Determine the amount of the periodic payments needed to pay off the following purchases. Payments are made

Question:

Determine the amount of the periodic payments needed to pay off the following purchases. Payments are made at the end of the period.

1. Purchase of a waterbed for $1,205. Monthly payments are to be made for one year with interest at 24% per annum, compounded monthly.

2. Purchase of a motor boat for $26,565. Quarterly payments are to be made for four years with interest at 8% per annum, compounded quarterly.

3. Purchase of a condominium for $65,500. Semiannual payments are to be made for 10 years with interest at 10% per annum, compounded semiannually.

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

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

See More Books

Question Posted: Jan 28, 2012 07:09 AM

See More Questions

Payments of $51.00 are made at the end of each month for six years at 8% compounded annually. Classify the annuity by (a) term; (b) date of payment; and (c) conversion period.
For each of the following events, determine the amount of freight paid by The Cake Shop. Also indicate whether the freight cost would be classified as a product or period (selling and administrative)...
For the following purchases of merchandise, determine the amount of cash to bepaid: Total Invoice Cr Credit Terms Amount of Freight Ivice Returs andDate PurchaseDate Purchase Charges Amount...
The following coefficients define a Fourier series ao = b an == || HI2 bn = 1 2 - sin(n/2) for n1 NA sin[(n 1)/2] 1-n {sin((1 + sin[(n+1)/2]] 1+n /]} for n 2. (1) (2) (3) (4) (a) Using Matlab,...
Wait staff at restaurants have employed various strategies to increase tips. An article in the Sept. 5, 2005, New Yorker reported that "In one study a waitress received 50% more in tips when she...
In a Pastry network with m = 32 and b = 4, what is the size of the routing table and the leaf set?
Jeffrey Hansing, of Wisconsin, wanted to sell his 1964 Ford Galaxie. He decided to list the car for sale on eBay. The winning bidder was Paul Boschetto, who purchased the car for $$34,106.Mr.$...
Bonanza Inc. (Bonanza) is a small manufacturer of home environmental products such as humidifiers, air cleaners, and ionizers. Bonanza's products are sold in retail stores across Canada and in the...
which muscle were use to extend and splay your finger outward?
Your friend Elise comes to you looking for help. You know that she is talented at producing videos and has recently started her own company to make videos for local restaurants and entertainment...
Determine the annual interest rate that is needed for the following annuities to accumulate to $25,000. Assume payments are made at the end of each period. 1. Annual payments of $4,095 for five...
Determine the unknown quantity for each of the following independent situations using the appropriate interest tables: 1. Jeff and Nancy want to start a trust fund for their newborn son, Mark. They...
Eagles Limited needs a cash budget for the month of November. The following information is available: The cash balance on November 1 is $5,000. Sales for October and November are $80,000 and $60,000,...
5.2 Rewrite the following CISC-style program fragment so that it executes correctly on a RISC (load-store) processor that executes the GPR ISA outlined in the previous chapter. Assume that the GPR...
5. The following questions refer to the grammar shown below. S A AbBbAc AbaBB B AccBb | c a. Draw the parse tree for the sentential form bacBbcc. b. List all phrases in the sentential form bacBbcc....
Kay owns two annuities that will each pay $500 a month for the next 12 years. One payment is received at the beginning of each month while the other is received at the end of each month. At a...
Why is it difficult to addresses a variety of readers who have different perspectives from those of the writer? What specific actions should you take to lessen or eliminate this issue?
Macys made 2 distributions to shareholders this year: Mar. 15: $120,000 and Sep 15 $80,000. Macys had current E&P of $50,000 and accumulated E&P of $100,000. How will this E&P be allocated to the...
Find the limit (if it exists) as $n ightarrow \infty$ for each of the sequences in Problems 43-56. $\lim _{n ightarrow \infty} \frac{10 n^{3}+13}{7 n^{2}-n+2}$
Graph one period of each function. y = 4 cos x
Factor by grouping. (A) 6x 2 + 2x + 9x + 3 (B) 2u 2 + 6uv 3uv 9v 2 (C) ac + bd + bc + ad
When is revenue recognized under the cost-recovery method?
When is revenue recognized under the cost-recovery method?
When is revenue recognized under the cost-recovery method?
Under what conditions would the National Building Code (N.B.C.) be used, as opposed to the Ontario Building Code (O.B.C.)?
Each month I have to lie on my expense report in order to get reimbursed for an honest business lunch," is example of?
Secondary Analysis: This week visit the Keizer Online Library and find a full-text article on secondary analysis in research. Find a full-text article, download it, highlight it, and upload it to the...

Determine the amount of the periodic payments needed to pay off the following purchases. Payments are made

Question:

Step by Step Answer:

1 114 1205 105753 Table IV Business Calculator Keystrokes 1205 x Press PV 12 x Press N 2 x Press I P...View the full answer

Intermediate Accounting

Students also viewed these Accounting questions