Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 15, 2024

You borrowed $219,371 to buy a property and the bank applied an interest rate of 8.21% p.a compounding monthly. Your loan was approved over 7

You borrowed $219,371 to buy a property and the bank applied an interest rate of 8.21% p.a compounding monthly.

Your loan was approved over 7 years.

Calculate your loan repayments correct to the nearest dollar (Ignore $ sign and cashflow direction).

You pay $750 per month into a bank account paying 8%pa compounding monthly.How much will this be worth in 5 years time?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered 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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

13th Edition

9780470374948, 470423684, 470374942, 978-0470423684

Students also viewed these Accounting questions

Question

★★★★★

True or False: 1. The principle of comparative advantage can be applied to regional markets. 2. A trading area may be a locality, a region, or a nation. 3. If two nations with different opportunity...

Answered: 1 week ago

Question

★★★★★

Butane gas at 77 F is mixed with 150% theoretical air at 1000 R and is burned in an adiabatic SSSF combustor. What is the temperature of the products exiting the combustor?

Answered: 1 week ago

Question

★★★★★

Then the value of ???? is (a) 18 (b) 92 (c)910 (d) 94 (e)32

Answered: 1 week ago

Question

★★★★★

Telfer, Inc. reported net income of $2.8 million in 2017. Depreciation for the year was $160,000, accounts receivable decreased $350,000, and accounts payable decreased $280,000. Compute net cash...

Answered: 1 week ago

Question

★★★★★

Can you guys help me out with the formulas pleaseeee 1. Future Value Annuity. You want to deposit $1,000 each year for your kids or nieces education. If you place it in a savings account that pays 5%...

Answered: 1 week ago

Question

★★★★★

Name(s) shown on Form 1040, 1040-SR, or 1040-NR David R. and Ella M. Cole 1 Part I Additional Income Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received. b Date...

Answered: 1 week ago

Question

★★★★★

Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending...

Answered: 1 week ago

Question

★★★★★

Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 600 units-200 from each of the last...

Answered: 1 week ago

Question

★★★★★

Laker Incorporated's fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of December 31. Accounts Debit Credit Cash $10,400 Supplies 31,000 Prepaid Rent 22,000...

Answered: 1 week ago

Question

★★★★★

Assume that you are in the 15 percent marginal tax bracket and that you have $10,000 to invest. You have narrowed your investment choices down to California municipal bonds with a yield of 8.5...

Answered: 1 week ago

Question

★★★★★

1. Discount Banners pays $180,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $28,500, the building $123,500, and the...

Answered: 1 week ago

Question

★★★★★

Question 10: (5 points) Assuming that a 370-foot tall giant redwood grows vertically, if I walk a certain distance from the tree and measure the angle of elevation to the top of the tree to be 49 ,...

Answered: 1 week ago

Previous Question Next Question