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

Question

00
1 Approved Answer

You borrow X for four years at an annual effective interest rate of 8%, to be repaid with equal payments at the end of each

You borrow X for four years at an annual effective interest rate of 8%, to be repaid with equal payments at the end of each year. The outstanding loan balance at the end of the third year is 559.12. Calculate the principal repaid in the first payment.

(A)444 (B)454 (C)464 (D)474 (E)484

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Finance questions

Question

Let A1, A2, be a monotone sequence of events defined in a sample space . If it is known that then the probability of the event that at least one of the Ais occur is equal to zero. P(A)=() for...

Answered: 1 week ago

Question

★★★★★
A computer tape moves over the two drums shown. Drum A weighs 1.4 lb and has a radius of gyration of 0.75 in., while drum B weighs 3.5 lb and has a radius of gyration of 1.25 in. In the lower portion...

Answered: 1 week ago

Question

★★★★★
Record Journal entry for following statement 1.On December 1, Year 1, Mr. Smith promises to give $10,000 to Charity X to be used to fund its program of research into malaria. (The pledge is...

Answered: 1 week ago

Question

★★★★★
For the following data set (a) computer, and (b) determine if X and Y are associated at the a =0.10 level of significance. in X > 1.3 1.7 2.1 2.3 2.6

Answered: 1 week ago

Question

★★★★★
510. Definitions for a multicomponent flash are as follows: x, yi liquid and vapor mole fractions, respectively = feed mole fraction Zj K =y/x-equilibrium constant L,V, F liquid, vapor, and feed...

Answered: 1 week ago

Question

★★★★★
Suppose the Ashland Shakespeare Festival is hiring a new music director. The group gives all applicants for the position three tests: (1) a work-sample test, in which each applicant is asked to score...

Answered: 1 week ago

Question

★★★★★
student question Everyone knows how high the cost of prescription medicines is these days, and many Americans dislike having to pay significantly more than Canadians or Europeans do for the very same...

Answered: 1 week ago

Question

★★★★★
What is your organization's commitment to diversity? Is there a DE & I statement or mission statement?

Answered: 1 week ago

Question

★★★★★
Joseph Hoffman alleged that Red Owl stores promised him that it would build a store building in Chilton, Wisconsin and stock it with merchandise for Hoffman to operate in return for Hoffman's...

Answered: 1 week ago

Previous Question Next Question