2. A $3000 loan on March 1 was repaid by payments of $700 on March 31, $1200...

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

Question:

2. A $3000 loan on March 1 was repaid by payments of $700 on March 31, $1200 on June 15 and final payment on August 31. What was the final payment if the interest rate on the loan was 7.25%? (7 marks)

Related Book For answer-question

Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

See More Books

Posted Date: Mar 05, 2024 12:21 AM

See More Questions

A $3000 loan on March 1 was repaid by payments of $500 on March 31, $1000 on June 15, and a final payment on August 31. What was the third payment if the interest rate on the loan was 8 1/4%
A $3000 loan on March 1 was repaid by payments of $500 on March 31, $1000 on June 15, and a final payment on August 31. How much was the third payment if the interest rate on the loan was 8.25%?
The owner of Janes Boutique borrowed $6000 from Halton Community Credit Union on June 5, 2012. The loan was secured by a demand note with interest calculated on the daily balance and charged to the...
Name each of the following compounds using R,S and E,Z (Section 3.5) designations where necessary: a. b. c. d. e. f. g. h. CH2CH3 H- CH3 H2CH C-C C-C CI Br CH,CH CH-CH,CH,CH, - H3C CH2CH2l CH2CH...
(Note: Students may want to review the material on the equity method of accounting in Chapter 16 before beginning work on this exercise.) Taft Corporation uses the equity method to account for its...
What factors do auditors consider when deciding how much control testing to do?
A project has been selected for implementation. The net cash flow (NCF) profile associated with the project is shown below. MARR is 10 percent/year. a. What is the annual worth of this investment? b....
Big Sky Mining Company must install $1.5 million of new machinery in its Nevada mine. It can obtain a bank loan for 100 percent of the purchase price, or it can lease the machinery. Assume that the...
Find the range of the function defined by the equation and the given domain. f(x) = 4x3; domain= {0, 1, 2, 3}
Interpretive publications include all of the following, except for A. Appendices to Statements on Auditing Standards. B. Articles in the AICPAs Journal of Accountancy. C. Auditing guidance included...
the buyer for davidson's noticed that the previous december contained 22 selling days before Christmas. In the coming year there will be 23 selling days before Christmas. Davidson ='s is planning an...
Countinuing with Buns and Roses example:Eqipment with a $20,000 revalution increase in the current year. Now also suppose that the eqipment has cumulative revalution adjustment of the following...
Solve for x . log 2 ( x ) = 1 . 3
Give two different specific examples of actions Panera Bread has taken to increase its Customer Lifetime Value. Explain how each action has increased Panera's Customer Lifetime Value. Discuss each...
Katrina and Donald operate a gift business as partners. The partnership agreement provides that the profits or losses of the partnership should be divided equally after Donald, the active partner,...
The company that purchased the asset above had the following gross income using this paver. Compute their net income assuming that depreciation is their only expense and compute the tax they need to...
Write a paper detailing a geographic information system (GIS) of your own design that would utilize data in an original manner.
A $100,000 mortgage at 6.8% compounded semiannually with a 25-year amortization requires monthly payments. How much will the amortization period be shortened if payments are increased by 10% starting...
Three equal payments were made two, four, and six years after the date on which a $9000 loan was granted at 10% compounded quarterly. If the balance immediately after the third payment was $5169.81,...
Solve each of the following pairs of equations. Verify your solution x - y = 2 3x + 4y = 20
For the particular case of hard spheres, the pressure in the virial equation of state is determined by evaluating the pair correlation function at contact. Write the pair correlation function as...
Use a virial expansion approach to determine the first few nontrivial order contributions to the pair correlation function $g(r)$ in $d$ dimensions. Show that the pair correlation function is of...
(a) For a dilute gas, the pair correlation function $g(r)$ may be approximated as \[g(r) \simeq \exp \{-u(r) / k T\}\] Show that, under this approximation, the virial equation of state (10.7.11)...

2. A $3000 loan on March 1 was repaid by payments of $700 on March 31, $1200...

Question:

Expert Answer:

To find the final payment we first need to calculate the outstanding balance ... View the full answer

Business Mathematics In Canada

Students also viewed these finance questions