A $3000 loan on March 1 was repaid by payments of $500 on March 31, $1000 on

Question:

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%

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

The owner of Janes Boutique borrowed $6000 from Halton Community Credit Union on June 5, 2012. The loan was secured by a demand note with interest calculated on the daily balance and charged to the...
Billings Company takes out a 12%, 90-day, $100,000 loan with First National Bank on March 1, 2010. Required 1. Identify and analyze the transaction to take out the loan on March 1, 2010. 2. Identify...
Glendive takes out a 12%, 90-day, $100,000 loan with Second State Bank on March 1, 2010. Assume that Glendive prepares adjustments only four times a year: on March 31, June 30, September 30, and...
After its move in 1990 to La Junta, Colorado, and its new initiatives, the DeBourgh Manufacturing Company began an upward climb of record sales. Suppose the figures shown here are the DeBourgh...
Cross-Reference AICPA Statement of Position (SOP) 02-2 addresses how nongovernmental not-for-profit health care organizations should report gains or losses on hedging derivative instruments. List all...
Namiki, CPA, is auditing the financial statements of Taylor Corporation for the year ended December 31, 2018. Namiki plans to complete the fieldwork and sign the auditors report about March 10, 2019....
Compare and contrast assemblers, compilers, interpreters, and virtual machines.
Ann McCutcheon is hired as a consultant to a firm producing ball bearings. This firm sells in two distinct markets, each of which is completely sealed off from the other. The demand curve for the...
The article "Marketing Myopia" by the late Harvard professor Theodore Levitt is considered by many to be one of the most influential articles on marketing strategy ever published. First published in...
Two rigs are available for drilling a well in southern California. One rig costs $800/hr but can only pull doubles. The other rigs costs $1,000/hr but can pull thribbles. In this area K is 200 ft/hr...
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...
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.
Use linear approximations to estimate the following quantities. Choose a value of a that produces a small error. ln (1.05)
The Swiss mathematician Daniel Bernoulli (1700-1782) was part of the famous Bernoulli family . In 1738 he published the book St. Petersburg Academy Proceedings in which the problem known as the St....
Use the following tree diagram to answer the questions in Problems 31-36. Which path number represents $P\left(C_{2} \mid B_{1}ight)$ ? B B B3 C C C C C C2 C3 Path number 1 2 3 4 5 6 7
Use the following tree diagram to answer the questions in Problems 25-30. Find $P\left(A_{2} \cap Dight)$. A A2 A3 D D D D D D Path number 1 2 3 4 5 6
Refer to the following tree diagram for a two-stage experiment. Find the probabilities in Problems 7-12. (Round your answers in Problems 11 and 12 to the nearest hundredth.) $P(E \mid A) P(A) $ A B...
What is the expectation for playing Keno by picking two numbers and paying $\$ 1.00$ to play? The payoff for picking two numbers is $\$ 12.00$.
Evaluate the iterated integral. 9-x [S 10 4x dy dx
Maria Castigliani is head of the purchasing department of Ambrosiana Merceti, a medium-sized construction company. One morning she walked into the office and said, The main problem in this office is...
George borrowed $4000 on demand from CIBC on January 28 for an RRSP contribution. Because he used the loan proceeds to purchase CIBC's mutual funds for his RRSP, the interest rate on the loan was set...
Calculate the missing values for the promissory notes described in problem. Face Issue date Interest Date of sale Discount Proceeds value ($) rate (%) Term rate (%) ($) 1000 March 30 50 days April 8 5
Duncan Developments Ltd. obtained a $120,000 line of credit from its bank to subdivide a parcel of land it owned into four residential lots and to install water, sewer, and underground electrical...
Starlight.com Starlight.com manufactures bottled wine for retail chains. John Tsang, the controller, believes that the company's standard-costing system is ineffective. An independent consultant...
use http://www.principlesofeconometrics.com/stata/beer.dta 2. Describe the dataset: What can you tell me about the data? How could we use this data? Who would care about this data? 3. Choose 2...
Timeless Company will manufacture the iSports Watches (64-GB only) and the Standard (128-GB) iWatches for Pear Computer. The critical part of the manufacturing process uses a single machine that...

A $3000 loan on March 1 was repaid by payments of $500 on March 31, $1000 on

Question:

Step by Step Answer:

Let x represent the unknown payment Payment Date No of ...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions