A loan of $30,000 is to be paid off with equal monthly payments over a period...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A loan of $30,000 is to be paid off with equal monthly payments over a period of 7% years. If the first payment is made one month after the loan being accepted and the fixed interest rate is 6% p.a. compound monthly, calculate the amount of the monthly payment. Then calculate how much interest in total is paid? Choose the best available answer below Total Interest= $414.76 Total Interest= $30,000.00 Total Interest= $12,373.50 Total Interest= $7,328.40 A loan of $30,000 is to be paid off with equal monthly payments over a period of 7% years. If the first payment is made one month after the loan being accepted and the fixed interest rate is 6% p.a. compound monthly, calculate the amount of the monthly payment. Then calculate how much interest in total is paid? Choose the best available answer below Total Interest= $414.76 Total Interest= $30,000.00 Total Interest= $12,373.50 Total Interest= $7,328.40
Expert Answer:
Answer rating: 100% (QA)
To calculate the monthly payment amount for a loan of 30000 with a fixed interest ra... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
Students also viewed these accounting questions
-
Assume that our client, GeekTech Inc. is a publicly traded technology company. GeekTech Inc. faces a marginal tax rate of 40% and applies a plow-back of 50% of Net Income into Retained Earnings....
-
D Hawk entered the market in early 2018. D Hawk manufactures camera drones, selling primarily to retailers. D Hawk is pleased with its financial performance over its first few years of operations,...
-
After a rapid growth in its business during recent years, the Gilbert Lumber Company in the spring of 2014 anticipated a further substantial increase in sales. Despite good profits, the company had...
-
On the cost of goods manufactured schedule, depreciation onfactory equipment... A. is not listed because it is not a product cost. B. is not an inventoriable cost. C. is not listed because it is...
-
Which aggregate supply curve in Figure 14.6 does the Fed chair fear the most? Why?
-
Executive Home Care Franchising, LLC, sells in-home health-care franchises. Clint, Massare, and Greer Marshall entered into a franchise agreement with Executive Home Care. The agreement provided that...
-
Minaret, Inc., issued 10,000 shares of \(\$ 50\) par value preferred stock at \(\$ 68\) per share and 12,000 shares of no-par value common stock at \(\$ 15\) per share. The common stock has no stated...
-
If Norm decides to put the decision to the appropriate production team, what are the potential problems? What would be the advantages? MINI CASE As Norm St. Laurent, operations manager for Oilwell...
-
Answer the activity in as much detail as possible, considering your organisational requirements. 1.Evaluate whether your organisation is adhering to legislative requirements. What proof can you find...
-
1. Why might a structured organizational assessment framework be a useful tool in identifying the issues in a situation like the one presented in the Whispering Pines case? (LO 1 and LO 5) 2. What...
-
Discuss why or why not you feel Facebook Inc. strategy is penetration pricing or skimming. 2) Discuss if Facebook Inc. segmented the market by price or some other segmentation approach.
-
provide a brief history of scenario planning in general. Describe an overview of the scenario planning process. Determine who is responsible for scenario planning within the organization. Provide a...
-
How is differential analysis similar for customer decisions and product line decisions?
-
Suppose you were offered an investment promising to pay the following annual cash flows, after which the investment would have no real value. If your required rate of return is 8.55%, how much would...
-
Discuss the impact of enzyme engineering and directed evolution in the development of enzymes with enhanced or novel catalytic activities for industrial or pharmaceutical applications .
-
A condensed income statement by product line for Warrick Beverage Inc. Indicated the following for Mango Cola for the past year: Sales Cost of goods sold Gross profit Operating expenses Operating...
-
Preparing to write a paper in Introduction to Payroll Management with the National Payroll Institute. There are 2 essays to write with 1000 words each. Is there any way you can assist me to prepare?...
-
Wholesalers Ltd. deals in the sale of foodstuffs to retailers. Owing to economic depression, the firm intends to relax its credit policy to boost productivity and sales. The firms current credit...
-
The transactions listed below are typical of those involving New Books Inc. and Readers Corner. New Books is a wholesale merchandiser and Readers Corner is a retail merchandiser. Assume all sales of...
-
For each of the following three accounting choices, indicate the decision that will yield (a) a higher net profit margin and (b) a lower current ratio. If the decision does not affect the ratio,...
-
In April 2006, Kohls Corporation decided to discontinue its Kohls credit card operations. What factors would this department store company have considered prior to making this decision?
-
What shifts the labor demand curve?
-
At any wage higher than the equilibrium wage, the quantity of labor supplied _________ the quantity of labor demanded, resulting in a _________ of labor. a. exceeds; surplus b. exceeds; shortage c....
-
Which of the following results in a rightward shift of the market demand curve for labor? a. an increase in labor productivity b. an increase in demand for the firms product c. an increase in a firms...
Study smarter with the SolutionInn App