The interest rate on a $100,000 loan is 9% compounded monthly. How much longer will it take
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
The original loan equals the present value of all payments With PV 100000 i 129 075 and ...View the full answer
Answered By
Ajeet Singh
Hi there! Are you looking for a committed, reliable, and enthusiastic tutor? Well, teaching and learning are more of a second nature to me, having been raised by parents who are both teachers. I have done plenty of studying and lots of learning on many exciting and challenging topics. All these experiences have influenced my decision to take on the teaching role in various capacities. As a tutor, I am looking forward to getting to understand your needs and helping you achieve your academic goals. I'm highly flexible and contactable. I am available to work on short notice since I only prefer to work with very small and select groups of students. Areas of interest: Business, accounting, Project management, sociology, technology, computers, English, linguistics, media, philosophy, political science, statistics, data science, Excel, psychology, art, history, health education, gender studies, cultural studies, ethics, religion. I am also decent with math(s) & Programming. If you have a project you think I can take on, please feel welcome to invite me, and I'm going to check it out!
5.00+
4+ Reviews
24+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The interest rate on a $100,000 loan is 7.5% compounded quarterly. a. What quarterly payments will reduce the balance to $75,000 after five years? b. If the same payments continue, what will be the...
-
The interest rate on a $100,000 loan is 7.5% compounded monthly. What must be the monthly payment for the loan to be repaid in: a. 5 years? b. 10 years? c. 15 years? d. 20 years? In each case, also...
-
A person's credit score is important in determining the interest rate on a home mortgage. According to Consumer Credit Counseling Service, a homeowner with a $100,000 mortgage and a 520 credit score...
-
On January 1, 2011, Devco acquired cum div. all the shares of Brooke, at which date the equity and liability sections of Brookes statement of financial position showed the following balances: Share...
-
NWT Ltd. is an outfitter based in Yellowknife that caters mainly to American clients. On January 1, 20X1, NWT Ltd. borrows US$ 300,000 from Norse bank of St. Paul, Minnesota. The annual interest rate...
-
A common-size income statement for Creek Enterprises 2018 operations follows. Using the firms 2019 income statement presented in Problem 316, develop the 2019 common-size income statement and compare...
-
Figure 26.8 shows that the thermal conductivity of \(\mathrm{S} 3\) and \(\mathrm{S} 4\) increased by \(30.25 \%\) and \(111.37 \%\) by adding \(5 \mathrm{wt} \%\) and \(10 \mathrm{wt} \%\) of silver...
-
Winder, Knotter, and Nale is a small law firm that has 10 partners and 10 support people. The firm employs a job-order costing system to accumulate costs chargeable to each client, and it is...
-
Please use PESTEL to analyze the current business environment. In other words, what are some political/legal, economic, sociocultural, technological, and ecological trends now that are impactful for...
-
Write a function: string solution (string &S, string &T); that, given two strings S and T consisting of N and M characters, respectively, determines whether string T can be obtained from string S by...
-
What semiannually compounded rate and effective rate of interest are being charged on a $12,000 loan if semiannual payments of $1204.55 will repay the loan in seven years?
-
If $100,000 will purchase a 20-year annuity paying $739 at each months end, what monthly compounded nominal rate and effective rate of interest are earned by the funds?
-
The charge on a nonconducting rod increases linearly from end \(\mathrm{A}\) to end \(\mathrm{B}\). The rod is bent in a circle so that ends A and B almost meet very near the top of the circle...
-
For most of its history, McDonalds has been an extraordinarily successful enterprise. It began in 1955, when the legendary Ray Kroc decided to franchise the McDonald brothers fast-food concept. Since...
-
Southwest Airlines has long been the standout performer in the U.S. airline industry. It is famous for its fares, which are often some 30% lower than those of its major rivals. These low fares are...
-
Over the last two decades, the wireless telecommunications industry in the United States has been characterized by strong growth as demand for mobile phonesand, since 2007, smartphones drove industry...
-
In 1998, self-described snowboarder and surfer dude Chip Wilson took his first yoga class. The Vancouver native loved the exercises but hated doing them in the cotton clothing that was standard yoga...
-
Apple has a legendary ability to produce a steady stream of innovative new products and product improvements that are differentiated by design elegance and ease of use. Product innovation is in many...
-
Find all points on the circle x 2 + y 2 = 100 where the slope is 3/4.
-
B.) What is the approximate concentration of free Zn 2+ ion at equilibrium when 1.0010 -2 mol zinc nitrate is added to 1.00 L of a solution that is 1.080 M in OH - . For [Zn(OH) 4 ] 2- , K f = 4.610...
-
What is the justification for the following deviations from recognizing revenue at the time of sale? (a) Installment sales method of recognizing revenue. (b) Recognition of revenue at completion of...
-
Jane Hull Company paid $135,000 for a machine in 2005. The Accumulated Depreciation account has a balance of $46,500 at the present time. The company could sell the machine today for $150,000. The...
-
Three expense recognition methods (associating cause and effect, systematic and rational allocation, and immediate recognition) were discussed in the text under the matching principle. Indicate the...
-
Welch Corporation just paid its annual dividend of $2.00 per share. The firm is expected to grow at a rate of 15 percent for the next three years and then at 6 percent per year thereafter. The...
-
Reed Company had the following account balances for the current year. Prepare a multiple-step income statement. U Accounts Receivable $ 26,000 Cost of Goods Sold 63,400 Dividends 22,900 General and...
-
Generous Limited has issued a callable bond at 5.35% coupon with 14 years left to maturity can be called in 4 years. The call premium is one year of coupon payments. It is offered for sale at...
Study smarter with the SolutionInn App