A $4000 loan at 4.8% compounded monthly was settled by a single payment of $5000 including accrued
Question:
A $4000 loan at 4.8% compounded monthly was settled by a single payment of $5000 including accrued interest. Rounded to the nearest day, how long after the initial loan was the $5000 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
The number of months required for 4000 borrowed at 48 compounded monthly to grow ...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
Question Posted:
Students also viewed these Mathematics questions
-
A $4000 loan at 7.5% compounded monthly was settled by a single payment of $5000 including accrued interest. Rounded to the nearest day, how long after the initial loan was the $5000 payment made?...
-
Adjustment information as of January 31, not already given in the original transaction(s): 1. Based on prior experience, GBI estimates that approximately % of the net credit sales (gross credit...
-
Rounded to the nearest month, how long before a scheduled payment of $10,000 would a payment of $5000 be an economically equivalent alternative? Assume money is worth 5% compounded annually.
-
Craps is a dice game in which two fair dice are cast. If the roller shoots a 7 or 11 on the rst roll, he or she wins. If the roller shoots a 2, 3, or 12 on the rst roll, he or she loses. (a) Compute...
-
A six-cylinder four-stroke engine operating at 3000 rpm produces 200 kW of total brake power. If the cylinder displacement is 1 L, determine (a) The net work output in kJ per cylinder per cycle, (b)...
-
Solve each equation by factoring. 5x 2 = 14x - 8
-
The 304 stainless steel post A has a diameter of d = 2 in. and is surrounded by a red brass C83400 tube B. Both rest on the rigid surface. If a force of 5 kip is applied to the rigid cap, determine...
-
The December 22, 2009, edition of the Wall Street Journal has an article by Kevin Kelliker entitled In Risky Move, GM to Run Plants Around Clock. Instructions Read the article and answer the...
-
Give specific examples from "Strategic HR at Netflix" that illustrate the fundamental differences between traditional and strategic human resource management. Online movie rental subscription service...
-
Yummy Foods completed the following selected transactions. Requirements 1. Record the transactions in Yummy Foods' journal. Round interest amounts to the nearest dollar. Explanations are not...
-
ABC Ltd. reports that its sales are growing at the rate of 12% per month. DEF Inc. reports sales increasing by 4% each quarter. What is each company's effective annual rate of sales growth?
-
The Consumer Price Index (based on a value of 100 in 2002) rose from 44.0 in 1980 to 78.4 in 1990. What was the (equivalent) annual rate of inflation in the decade of the 1980s?
-
Dominos Pizza LLC (DPZ) operates pizza delivery and carry-out restaurants. The annual report describes its business as follows: We offer a menu designed to present an attractive, quality offering to...
-
Presented is information pertaining to an item sold by Winding Creek General Store: Actual Budget Unit sales 145 115 Unit selling price $27 $23 Unit standard variable costs (20) (20) Unit...
-
For the past 62 years, your grandfather has been putting $100 each month into a cookie jar. How much MORE would he have earned if he had deposited the money in a bank that paid an 8% interest...
-
During a flow of 0.43 m/s the gage pressure is 70 kPa in the horizontal 300 mm supply line of a water turbine and - 41 kPa at an 450 mm section of the draft tube 1.6 m. below. Assuming an efficiency...
-
RafaBeecham, a residenttaxpayer,whoderivesbusiness income, paid the following amounts during the 2021/22 income year: GiftstoWorldVision tosponsorachild $600 GiftstotheSchool...
-
When provided copies of the results as a justification for distributing the bonus to the St. Bernard employees, the plant controllers at Norwood and Hartwell accused St. Bernard of manipulating the...
-
The post-closing trial balance of Storey Corporation at December 31, 2019, contains the following stockholders' equity accounts. Preferred Stock (15,000 shares issued).............................$...
-
Refer to the table to answer the following questions. Year Nominal GDP (in billions) Total Federal Spending (in billions) Real GDP (in billions) Real Federal Spending (in billions) 2000 9,817 578...
-
After watching several seasons of soccer a statistician produced the following bivariate distribution of scores. a. What is the probability that the home team wins? b. What is the probability of a...
-
Refer to Exercise 7.63. In exercise 7.63 After watching several seasons of soccer a statistician produced the following bivariate distribution of scores. a. Determine the probability distribution of...
-
a. General Electric (GE): 25%, Johnson & Johnson (JNJ): 25%, McDonalds (MCD): 25%, Merck (MRK): 25% b. GE: 5%, JNJ: 30%, MCD: 40%, MRK: 25% c. GE: 10%, JNJ: 50%, MCD: 30%, MRK: 10% d. Which portfolio...
-
The imposition of a ceiling on the length of time a criminal case should take to get to trial is a multifaceted issue, balancing the defendant's right to a timely trial with the complexities of...
-
Discuss three changes written into the Constitution in 1789 that changed the government from what it was under the ArticIes of Confederation?
-
Assume South Park is initially closed to trade. Domestic supply and demand for winter hats is given by the following equations: D = 60 - 4P, S = 2P - 6. a. Suppose South Park opens up to trade and...
Study smarter with the SolutionInn App