How soon would the loan be paid off if the borrower made a single additional payment of
Question:
How soon would the loan be paid off if the borrower made a single additional payment of $33,000 to reduce principal at the end of the fifth year?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (10 reviews)
First calculate balance after 5 years 36060 300 PVA PMT PVFA 5300 PVA 89932 155207 ...View the full answer
Answered By
David Ngaruiya
i am a smart worker who concentrates on the content according to my clients' specifications and requirements.
4.50+
7+ Reviews
19+ Question Solved
Related Book For
Question Posted:
Students also viewed these Finance questions
-
During the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax State income tax Real estate taxes on land in South America (held as an State sales taxes...
-
How soon would the loan in Problem 21 pay off if the borrower made a single additional payment of $17,936.29 to reduce principal at the end of the fifth year?
-
What single amount at the end of the fifth year is equivalent to a uniform annual series of $3,000 per year for 10 years if the interest rate is 9% compounded annually?
-
Consider a beam with two perpendicular segments subjected to a concentrated load as shown in Fig. 9.52. Using two beam elements, determine the deflection and stresses in the two segments of the beam....
-
In Gruber's (1970) study of n = 104 individuals (discussed in Problem 10), the relationship between blood pressure change (SBPSL) and relative weight (RW), controlling for initial blood pressure...
-
What are external sources of technology and innovation development, and when are they best used?
-
A consumer advocacy agency, Equitable Ernest, is interested in providing a service that allows an individual to estimate their own credit score (a continuous measure used by banks, insurance...
-
Use the exchange rates in Table 1. An American importer owes vendors the following sums. 140,560 Canadian dollars 392,000 Australian dollars 1,362,000 Mexican pesos 680,540 British (U.K.) pounds...
-
Based on the following memo, could you help me identify the key facts? Then could you help me with the assignment described at the end? TO: Associate FROM: I.M. Shirley Wright, Partner DATE: October...
-
Cooper's Copper Roofs (CCR) has entered into a production contract for a housing development. The contract calls for CCR to install copper roofs on 100 new homes. Each roof requires 1,000 pounds of...
-
What are the monthly payments on the loan? Construct an amortization table for the first six months of the loan.
-
Harrison Conway is choosing between a fix rate and an adjustable rate mortgage (ARM) for $300,000. Both are 30 year mortgages with monthly payments and compounding. The fixed rate is offered at 8%...
-
Selected transactions for R. Sparks, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3 Purchased used car for $4,000 cash for use in...
-
There are the three particles shown in the Fig. 8.16, with \(m=1.00 \mathrm{~kg}\) and \(M=2 m\). The three particles are aligned in the direction of their centers, and no sources of friction are...
-
Compare the performance of a one-stage rocket with that of a two-stage rocket having similar fuel mass and structure mass. Rocket \(A\) has mass \(M_{A}=11 \mathrm{t}\), of which \(m_{A}^{c}=9.7...
-
A mechanical system consists of a cubic block of mass \(M\) and a spring of elastic constant \(k\) and negligible mass rigidly anchored above the block. The cube \(M\) is stationary on a horizontal...
-
Two identical masses \(m=0.25 \mathrm{~kg}\) are suspended from a vertical rod by two rigid bars of length \(L=20 \mathrm{~cm}\) and negligible mass (Fig. 7.17, ). When the system rotates around the...
-
A body with a mass of \(m=2.5 \mathrm{~kg}\) (including a small amount of negligible mass of explosive) is thrown vertically upwards with an initial velocity of magnitude \(v_{0}\). When it reaches...
-
Rewrite the following sorites in standard form, reducing the number of terms when necessary. Then supply the intermediate conclusions and test with Venn diagrams. No B are C. Some D are C. All A are...
-
The maximum pressure that can be developed for a certain fluid power cylinder is 15.0 MPa. Compute the required diameter for the piston if the cylinder must exert a force of 30 kN.
-
A water turbine wheel rotates at the rate of \(100 \mathrm{rpm}\) in the direction shown in Fig. P12.47. The inner radius, \(r_{2}\), of the blade row is \(1 \mathrm{ft}\), and the outer radius,...
-
Broxholme Industries has sales of $40 million, equity totaling $27.5 million, and an ROS of 12%. The sustainable growth rate has been calculated at 10.9%. What dividend payout ratio was assumed in...
-
The Owl Corporation is planning for 20X2. The firm expects to have the following financial result in 20X1 ($000). Management has made the following planning assumptions: Income Statement Revenue...
-
The Haverly Company expects to finish the current year with the following financial results, and is developing its annual plan for next year. The following facts are available. FACTS Payables are...
-
5) Write Matlab expressions to extract only the elements at odd positions in a vector (i.e. the 1st, 3rd, 5th, 7th..., elements of the vector), regardless of the length of the vector. Make sure your...
-
1. Convert NFA to DFA 91 1 0 a. b. (92) 1 (93) 1. 90 1 0,1 0,1 (92)
-
1. (15 pts) Given matrix X, where each row represents a different data point. You are asked to perform k-means clustering on this dataset using the Euclidean distance as the distance function. Here k...
Study smarter with the SolutionInn App