A five-year loan of $20,000 at 4.8% compounded quarterly requires monthly payments. a. Calculate the interest component
Question:
A five-year loan of $20,000 at 4.8% compounded quarterly requires monthly payments.
a. Calculate the interest component of Payment 47.
b. Calculate the principal component of Payment 21.
c. Calculate the interest paid in Year 2. d. How much do Payments 40 to 45 inclusive reduce the principal balance?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (6 reviews)
Given a b Principal component of Payment 21 c Interest paid in Year 2 ...View the full answer
Answered By
Carly Cimino
As a tutor, my focus is to help communicate and break down difficult concepts in a way that allows students greater accessibility and comprehension to their course material. I love helping others develop a sense of personal confidence and curiosity, and I'm looking forward to the chance to interact and work with you professionally and better your academic grades.
4.30+
12+ Reviews
21+ 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 five-year loan of $20,000 at 6.8% compounded quarterly requires monthly payments. a. Calculate the interest component of Payment 47. b. Calculate the principal component of Payment 21. c. Calculate...
-
The interest rate on a $14,000 loan is 8.4% compounded semiannually. Semiannual payments will pay off the loan in seven years. a. Calculate the interest component of Payment 10. b. Calculate the...
-
A five-year loan of $25,000 at 7.2% compounded quarterly requires quarterly payments. a. Calculate the interest component of Payment 10. b. Calculate the principal component of Payment 13. c....
-
A quality control manager at a manufacturing facility has taken four samples with four observations each of the diameter of a part. (a) Compute the mean of each sample. (b) Compute an estimate of the...
-
Methane gas flows through a pipeline with a mass flow rate of 110 lb/s at a pressure of 183 atm and a temperature of 56oF. Determine the volumetric flow rate (), in ft3/s, using (a) The ideal gas...
-
Consider the motion of the two ice skaters in Figure 7.28 and assume they have masses of 60 kg and 100 kg. If the larger skater has moved a distance of 12 m from his initial position, where is the...
-
Refer to the sample statistics from Exercise 5 and determine whether any of the house prices below are unusual. Explain your reasoning. (a) $225,000 (b) $80,000 (c) $200,000 (d) $147,000 Data from...
-
Believing that its traditional cost system may be providing misleading information, Dover Corporation is considering an activity-based costing (ABC) approach. Dover Corporation employs a full-cost...
-
A bond with 10 years left to maturity currently sells for 105% of par value. If the bond makes a $50 annual coupon payment, then the bond must have a YTM less than what percentage rate?
-
Write a method called printSquare that accepts a minimum and maximum integer and prints a square of lines of increasing numbers. The first line should start with the minimum, and each line that...
-
A $200,000 mortgage loan at 6.6% compounded semiannually has a 25-year amortization period. a. Calculate the monthly payment b. If the interest rate were 1% lower (that is, 5.6% compounded...
-
The 100 Mile Market borrowed $13,000 for renovations to their building. The loan carries interest at 6% compounded quarterly. Payments of $1750 will be made at the end of every month, plus a final,...
-
A coin is flipped six times. a. Find the probability (in fraction form) of alternating between getting tails and heads, beginning with tails: THTHTH. b. Find the probability (in fraction form) of...
-
Which of the following is not a requirement for spousal support payments to be deductible? a. The amount for child support must be specified separately. O b. The payments must be made for a period of...
-
Assuming A matrix. is (31-A) invertible? 4 A 5-2
-
The swimwear department's estimated sales for the summer season were $800,000, with anticipated markdowns of 15%. At the end of the season, the buyer had taken $110,000 in markdowns. Were the actual...
-
An alcohol server confiscates a fake ID at 6 6 : 0 0 0 0 p . . m . . on a Thursday. When must the fake ID be turned over to local law enforcement authorities? a . . before noon on Friday b . . by...
-
Money (medium of exchange, unit of account, or store of value) is being used in each of the following examples. I am saving $80 per week to pay for my books next semester. I paid $85 for the digital...
-
Rough Riders Inc. manufactures jeans in the cutting and sewing process. Jeans are manufactured in 50-jean batch sizes. The cutting time is 6 minutes per jean. The sewing time is 15 minutes per jean....
-
Simplify the expression. Assume that all variables are positive. 23VI1 2 V44 8
-
What is R 2 for the regression line in Problem 11.1? Hematology The data in Table 11.17 are given for 9 patients with aplastic anemia [11]. Table 11.17: Hematologic data for patients with aplastic...
-
What does R 2 mean in Problem 11.3? Hematology The data in Table 11.17 are given for 9 patients with aplastic anemia [11]. Table 11.17: Hematologic data for patients with aplastic anemia
-
What is s 2 y.x ? Hematology The data in Table 11.17 are given for 9 patients with aplastic anemia [11]. Table 11.17: Hematologic data for patients with aplastic anemia
-
The market price of a semi-annual pay bond is $957.95. It has 15.00 years to maturity and a coupon rate of 7.00%. Par value is $1,000. What is the yield to maturity? The market price of a semi-annual...
-
Compute the accumulated sum of the following payments: (a) $400 every six months for 4 years at 8% compounded semi-annually (b) $250 per month for 5 years at 7.5% compounded monthly.
-
The output is wrong. Sometimes a program lacking input will produce wrong output (as in this case), or no output. Remember to always pre-enter needed input. Type 2 in the input box, then click "Run...
Study smarter with the SolutionInn App