A sailboat costs $35,000. You pay 20% down and amortize the rest with equal monthly payments over
Question:
A sailboat costs $35,000. You pay 20% down and amortize the rest with equal monthly payments over a 12-year period. If you must pay 8.75% compounded monthly, what is your monthly payment? How much interest will you pay?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (12 reviews)
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
Question Posted:
Students also viewed these Mathematics questions
-
How much interest will be due at maturity for each of the following interest-bearing notes? Principal Months to Maturity a. $10,000 b. 42,00 18,000 37,000 Annual Interest Rate 12% 14 13 C. 4 d.
-
How much interest will be earned on $5000 in five months if the interest rate is 5.5%?
-
How much interest will I pay over the life of a mortgage? Step 1: Download the Loan Calculator Download the Loan Calculator spreadsheet. Step 2: Use the Loan Calculator spreadsheet to answer the...
-
Necked Amber purchased a bond for $1,038.90 exactly two years ago. At that time, the bond had a maturity of five years and a coupon rate of 10% (paid semi-annually). Assuming the rates below are the...
-
What condition must hold for the production possibilities frontier to be bowed outward (concave downward)? To be a straight line?
-
Discuss the conflicts of interest that are apparent in FICC trading.
-
On December 31, 20X2, the accounting records of Zylar, Inc., show the following unit sales for 20X2. The following are additional actual amounts for the 4th quarter of 20X2. Management has...
-
The records of Quality Cut Steak Company list the following selected accounts for the quarter ended April 30, 2016: Interest Revenue................. $ 500 Merchandise Inventory....................
-
A stock has an expected return of 1 1 percent, its beta is . 9 5 , and the risk - free rate is 6 percent. What must the expected return on the market be ?
-
Topp Manufacturing Company acquired 90 percent of Bussman Corporations outstanding common stock on December 31, 20X5, for $1,152,000. At that date, the fair value of the noncontrolling interest was...
-
A student receives a student loan for $8,000 at 5.5% interest compounded monthly to help her finish the last 1.5 years of college. Starting 1 year after finishing college, the student must amortize...
-
How long will it take money to double if it is invested at 7.5% compounded daily? 7.5% compounded annually?
-
Suppose L: U U has an adjoint L*: U U. (a) Show that L + L* is self-adjoint. (b) Show that L o L* is self-adjoint.
-
The ABC equal partnership owns a swimming facility which has derived 50% of its income in July and August for the last three years. A and B use a November 30 fiscal year, while C uses a calendar...
-
Which of the following expenses qualify as organizational expenses under 709: (a) Legal fees for the negotiation of the partnership agreement? (b) Registration fees connected with issuing partnership...
-
A diffuse, gray radiation shield \(90 \mathrm{~mm}\) in diameter with emissivities of \(\varepsilon_{2, i}^{r}\) and \(\varepsilon_{2, o}^{r}\) on its inner and outer surfaces respectively, is...
-
Why is employing qualified individuals a challenge for the marketing industry?
-
What is common to most of the top-rated marketing research agencies in the world?
-
Continuing the previous problem, the file P17_16. xlsx contains the same wine data. Using a Microsoft Data Mining add-in (not discussed here), a decision tree classification was performed (with 0% of...
-
The time to assemble the first unit on a production line is 10 hours. The learning rate is 0.94. Approximately how long will it take for the seventh unit to be assembled? The number of hours needed...
-
In Problem solve the equation for the unknown quantity. 14,641 = 10,000(1.1) n
-
A savings and loan wants to offer a CD with a monthly compounding rate that has an APY of 7.5%. What annual nominal rate compounded monthly should it use? Check with a graphing calculator.
-
You have negotiated a price of $25,200 for a new Bison pickup truck. Now you must choose between 0% financing for 48 months or a $3,000 rebate. If you choose the rebate, you can obtain a credit union...
-
The Bouchard Company's EPS was $6.10 in 2021, up from $3.95 in 2016. The company pays out 30% of its earnings as dividends, and its common stock sells for $30.00. a. Calculate the past growth rate in...
-
Acme Annuities recently offered an annuity that pays 7.5% compounded monthly. What equal monthly deposit should be made into this annuity in order to have $161,000 in 10 years? The amount of each...
-
El estado de situacin - balance sheet es el reporte que informa sobre los recursos econmicos, los sacrificios o reclamaciones a los recursos econmicos y el patrimonio de los accionistas. CIERTO O...
Study smarter with the SolutionInn App