A 20-year loan requires semiannual payments of $808.15 including interest at 3.8% com-pounded semiannually. a. What was
Question:
A 20-year loan requires semiannual payments of $808.15 including interest at 3.8% com-pounded semiannually.
a. What was the original amount of the loan?
b. What is the loan's balance 81 years later (just after the scheduled payment)?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
a Original loan Present value of all paymen...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
Question Posted:
Students also viewed these Mathematics questions
-
A 20-year loan requires semiannual payments of $1037.33 including interest at 6.8% compounded semiannually. a. What was the original amount of the loan? b. What is the loans balance 8 1/2 years later...
-
A 15-year loan requires month-end payments of $587.33 including interest at 8.4% compounded monthly. a. What was the original amount of the loan? b. What is the balance on the loan after half of the...
-
The monthly payments on a five-year loan at 7.5% compounded monthly are $200.38. a. What was the original amount of the loan? b. What is the balance after the thirtieth payment?
-
Alpha Appliance Service had net income for the year of $ 35,000. In addition, the balance sheet reports the following balances: Calculate the return on assets (ROA) for Alpha Appliance Service for...
-
Consider the addition of an afterburner to the turbojet engine in 8-2-15 [OPB] that raises the temperature at the inlet of the nozzle to 1300 K. Using the IG model, determine The velocity (V) at the...
-
Selected worksheet data for Bonita Company are presented below. Instructions a. Fill in the missing amounts. b. Prepare the adjusting entries that were made. Adjusted Trial Balance Account Titles...
-
The starting lineup for a baseball team in an international match is 12 players. How many different batting orders are possible using the starting lineup?
-
AARP reported on a study conducted to learn how long it takes individuals to prepare their federal income tax return (AARP Bulletin, April 2008). The data contained in the file named TaxReturn are...
-
Derby State University is a four-year public institution of higher education that features a robust and award-winning STEM curriculum. Located in the Southern United States, the heritage of...
-
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2020. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from...
-
A mortgage broker offers to sell you a loan contract that would provide you with end-of-month payments of $900 for the next 21 years. In addition, at the end of the 4 year period, you will also...
-
Sebastian has made contributions of $2000 to his RRSP at the end of every six months for the past eight years. The plan has earned 5.5% compounded semiannually. He has just moved the funds to another...
-
Which will give wider-spaced fringes: a double-slit experiment in air or in water? (Let Figure 29.18 guide your thinking.)
-
An accrual basis corporate taxpayer, Pale Tourist, Inc., began business operations on September 1. It incurred the following expenses in connection with organizing the corporation: (1) legal fees for...
-
If +(z) = u+iv. is analytic and V= dsinx siny. Casa + Coshiy Find u
-
calculate the problem with advanced simplex method max s. t. 2x16x2 -#1 - 2 - 3 < -2 2012 +3 1 1, 2, 30
-
A business sells items according to the following Cost and Revenue functions: C ( x )=30 x +5800 R ( x )=4 x 2+390 x (a) Find the profit function:
-
Given a matrix A Rdxd and a vector b Rd, our goal is to find a vector x such that Ax = b. From a basic course in linear algebra, we know that if A is invertible, then a unique solution x = A-b exist....
-
The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: Purchased $400,000 of materials. Used $343,750 of direct materials in...
-
You have just begun your summer internship at Omni Instruments. The company supplies sterilized surgical instruments for physicians. To expand sales, Omni is considering paying a commission to its...
-
Compute the mean and median of the ages (AGE) of the respondents. What information do these statistics give you?
-
Calculate the mean and median of the years of education (EDUC). Briefly summarize what these statistics tell you about the years of education of Americans in 2014.
-
How much television were Americans watching in 2014? Answer the question by calculating the mean and median of TVHOURS. What have you learned?
-
Many American car manufacturers are located in the Southeast. Due to hurricane season, the Southeast has gotten a significant amount of rain, causing vast flooding. How is the supply of cars impacted?
-
Suppose that the cost in dollars for a weekly production of x tons of sugar is given by the following function (a) Find the marginal cost. 1 C(x) = x+3x+200. (b) Find the cost and marginal cost when...
-
16. An IEEE standard 32-bit floating point number is N = -15 x 2E-127 x 1.F, where S is the sign bit, F is the fractional mantissa, and E the biased exponent. a. Convert the decimal number 123.5 into...
Study smarter with the SolutionInn App