Ann Hopkins borrowed $60,000 for her childs education. She must repay the loan at the end of
Question:
Ann Hopkins borrowed $60,000 for her child’s education. She must repay the loan at the end of 8 years in one payment with 5 ½% interests. What is the maturity Value Ann must repay?
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (18 reviews)
Calculation of Total Amount should need to pay at ...View the full answer
Answered By
Muhammad Ahtsham Shabbir
I am a professional freelance writer with more than 7 years’ experience in academic writing. I have a Bachelor`s Degree in Commerce and Master's Degree in Computer Science. I can provide my services in various subjects.
I have professional excellent skills in Microsoft ® Office packages such as Microsoft ® Word, Microsoft ® Excel, and Microsoft ® PowerPoint. Moreover, I have excellent research skills and outstanding analytical and critical thinking skills; a combination that I apply in every paper I handle.
I am conversant with the various citation styles, among them; APA, MLA, Chicago, Havard, and AMA. I also strive to deliver the best to my clients and in a timely manner.My work is always 100% original. I honestly understand the concern of plagiarism and its consequences. As such, I ensure that I check the assignment for any plagiarism before submission.
4.80+
392+ Reviews
587+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
What is the maturity value of a $12,000 loan for 18 months at 7.2% compounded quarterly? How much interest is charged on the loan?
-
What is the maturity value of $5000 invested at 6.0% compounded semiannually for seven years?
-
What is the maturity value of a five-year term deposit of $5000 at 3.5% com- pounded semi-annually? How much interest did the deposit earn?
-
Revvit is an online motorcycle equipment store that sells motorcycle helmets, boots, jackets, and more. With no brick-and-mortar stores, Revvit relies on many systems to provide an excellent customer...
-
Lifestyle analysis collects data concerning three dimensions of a respondent's lifestyle (see Exhibit 9.2). Compare and contrast these dimensions. Are the three dimensions exhaustive, or can you...
-
Exercises 29-48: Find the exact distance between the two points. Where appropriate, also give approximate results to the nearest hundredth. (-2,100), (37, 20)
-
Although not accompanied by an affidavit showing good cause, a subpoena that requests a nonparty to appear and testify at a deposition must be accompanied by witness fees and mileage costs, as set...
-
Mark Price, the new productions manager for Speakers and Company, needs to find out which variable most affects the demand for their line of stereo speakers. He is uncertain whether the unit price of...
-
The following information is from Lacy's Inc. Net $ millions Prior Fiscal Year Year-End Assets Revenue Income $21,330 Current Fiscal Year 18,518 $24,371 $1,070 a. Compute the asset turnover ratio for...
-
The office supplies account shows a beginning balance of $600 and an ending balance of $400 if office supplies expense for the year is $3,100, what amount of office supplies was purchased during the...
-
Lorna Halls real estate tax of $2,010.88 was due on December 14, 2009. Lorna lost her job and could not pay her tax bill until February 27, 2010. The penalty for late payment is 6 % ordinary...
-
On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7 % interests. Jim Plans to repay the loan on March 11. Assume the loan is on ordinary interest. How much will Jim repay on March 11?
-
A business building on which straight-line depreciation of $13,000 was taken is sold on the installment basis for $100,000 with $20,000 down and four yearly installments of $20,000 plus interest. The...
-
. Billy Bob Cleaning signed an agreement with NSU Corp. to provide cleaning services for one year with the contract to start immediately on December 1, 2023. The contract price was $7,200 for the one...
-
Allen Boating Company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. Allen uses standard costs to prepare its flexible budget....
-
Grandma owns a large amount stock in the public company you are an accountant for; this is her life savings. You prepare financial statements as part of your job. Today you discover that your company...
-
During 2020, Aylmer was involved in two separate lawsuits: In 2020, a customer who visited the Aylmer corporate office slipped and fell. A lawsuit was filed and a court appearance in-front of a judge...
-
Your friend wants to borrow some money to start a business. While it's only $10,000, you still want to do some analysis to make sure it is a worthwhile investment. If you don't lend your friend the...
-
A ____________________, or person who agrees with the dissenting viewpoint, is likely to reduce conformity.
-
As water moves through the hydrologic cycle, water quality changes are common because of natural phenomena or anthropogenic pollution. Using Figure 11.1, describe how water-quality changes occur...
-
Explain what is meant by Islamic financing. What are the different types of securities that are used in this sector? In this context, explain what is meant by a sukuk. Construct a practical Example...
-
What single amount on April 1, 1998, is equivalent to a series of equal, semiannual cash flows of $1000 that starts with a cash flow on January 1, 1996, and ends with a cash flow on January 1, 2005?...
-
Paco's saving account earns 13% compounded weekly and receives quarterly deposits of $38,000.His first deposit occurred on October 1, 1996, and the last deposit is scheduled for April 1, 2012....
-
The first of a series of equal, monthly cash flows of $2000 occurred on April 1, 1998, and the last of the monthly cash flows occurred on February 1, 2000. This series of monthly cash flows is...
-
Consider the Obsidian Project, which requires an investment of $362,868 initially, with subsequent cash flows of $58,160, $72,091 and $97,900. We can characterize the project with the following...
-
1. Define human resource (HR) management and explain how it relates to the management process. Cite examples of the application of these concepts, preferably from personal, professional experience.
-
Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations, Sintering and Finishing. Each of the products uses two raw materialsX442 and Y661. The company uses a...
Study smarter with the SolutionInn App