A $9000 loan is to be repaid in three equal payments occurring 60, 180, and 300 days,

Question:

A $9000 loan is to be repaid in three equal payments occurring 60, 180, and 300 days, respectively, after the date of the loan. Calculate the size of these payments if the interest rate on the loan is 7 ¼ %. Use the loan date as the focal date

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 07:12 AM

See More Questions

On April 1 a man borrows $100. The loan is to be repaid in three equal semiannual (every 6 months) payments. If the annual interest rate is 7% compounded semiannually, how much is each payment?
On April 1 a man borrows $100. The loan is to be repaid in three equal semiannual (every 6 months) payments. If the annual interest rate is 7% compounded semiannually, how much is each payment?
Alain Jones recently obtained an equipment loan from a local bank. The loan is for $15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on...
(a) Find the first order fraction transformation where z 1 =,z 2 =0, z 3 =1 is thought to be w 1 =1, w 2 =i, w 3 =-1 each. (b) Find the anchor points of w=(z-1)/(z+1)
Describe the conditions under which a firm can change one of its accounting principles. What is the preferred accounting treatment for a change in accounting principle? List the relevant paragraphs...
Which screen gives the correct graphical solution of the system? 4x - 5y = -11 2x + y = 5 A. FLOAT UTA HEH TADIAH HP EE EHERIKET B. FLOAT TR EH FARIAH HP CHLECHTERECT 10 10 10 10 teriection - 10...
A testing laboratory requires a new DRIE machine with a cost of $\$ 499,000$, and in this high-tech industry the machine will have a salvage value of $\$ 40,000$ at the end of 10 years of service....
Whispering issued an 9%, 10-year $1,800,000 bond to build a monorail mass transit system. The city received $1,587,988 cash from the bond issuance on January 1, 2025. The bond yield is 11%. Interest...
How do you navigate the delicate balance between the perceived urgency of immediate tasks and the long-term strategic allocation of temporal resources ? Explain
Janet Richards fixes her eyes on those of her partner Gilbert Baker and says firmly, All right. Lets do it. And with those words, InterCat, a firm founded by Janet and Gilbert that specializes in the...
Mr. & Mrs. Parsons are considering two offers to purchase their summer cottage. Offer A is for $200,000 consisting of an immediate $40,000 down payment with the $160,000 balance payable one year...
Nine months ago, Muriel agreed to pay Aisha $1200 and $800 on dates 6 and 12 months, respectively, from the date of the agreement. With each payment Muriel agreed to pay interest at the rate of 8 %...
A plate 1 m by 1 m, inclined at an angle of 45, is exposed to a net radiation heat flux of 300 W/m 2 at its bottom surface. If the top surface of the plate is well insulated, estimate the temperature...
Suppose a workstation has an I/O bus speed of 800 Mbps and a memory bandwidth of 2 Gbps. Assuming DMA in and out of main memory, how many interfaces to 100-Mbps Ethernet links could a switch based on...
Give the spanning tree generated for the extended LAN shown in Figure 3.49, and discuss how any ties are resolved. Figure 3. 49) B2 B1 B3
A movie theater would like to use a survey to determine which factors are most important to its customers. Which of the following procedures would be most appropriate for obtaining a statistically...
Try to find situations where an RTP application might reasonably do the following: Send multiple packets at essentially the same time that need different timestamps. Send packets at different times...
Consider the situation involving the creation of a routing loop in the network of Figure 3.30 when the AE link goes down. List all sequences of table updates among A, B, and C, pertaining to...
Convert the integral from rectangular coordinates to both cylindrical and spherical coordinates, and evaluate the simplest iterated integral. CLAS 0 0 4-x 16-x-y x + y dz dy dx
CdF2 (s) Cd+ (aq) + 2 F- (aq) 1. A saturated solution of CdF2 is prepared. The equilibrium in the solution is represented above. In the solution [Cd+] eq = 0.0585 M and [F-] eq = 0.117 M. a....
The bounce rate measures the percentage of visitors who leave a Web site after viewing only one page. If a Web page has a bounce rate of 62.5% what is the ratio of bounces to visitors?
Jenn spends 1 hour and 45 minutes a day playing online games. Her sister Amanda spends 3 hours and 30 minutes a day gaming online, and their brother Steve spends 6 hours and 15 minutes a day playing...
Set up a ratio in each of Problems. If the ratio cannot be reduced to an equivalent ratio in terms of small integers, then express it as a ratio of decimal equivalents with the smallest term set at...
If a family spends its entire budget in a given time frame, the family can afford either 8 dance lessons or 5 karate lessons. Assuming the family spends its entire budget on just these two goods,...
Part 5 - Stretch Your Thinking- Answer the questions 18. Applying the least-cost rule is similar to applying the utility maximizing rule. Identify two similarities and two differences regarding these...
If today's youth learn the skills that they need to work in the global workforce before they leave school, then the economic crisis will end because unemployment will be greatly reduced." What...

A $9000 loan is to be repaid in three equal payments occurring 60, 180, and 300 days,

Question:

Step by Step Answer:

Let x represent the amount of each p...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions