Question: How long will it take for monthly payments interest rate on the loan is: a. 7.5% compounded annually? b. 7.5% compounded semiannually? c. 7.5% compounded

How long will it take for monthly payments interest rate on the loan is:
a. 7.5% compounded annually?
b. 7.5% compounded semiannually?
c. 7.5% compounded quarterly?
d. 7.5% compounded monthly?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Given PV 100000 PMT 740 a j 75 m 1 i 75 c 112 0083 The loanrequires 282 monthly pa... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

How long will it take for monthly payments interest rate on the loan is: a. 7.5% compounded annually? b. 7.5% compounded semiannually? c. 7.5% compounded quarterly? d. 7.5% compounded monthly?

How long will it take for monthly payments interest rate on the loan is: a. 6% compounded monthly? b. 7% compounded monthly? c. 8% compounded monthly? d. 9% compounded monthly

1 . What is the MOST nearly effective annual interest rate on a loan if the nominal interest rate is 9 % per year compounded quarterly? A . 9 . 5 2 % B . 9 . 8 4 % C . 9 . 6 8 % D . 9 . 3 1 % 2 ....

Hello again, can you please take a look at this one? I do need to see all the work ( formulas). Thank you. 1. What is the present value of a $569 perpetuity discounted back to the present at 3.52...

1. Investigate the effects of changing the payment and compounding frequency of an ordinary annuity. Use the TVM Solver to complete the following chart. Payment Amount Payment Frequency Compounding...

1.You have accumulated $1,324,330 for your retirement. How much money can you withdraw for the next 11 years in equal annual end-of-the-year cash flows if you invest the money at a rate of 15.32...

7. What monthly payment is required to pay off a $50,000 loan in seven years if the interest rate on the loan is 7.5% : A - compounded annually? B - compounded semi-annually? C - compounded...

Financial Word Problems Assignment Answer your questions on a separate sheet of paper. Read each question carefully and be sure to answer what the question is asking. Don't forget to end every...

questions 12'13'14:15 620 $15,620 12. While researching construction loans, you discover vou can take out a Bank of America five-year, $200,000 loan with eight-percent interest compounded annually,...

A small trucking company is determining the com-position of its next trucking job. The load master has his choice of seven different types of cargo, which may be loaded in full or in part. The...

Describe in detail how the selection of suppliers is carried out in companies. You need to elaborate on each of the steps in the supplier selection process so that the trainees are clear on what they...

X ake Tech X A View Assessment + go blackboard.waketech.edu/ultra/courses/_502266_1/outline/assessment/_27708059_1/overview/attempt/_65912306_1?courseld=_502266_1 YouTube Maps Course Home Cengage >>...

Use Equations 4.27, 4.28, and 4.32, to construct Y 0 0 and Y1 2 . Check that they are normalized and orthogonal. d P" (x) = ( 1)" (1-x) "/ (4) dx PIX P(x), (4.27)

At the beginning of 2008, Lehman Company acquired equipment costing $90,000. It was estimated that this equipment would have a useful life of 6 years and a residual value of $9,000 at that time. The...

At December 31, 2010, Jimenez Company reported the following as plant assets. During 2011, the following selected cash transactions occurred. April 1 Purchased land for $2,130,000. May 1 Sold...

Puckett Co. has office furniture that cost $75,000 and that has been depreciated $50,000. Record the disposal under the following assumptions. (a) It was scrapped as having no value. (b) It was sold...

Slotnick Chemical received $340,000 from customers as deposits on returnable containers during 2021. Fourteen percent of the containers were not returned. The deposits are based on the container cost...

(Question 1) The human resources department of Okay Supplies Ltd. has responsibility for all aspects of payroll and ongoing management of the human resource function like the hiring of new employees,...

erences Memofax, Inc. produces memory enhancement software for computers. Sales have been very erratic, with some months showing a profit and some months showing a loss. The company's contribution...