You borrow $85,000; the annual loan payments are $8,273.59 for 30 years. What interest rate are you

Question:

You borrow $85,000; the annual loan payments are $8,273.59 for 30 years. What interest rate are you being charged?

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

Step by Step Answer:

Related Book For book-img-for-question

Fundamentals of Financial Management

ISBN: 978-0324664553

Concise 6th Edition

Authors: Eugene F. Brigham, Joel F. Houston

See More Books

Question Posted: Oct 05, 2011 09:49 AM

See More Questions

You borrow $230,000; the annual loan payments are $20,430.31 for 30 years. What interest rate are you being charged?
Loan Amount: $10,000,000.00 Interest Rate: 6-3/4% Amortization: 30 years Term: 10 years Assume that the amortization is 25 years instead of 30 years (again interest only for the first three years)....
What nominal annual rate of interest was charged on a loan of $5600 repaid in end- of-month installments of $121.85 in four-and- a-half years?
Nine friends vote on their favorite fruit. Only one person in the group votes for kiwi. Choose the decimal that is equivalent to this fraction.
Discuss the ethical issues associated with cancer treatment among children. Although children (under age 18) are the ones with the illness and therefore the recipients of the treatment, the legal...
How do the mechanisms of ventilation and gas exchange operate synergistically in facilitating the diffusion of oxygen and carbon dioxide across the respiratory membrane, ensuring optimal...
Mr. Smith wants to buy a car and is deciding between brands A and B. Car A costs $\$ 20,000$, and Mr. Smith estimates that at the rate he drives he will sell it after 2 years and buy another of the...
The following events apply to R&L Logging Company for the 2010 fiscal year. 1. The company started when it acquired $80,000 cash from the issue of common stock. 2. Purchased a new skidder that cost...
Daenerys, LLC provides cleaning service for homes and businesses. All sales are billed to clients with a credit terms that stipulate payment must be received 30 days after the invoice is received....
The Ashland Herald competes for readers in the Tri-Cities area with the newer Oxford Glen Journal (OGJ). Recently, the circulation staff at the OGJ claimed that their newspaper's circulation and...
What is the present value of a $100 perpetuity if the interest rate is 7%? If interest rates doubled to 14%, what would its present value be?
a. Find the present values of the following cash flow streams at 8% compounded annually. b. What are the PVs of the streams at 0% compoundedannually? + + $400 + $400 Stream A Stream B $0 $400 $100...
Noland Corporation decided at the beginning of 2020 to change from the declining-balance method of depreciating its capital assets to the straight-line method because the straight-line method better...
Kinney A.. had the following assets and liabilities on the dates indicated. Kinney began business on January 1, 2024, with an investment of 100,000. Instructions From an analysis of the change in...
Amarindo, Inc. (AMR), is a newly public firm with 9.5 million shares outstanding. You are doing a valuation analysis of AMR. You estimate its free cash flow in the coming year to be $14.97 million,...
You are on your way to an important budget meeting. In the elevator, you review the project valuation analysis you had your summer associate prepare for one of the projects to be discussed: Looking...
Go online and find the annual reports of seven different universities. Write a report that lists what methods of highlighting have been used, how color is used to enhance usability, and when tables...
Which of the following is true? a. Financial frauds have not occurred in U.S. companies because GAAP has detailed accounting and disclosure requirements. b. Transaction analysis is basically the same...
Among other items, the Andy's Business' income statement for the year shows sales revenue of $\$ 156000$, cost of goods sold of $\$ 92600$ and salaries expense of $\$ 24400$. An analysis of its...
Inexhaustible collections of ONPOs are not required to be capitalized or depreciated, if certain criteria are met. Why is this so, and what accounting and reporting recognition, if any, is required...
Consider the unbalanced chemical equation Al 2 S 3 + H 2 O Al(OH) 3 + H 2 S If 56.0 g of aluminum sulfide reacts with 48.2 g of water, (a) Which is the excess reactant? (b) What mass in grams of the...
Little Books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40%. What was its interest expense?
Pearson Brothers recently reported an EBITDA of $7.5 million and net income of $1.8 million. It had $2.0 million of interest expense, and its corporate tax rate was 40%. What was its charge for...
Computer World Inc. paid out $22.5 million in total common dividends and reported $278.9 million of retained earnings at year-end. The prior years retained earnings were $212.3 million. What was the...
In what ways does HR assist managers in handling employee performance issues or conflicts within their teams? What role does HR play in helping managers navigate challenges related to allegations and...
Define the following sets (30 points) (a) X = {(x, y) = R: y = f(x) = 3x + 3y 42} =1 (b) Y={(x, y) = R: y = f(x) = 2x + 2y 42} (c) Z = XUY (d) Prove whether or not each set defined above is convex?
Why is A/B testing so useful for marketing, and digital marketing in particular? Give at least two examples of A/B testing for marketing purposes. Give a null and alternative hypothesis for one of...

You borrow $85,000; the annual loan payments are $8,273.59 for 30 years. What interest rate are you

Question:

Step by Step Answer:

With a calculator enter N 3...View the full answer

Fundamentals of Financial Management

Students also viewed these Finance questions