A contract valued at $11 500 requires payment of $1450 at the end of every six months.

Question:

A contract valued at $11 500 requires payment of $1450 at the end of every six months. If interest is 10.5% compounded semi-annually, what is the term of the contract?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

See More Books

Question Posted: Feb 26, 2016 03:57 AM

See More Questions

A contract valued at $27 500 requires payments of $6000 every six months. The first payment is due in four years and interest is 11% compounded semi-annually. (a) How many payments are required? (b)...
A lease agreement valued at $33 000 requires payment of $4300 every three months in advance. The payments are deferred for three years and money is worth 10% compounded quarterly. (a) How many lease...
A mortgage of $26 500 is to be repaid by making payments of $1560 at the end of every six months. If interest is 7% compounded semi-annually, what is the term of the mortgage?
Nancy has active modified adjusted gross income before passive losses of $75,000. She has a loss of $5,000 on a rental property she actively manages. How much of the loss is she allowed to take...
Students who graduated from college in 2010 owed an average of $25,250 in student loans (New York Times, November 2, 2011). An economist wants to determine if average debt has changed. She takes a...
Schedule of Cost of Goods Manufactured Sydney Company reported the following amounts for October: Beginning raw materials inventory $144,000 Beginning work-in-process inventory 252,000 Beginning...
The drive used in a bicycle is (a) belt drive (b) rope drive (c) gear drive (d) chain drive
Mason owns Brickman, Inc., which specializes in laying brick patios, terraces, and walkways. Mason bids on a contract with State University to build several large terraces as well as the walkways...
Why is the Transfer price important to performance measurement? What precisely does the minimum transfer price attempt to compensate the selling division for? Why might an internal order cause the...
During 20X2, Morran Company purchased shares in two corporations and debt securities of a third. The share investments are classified as FVTOCI and the bond investment is FVTPL. Transactions in 20X2...
Doris purchased a piano with $300 down and end-of-month payments of $124 for two- and-a-half years at 9% compounded monthly. What was the purchase price of the piano?
What nominal annual rate of interest is paid on RRSP contributions of $1100 made at the end of each quarter for 15 years if the balance just after the last contribution is $106 000?
Zoo Extravaganza is a not-for-profit organization. Zoo Extravaganza took over the county zoo, with the provision that the county would provide a subsidy for its operations. The county provides $...
Explains why the three reports should be used to measure the effectiveness of the strategies, supporting answer with research its for vehicle and the company is Honda. The three beneficial Google...
One way of picturing the relationship between ABC and ABM is in terms of the - ABC model that shows how costs can be repurposed to provide insight into the cost and effectiveness of the processes?
ces Direct labor-hours Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour 35,000 Department Molding...
For any sustainability program to be effective, it must be developed collaboratively so that all stakeholders may benefit from shared ideas, knowledge, enthusiasm and resources.' Explain why...
1. Briefly discuss your insight with regards to this perspective. Why do you agree or disagree with it? Elaborate. "It is wrong to interpret one's well-being based just on his or her material...
Which retailer's m-commerce site has shown the most change since 2016? The success of m-commerce depends partly on the quality of the user's experience when accessing the site from an intemetenabled...
What is the maximum volume of 0.25 M sodium hypochlorite solution (NaOCl, laundry bleach) that can be prepared by dilution of 1.00 L of 0.80 M NaOCl?
In problem graph of the functions using the graph of functions f and g below y = f(x) + 3 Ax) 8 g(ax)
In problem graph of the functions using the graph of functions f and g below y = -g(x) Ax) 8 g(ax)
In problem graph of the functions using the graph of functions f and g below y = 2f( x ) Ax) 8(a)
Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost Information relating to the products follow: Selling price per unit Variable expenses per unit...
This is a slip and fall case. Plaintiff was injured when she slipped and fell in the defendant's fast food restaurant. Plaintiff claims the floor was wet and slippery when she fell. Defendant denies...
1. Explain what the "Deinstitutionalization Mandate" is. This should be done in at least two paragraphs. 2. In another two paragraphs, discuss how status offenses are connected to the...

A contract valued at $11 500 requires payment of $1450 at the end of every six months.

Question:

Step by Step Answer:

PV n 1 50000 PMT 145000 i 525 n In0583621 In1052...View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these Finance questions