A $1000 loan at 9% was repaid by two equal payments made 30 days and 60 days

Question:

A $1000 loan at 9% was repaid by two equal payments made 30 days and 60 days after the date of the loan. Determine the amount of each payment.

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

Step by Step Answer:

Related Book For book-img-for-question

Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

See More Books

Question Posted: Jan 20, 2016 07:06 AM

See More Questions

A specialpurpose machine tool set would cost $30,000. The entire capital expenditure ($30,000) is to be borrowed with the stipulation that it be repaid by two equal endofyear payments at 12%...
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%
Jessica should have made two payments of $800 each. The first was due 60 days ago and the second payment was due 30 days ago. The two original scheduled payments are to be settled by two equal...
A partially completed flowchart showing some of the major documents commonly used in the purchasing function of a merchandise business is presented below. Identify documents 1, 3, and4. Purchase Order
Multiple Choice Select the best answer for each of the following items: 1. An unrestricted pledge from an annual contributor to a not-for-profit hospital made in December 2011 and paid in cash in...
Repeat Problem 2.3 with the following data: U.S. sieve no. Mass of soil retained (g) 4................................................0 10.............................................40...
Define the discipline called project management. AppendixLO1
Summarize or condense the 13 characteristics of Confrontation as a conflict-resolving method.
How does disbursement policy relate to shareholder value? short answer in somewhat well detailed
Three friends, Optimist, Realist, and Pessimist, go to a casino. They decide to play a gambling game for which they do not know the probability p of winning. Motivated by an exciting lecture on...
The interest rate on a $3000 loan advanced on March 1 was 10.2%. What must the first payment on April 13 be in order that two subsequent payments of $1100 on May 27 and $1100 on July 13 settle the...
Two equal payments, 50 days and 150 days after the date of the loan, paid off a $3000 loan at 10 %. What was the amount of each payment?
Figure 3.32 shows bootstrap distributions for the standard deviation of two different datasets. In each case, if appropriate, use the bootstrap distribution to estimate and interpret a 95% confidence...
2. (40 marks) Solve for y(t) such that y" - 6y' + 15y = 2 sin(3t),
6. Determine output class A{ ); } public static void main(String args[]) { int x; x = 10; if (x == 10) { int y = 20; System.out.print ("x and y: y = x*2; + y); } y = 100; } System.out.print ("x and...
Anita and Bonita have been roommates for the past two years while they've been in graduate school. Now that they're graduating, they are each planning to move to different cities. Their one joint...
To what extent are business ethics assumed, or taken for granted, by people in businesses?
Empowered by what he has learned in this class about gender, Brady makes a friendly wager with his girfriend, Marlisa: "I bet I can guess how the men and women at the next table will behave during...
Explain why large and growing firms tend to choose the corporate form.
Hardin Services Co. experienced the following events in 2016: 1. Provided services on account. 2. Collected cash for accounts receivable. 3. Attempted to collect an account and, when unsuccessful,...
Prepare a journal entry on October 31 for the payment of $\$ 4,500$ of dividends.
Calculate the missing values for the promissory notes described in problem. Issue date Face value ($) Term Interest rate (%) Maturity value ($) March 30 9400 ? days 9.90 9560.62
A $25,000, 91-day Province of Newfoundland Treasury bill was originally purchased at a price that would yield the investor a 1.438% rate of return if the T-bill is held until maturity. Thirty-four...
Calculate the missing values for the promissory notes described in problem. Issue date Face value ($) Term Interest rate (%) Maturity value ($) Dec. 31 5200 ? days 11.00 5275.22
You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company...
Difference between Operating Leverage and Financial Leverage
bpmn diagram for misc purchases

A $1000 loan at 9% was repaid by two equal payments made 30 days and 60 days

Question:

Step by Step Answer:

Let x represent the size of each loan payment S...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions