Noori borrowed $5000 for 4 1/2 years. For the first 2 1/2 years, the interest rate on
Question:
Noori borrowed $5000 for 4 1/2 years. For the first 2 1/2 years, the interest rate on the loan was 8.4% compounded monthly. Then the rate became 5.5% compounded semiannually. What total amount was required to pay off the loan if no payments were made before the expiry of the 41/2 year term?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
For the first 25 years The amount owed af...View the full answer
Answered By
Joram mutua
I am that writer who gives his best for my student/client. Anything i do, i give my best. I have tutored for the last five years and non of my student has ever failed, they all come back thanking me for the best grades. I have a degree in economics, but i have written academic papers for various disciplines due to top-notch research Skills.In additional, I am a professional copywriter and proofreader.
5.00+
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
-
Nelson borrowed $5000 for 4 years. For the first 2 years, the interest rate on the loan was 8.4% compounded monthly. Then the rate became 7.5% compounded semiannually. What total amount was...
-
The interest rate on a $30,000 loan is 7.5% compounded monthly. a. What monthly payments are required to pay off the loan in eight years? b. What monthly payments would be required to reduce the...
-
Massachusetts Stove Company manufactures wood-burning stoves for the heating of homes and businesses. The company has approached you, as chief lending officer for the Massachusetts Regional Bank,...
-
A problem in Statistics is given to three students A, B, and C whose chances of solving it are 1/4 and 1/5 respectively. Find the probability that the problem will be solved if they all try...
-
A piston-cylinder device with a set of stops contains 12 kg of refrigerant- 134a. Initially 9 kg of refrigerant is in the liquid form, and the temperature is -12oC. Now heat is transferred from the...
-
When a block exists within another block, the blocks are _____________. a. Structured b. Illegal c. Sheltered d. Nested
-
After calculating the current ratio for an entity and finding that the ratios value was 0.5:1, a student decided that the company was in a sound position for paying its liquid liabilities. Respond to...
-
The general ledger of the Advanced Health at January 1, 2015, includes the following account balances: The following is a summary of the transactions for the year: a. Provide health services for...
-
Cessna Aircraft Cessna Aircraft is one of the largest manufacturers of small, private-business airplanes in the United States. It is always looking for new market opportunities, which may involve...
-
Xue Manufacturing Company manufactures blue rugs, using wool and dye as direct materials. One rug is budgeted to use 40 skeins of wool at a cost of $4 per skein and 0.75 gallons of dye at a cost of...
-
What amount, 1 1/2 if years from now, is equivalent to $7000 due in 8 years if money can earn 5.2% compounded semiannually?
-
Mustafa can receive a $40 discount if he pays his property taxes early. Alternatively, he can pay the full amount of $2250 when payment is due in 9 months. Which alternative is to his advantage if he...
-
Suppose a new law is put into effect requiring oil tankers to use certain types of navigation rules in coastal waters of the United States. Suppose that the very next year there is a large tanker...
-
In spherical coordinates, z = r cos(theta), so the z operator equals the r operator multiplied by sin(theta): a) In the ground state of the hydrogen atom calculate and . b) What would you expect for...
-
1. Find Total Cost, Average Total Cost and Marginal Cost for 2000th, 4000th and 5000th cases TC= 5000+ 2.75Q - .0005Q^2 + .00000025Q^3 MC= 2.75- .0010Q + .00000075Q^2 2. make a graph for total cost...
-
(a). Company Inc., private consumer regulator firm, claims that the standard deviation of the rating of Formula One races in the town main car racing circuit was at least 15.34. (b). An outside...
-
4. (1pt) You just purchased a zero coupon bond from the Treasury for $950.00. The bond has a face value of $1,000 and matures in 5 years. What is the yield you will earn if you hold the bond until...
-
If f(x, t) does not depend on x, then we have x' = f(t), so that x(t) = (0 to t) f(u)du. Show that, in this case, the RK4 algorithm reduces to Simpson's rule.
-
Eileen Corp. had the following balances in receivable accounts at October 31, 2019 (in thousands): Allowance for Doubtful Accounts $52, Accounts Receivable $2,910, Other Receivables $189, and Notes...
-
What is the role of business risk analysis in the audit planning process?
-
The survey asked, Should government improve standard of living of poor people (HELPPOOR: 1 = Government act; 2, 3, 4, 5 = People should help themselves)? Is there enough statistical evidence to...
-
Can we infer from the data that there are differences between the seven political viewpoints in their answer to the question? Should government do more or less to solve countrys problems (HELPNOT: 1...
-
The survey asked, Is it governments responsibility to help pay for doctor and hospital bills (HELPSICK: 1 = Government should help; 2, 3, 4, 5 = People should help themselves)? Is there enough...
-
What extent does emotional intelligence among leaders and employees contribute to effective teamwork and conflict resolution, and what methods can be employed to enhance emotional intelligence within...
-
Determine the exponential function y = c(b) that goes through the points (-2, 16) and (1,54). Algebraic work must be shown for full credit.
-
Solve 6. 8. 8 So log x (1 + x)(4+ x) [log x] 2 dx 0 1 + x So dx
Study smarter with the SolutionInn App