★
Fong Corp. reported various transactions in 20X2: a. Equipment with an original cost of $32,500 and accumulated depreciation of $26,000 was deemed unusable and was sold for $250 scrap value. b. A new...

Answered: 1 week ago

Question

★★★★★
Blended Motors specializes in producing one specialty vehicle. It is called SurferRequirements and is styled to easily fit multiple surfboards in its back area and top-mounted storage racks. Blended...

Answered: 1 week ago

Question

★★★★★
In a population of rabbits, the average birth rate is 10 offspring per female per year, and the average death rate is 5 rabbits per year. If the initial population is 500 rabbits, how many rabbits...

Answered: 1 week ago

Question

★★★★★
Customer Service E-mail You recently paid $250 to Keller & Jenkins for adding a provision in your will to establish a scholarship endowment at your alma mater. While eating lunch in a crowded...

Answered: 1 week ago

Question

★★★★★
1. When a member with a minority interest in an LLC acquires enough ownership interests in the LLC to hold a majority interest: a. a change of ownership occurs b. reassessment of the entire parcel of...

Answered: 1 week ago

Question

★★★★★
13) On December 31, 2023, Vivid Corporation prepared adjusting entries that included the following items: Depreciation expense: $43,400. Accrued sales revenue: $40,600. Accrued expenses: $16,800....

Answered: 1 week ago

Question

★★★★★
Accounting for Gift Cards Assume Ikeo Inc. sold $160,000 of gift cards during the last two weeks of December 2020. No gift cards were redeemed in 2020, while $144,000 of the gift cards were redeemed...

Answered: 1 week ago

Question

★★★★★
Continue Mini Case 1 (the Accounting Cycle Part 1), the following information is available for FastForward in September that may need adjustments.1 1. By the end of September, FastForward has...

Answered: 1 week ago

Question

★★★★★
For the just completed year, Hanna Company had net Income of $93,500. Balances In the company's current asset and current lablity accounts at the beginning and end of the year were as follows:...

Answered: 1 week ago

Question

★★★★★
In the operation of an automated production line with storage buffers, what does it mean if a buffer is nearly always empty or nearly always full?

Answered: 1 week ago

Question

★★★★★
38. Urn 1 contains two white balls and one black ball, while urn 2 contains one white ball and five black balls. One ball is drawn at random from urn 1 and placed in urn 2. A ball is then drawn from...

Answered: 1 week ago

Question

★★★★★
35. A fair coin is continually flipped. What is the probability that the first four flips are (a) H, H, H, H? (b) , , , H? (c) What is the probability that the pattern , , , H occurs before the...

Answered: 1 week ago

Question

★★★★★
40. (a) A gambler has in his pocket a fair coin and a two-headed coin. He selects one of the coins at random, and when he flips it, it shows heads. What is the probability that it is the fair coin?...

Answered: 1 week ago

Previous Question Next Question