Bill can afford a monthly payment of $475. He wants to take out a $20,000 loan at

Question:

Bill can afford a monthly payment of $475. He wants to take out a $20,000 loan at a 4.25% interest rate. What should the length of the loan be? Round your answer to the nearest year.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Algebra Advanced Algebra With Financial Applications

ISBN: 9781337271790

2nd Edition

Authors: Robert Gerver, Richard J. Sgroi

See More Books

Question Posted: Sep 13, 2022 12:15 AM

See More Questions

Bill can afford a monthly payment of $475. He wants to take out a $20,000 loan at 7% interest rate. What should the length of the loan be? Round your answer to the nearest year.
Your friend is 20 years old and wants to save for his old age as he doesnt have a salaried job but has started his own consulting business after Varsity. He is extremely cash strapped at present, and...
Aisling and Andrew are looking to purchase a doomsday bunker where they plan to live full time until a vaccine for Covid-19 is available. For the past six years they have been able to put $200 every...
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During...
What is exercise by exception with respect to CBOE options?
Target Corporation prepares its financial statements according to U.S. GAAP. Targets financial statements and disclosure notes for the year ended February 3, 2018, are available in Connect. This...
Why does it make sense to offer free, in-store Wi-Fi connections given the way that people like to shop these days?
Rottino Company purchased a new machine on October 1, 2014, at a cost of $150,000. The company estimated that the machine will have a salvage value of $12,000. The machine is expected to be used for...
2. The typical firm in the market operates at the following cost: LRTC = q - 10q + 30q a) Find the minimum efficient scale (MES). Hint: The MES is positive in this case. b) The inverse market demand...
The base of the square foundation, 3 mx 3 m, is located at 1 m depth. The soil supporting foundation has a friction angle of '= 20 and c'= 20 kN/m. The unit weight of soil, y, is 21 kN/m. What is the...
LaGreca Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2012, included product X. Relevant per-unit data...
Kayla wants to take out a $7,500 loan with a 3.3% APR. She can afford to pay $128 per month for loan payments. a. What should be the length of her loan? Round to the nearest tenth of a year. b. What...
Create an example of an ER diagram with a business rule. Map the ER diagram and show several records in the resulting relations, indicating compliance with the business rule.
On August 1 , 2 0 2 2 , Colombo Company s treasurer signed a note promising to pay $ 1 2 2 , 1 0 0 on December 3 1 , 2 0 2 2 . The proceeds of the note were $ 1 1 5 , 8 0 0 . b . Calculate the...
Soccer Co . Soccer Co . has a group of companies operating within NSW . Payrolls for the month of August for each company are as follows: Soccer Importer $ 1 7 5 , 0 0 0 Soccer Holdings $ 1 1 8 , 0 0...
On August 1 , 2 0 2 2 , Colombo Company s treasurer signed a note promising to pay $ 1 2 2 , 1 0 0 on December 3 1 , 2 0 2 2 . The proceeds of the note were $ 1 1 5 , 8 0 0 . Required: a . Calculate...
The management of Elite Limited is struggling to understand changes in their financial performance and the trends emerging within their accounting data. Hence, the company would like to know about...
Firms A and B are identical in their business activity. Both have following annual data: EBITDA 5,000.00; Depreciation=1,000.00 ; TAX=20% ; OWC=0 and CAPEX=1,000.00 Firm A has no debt; Firm B...
An alternate proof of Theorem 1.5 uses the definition of determinant functions. (a) Note that the vectors forming S make a linearly dependent set if and only if |S| = 0, and check that the result...
In Problem use absolute value on a graphing calculator to find the area between the curve and the x axis over the given interval. Find answers to two decimal places. y = x 3 ln x; 0.1 x 3.1
The monthly rent for a one-bedroom apartment at North Shore Towers for six consecutive years is shown in the table. a. Represent the years using the numbers 5, 6, 7, 8, 9, and 10 respectively. Draw a...
The Tensers bought a mobile home for $89,500. They rent space in a trailer park for $900 per month. The rent increases 2% per year. a. If they put a down payment of $10,000 on the trailer, how much...
Joe wants to rent an apartment with an initial monthly rent of $1,400. He has been told what the landlord raises the rent 1.25% each year. Set up an exponential function that models this situation....
What is thread affinity, and how does it influence performance in multi-core systems? What tools or techniques are available for tuning thread affinity ?
Management of Mittel Company wants to reduce the elapsed time from when a customer places an order to when it is shipped. It provided the following data for a recent quarter: Inspection time Wait...
For a language L over alphabet , we define L = {xz *y * with |x| = |y| = |2| such that ryz L}. For example, if L = {a, to, cat, math, solve, theory}, then L = {ct,thry}. Prove that if L is regular,...

Bill can afford a monthly payment of $475. He wants to take out a $20,000 loan at

Question:

Step by Step Answer:

HERE we are going to use the formula APert Where A20000P475...View the full answer

Financial Algebra Advanced Algebra With Financial Applications

Students also viewed these Mathematics questions