Payments of $1240 at the end of every six months will pay off the balance owed on a loan in 9 years If the interest rate on the loan is 5 9 compounded semiannually, what is the current balance on the loan ...

Payments of $1240 at the end of every six months will pay off the balance owed on

Question:

Payments of $1240 at the end of every six months will pay off the balance owed on a loan in 9 ½ years. If the interest rate on the loan is 5.9% compounded semiannually, what is the current balance on the loan?

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

Step by Step Answer:

Related Book For book-img-for-question

Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

See More Books

Question Posted: Oct 21, 2020 05:06 AM

See More Questions

Semiannual payments of $1240 will pay off the balance owed on a loan in 9 1/2 years. If the interest rate on the loan is 9.9% compounded semiannually, what is the current balance on the loan?
The municipality of Duncan has financed a sewage treatment plant by issuing $18 million worth of sinking fund debentures . The debentures have a 15-year term and pay a coupon rate of 9% compounded...
What semiannually compounded rate and effective rate of interest are being charged on a $12,000 loan if payments of $1022.89 at the end of every six months will repay the loan in seven years?
Reset all of the assumptions to the original values. Then assess the sensitivity of the impairment test results by changing the following assumptions listed below. Assumption Name: Revised...
Air enters the compressor of a simple gas turbine at 100 kPa, 25oC, with a volumetric flow rate of 6 m3/s. The compressor pressure ratio is 10 and its isentropic efficiency is 80%. The turbine inlet...
Business schools have commonly observed that when job opportunities are down, those interested in business seek to enter MBA programs. To test this hypothesis, we decided to look at the number of...
The probability of randomly choosing a cricket player who also played for his school team. (Assume that you are choosing from the population of all cricket players.) Write a statement that represents...
Do social recommendations increase ad effectiveness? A study of online video viewers compared viewers who arrived at an advertising video for a particular brand by following a social media...
I. What is the output from the C program below? You must run it on one of the fox machines. No points for these. global var g is at param a is at char *s1 is at which points to char *s2 is at which...
1. Should Tom Pastorius buy Penn Brewery? Explain. 2. Tom Pastorius says, Im not a good employee. What does he mean? Do you think the same is true of most entrepreneurs? 3. What challenges does...
How much will an investor have at the end of 20 years if he deposits $500 at the end of every month for the next 20 years? Assume money earns 2.5% compounded semiannually.
Jamal is saving for a trip that he'd like to take when he graduates from college in three years. If he invests $200 at the end of every three months for the next three years, how much will he have...
Which of the following statements is true? a. GDP is an important measure of macroeconomic activity because changes in GDP impact employment, incomes, further spending, and standards of living. b....
Syed is using probability distribution to determine the time to use for a particular activity on his project. He estimates that if he puts his best workers on the task that they will finish in 8...
During the past year, Perel Corporation had profit of $162,000, its accounts receivable decreased by $7,500 and its accounts payable decreased by $5,500. What would be the company's cash flows from...
Donor makes a contribution of real estate valued at $1 million to a charity. Donor's basis in the land is $250,000 and donor has owned the land for 10 years. Donor would be allowed a charitable...
Determine whether the set of ordered pairs is a function. {(1, 2), (4,-3), (8, -8), (1,-2), (4,-4)) Ofunction O not a function State the domain and range. domain range
What is being assessed sed with these following personality test? BIG 5 personality test Locus of control personality test TypeA personality test self-control and self-monitoring personality test...
The following financial information is for Priscoll Company. Additional information: 1. Inventory at the beginning of 2018 was $115,000. 2. Accounts receivable (net) at the beginning of 2018 were...
Refer to the data in QS 10-1. Based on financial considerations alone, should Helix accept this order at the special price? Explain.
According to the American Academy of Cosmetic Dentistry, 75% of adults believe that an unattractive smile hurts career success. Suppose that 25 adults are randomly selected. a. What is the...
According to a Gallup poll 27% of American adults have confidence in banks. Suppose that you interview 5 Americans adults at random. a. What is the probability that 2 or fewer have confidence in...
According to a Pew Research Center survey 30% of graduates who had student loans are delinquent (90 or more days behind in their payments. Suppose that a survey of 10 such graduates is taken. a. What...
2. A project requires $150 million investment. If you invest today, the present value of future cash flow is worth $180 million. You can wait for one year to observe the demand of the market;...
How can a company successfully differentiate their product or service in a highly saturated market, and what are the most effective marketing strategies to communicate this unique value proposition...
What does the Hedonic View of happiness primarily focus on?

Payments of $1240 at the end of every six months will pay off the balance owed on

Question:

Step by Step Answer:

Given PV PMT 111 i 19 11...View the full answer

Fundamentals Of Business Mathematics In Canada

Students also viewed these Mathematics questions