Chase has taken out a loan for server equipment for his business totaling $18,500. The loan...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Chase has taken out a loan for server equipment for his business totaling $18,500. The loan will be repaid by making end of quarter payments of $835.16 for the next 6 years. If interest is 2.6% compounded monthly, find the balance on the loan at the end of the 4th year? Enter a POSITIVE VALUE, rounded to two decimal places. Balance at the end of the 4th year: $ Chase has taken out a loan for server equipment for his business totaling $18,500. The loan will be repaid by making end of quarter payments of $835.16 for the next 6 years. If interest is 2.6% compounded monthly, find the balance on the loan at the end of the 4th year? Enter a POSITIVE VALUE, rounded to two decimal places. Balance at the end of the 4th year: $
Expert Answer:
Answer rating: 100% (QA)
Heres how to find the balance on the loan at the end of the 4th year 1 Calculate the number ... View the full answer
Related Book For
Posted Date:
Students also viewed these finance questions
-
Find the FV of $1,000 invested to earn 10% after 6 years. Round your answer to the nearest cent. $ fill in the blank 2 b. What is the investment's FV at rates of 0%, 6%, and 20% after 0, 1, 2, 3, 4,...
-
Secutest manufactures a single product category. The forecast for the first quarter of year N is as follows. Sales function : The sales forecast for the quarter is 1850 units with the following...
-
Using the 526 observations on workers in a certain dataset, we include educ (years of education), exper (years of labor market experience) and tenure (years with the current employer) in regression...
-
Robert Thumme owns a $140,000 townhouse and still has an unpaid mortgage of $110,000. In addition to his mortgage, he has the following liabilities: Visa....................................$565...
-
1. Good URI Design Which of the following are true regarding good URI design? Pick ONE OR MORE options URIS should never be changed. URIs must be constructed by the client. URIS should be short in...
-
The data in Exercise 2.174. Use technology to find the correlation for the data indicated. Data From Exercise 2.174: Make a scatterplot of the data. Put the $X$ variable on the horizontal axis and...
-
Sea Star Company manufactures diving masks with a variable cost of $12.50. The masks sell for $ 17.00. Budgeted fixed manufacturing overhead for the most recent year was $396,000. Actual production...
-
On January 1, 20X1, Porta Corporation purchased Swick Company's net assets and assigned goodwill of $82,500 to Reporting Division K. The following assets and liabilities are assigned to Reporting...
-
Ryan is 26 years old and weighs 213 pounds. He works a full-time construction job during the day and squeezes in online classes at the community college in the evenings. He recently started working...
-
In a period of increasing prices, which inventory flow assumption will result in the lowest amount of income tax expense: A. FIFO B. LIFO C. Average Cost D. Income tax expense for the period will be...
-
You push a \(2.0-\mathrm{kg}\) block up a ramp by exerting a \(100-\mathrm{N}\) force directed parallel to the ramp, which is at a \(30^{\circ}\) angle to the horizontal. (a) Ignoring any effects due...
-
A hockey puck on the ice starts out moving at \(10.50 \mathrm{~m} / \mathrm{s}\) but after \(40.00 \mathrm{~m}\) has slowed to \(10.39 \mathrm{~m} / \mathrm{s}\). (a) What is the coefficient of...
-
A force \(\vec{F}=F_{x} \hat{\imath}+F_{y} \hat{\jmath}\) with \(F_{x}=3.0 \mathrm{~N}\) and \(F_{y}=2.0 \mathrm{~N}\) is exerted on a particle that undergoes a displacement \(\vec{D}=D_{x}...
-
A \(1.0-\mathrm{kg}\) block on a horizontal tabletop is pushed against the free end of a spring (the other end is attached to a wall) until the spring is compressed \(0.20 \mathrm{~m}\) from its...
-
You push down on a book of inertia \(m\) resting on a table with a force directed at an angle \(\theta\) away from vertical. The coefficient of static friction between book and table is \(\mu_{s}\)....
-
The reaction 2NO N2 +O2 has the following rate law: A[NO] = 2k[NO} At After a period of 2.7 x 10' s, the concentration of NO falls from an initial value of 2.8 x 10 mol/L to 2.0 x 10 mol/L. What is...
-
Using a graphing utility, graph y = cot -1 x.
-
The department of management science at Tech has sampled 250 of its majors and compiled the following frequency distribution of grade point averages (on a 4.0 scale) for the previous semester: The...
-
Given the following network, with the indicated distances between nodes, develop a minimal spanningtree: 0 2 5 21 10 18 12 30 0 7 12 10 17 15 25 6
-
The admission data for freshmen at Tech during the past 10 years are as follows: Techs admission objective is a class of 5,000 entering freshmen, and Tech wants to forecast the percentage of offers...
-
Find the probability of an IQ less than 85.
-
If 25 women are randomly selected, find the probability that the mean of their red blood cell counts is less than 4.444. Assume that red blood cell counts of women are normally distributed with a...
-
Mensa International calls itself the international high IQ society, and it has more than 100,000 members. Mensa states that candidates for membership of Mensa must achieve a score at or above the...
Study smarter with the SolutionInn App