A $65,000 loan, bearing interest at 8% compounded quarterly was repaid, after a period of deferral, by

Question:

A $65,000 loan, bearing interest at 8% compounded quarterly was repaid, after a period of deferral, by quarterly payments of $3821.85 over 10 years. What was the time interval between the date of the loan and the first payment?

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

Step by Step Answer:

Related Book For book-img-for-question

Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

See More Books

Question Posted: Oct 21, 2020 04:47 AM

See More Questions

A $35,000 loan bearing interest at 10% compounded quarterly was repaid, after a period of deferral, by quarterly payments of $1573.83 over 12 years. What was the time interval between the date of the...
A $30,000 loan bearing interest at 9% compounded monthly was repaid, after a period of deferral, by monthly payments of $425.10 for 10 years. What was the time interval between the date of the loan...
A finance company paid a merchant $3975 for a conditional sale contract after discounting it to yield 18% compounded monthly. If the contract is for 20 monthly payments of $256.96 following a...
Recognition accuracy that measures the percentage of orders that are taken correctly is 86.8%. Suppose that you place order with the bot and two friends of yours independently place orders with the...
A refrigerator uses R-12 as the working fluid operates on an ideal vapor compression refrigeration cycle between 0.15 MPa and 1 MPa. If the mass flow rate is 0.04 kg/s, determine The tonnage of the...
Income Statement Total Sales 2 0 7 . 6 Cost of Sales 1 5 7 . 8 Gross Profit 2 0 7 . 6 - 1 5 7 . 8 Selling and Administrative Expenses 1 5 . 5 Research and Development 8 . 9 Depreciation and...
There is a useful approximation to the certainty equivalent that is easy to derive. A second-order expansion near $\bar{x}=\mathrm{E}(x)$ gives \[U(x) \approx...
Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31, 2016: Customer __________________Amount Kim Abel ........................... $...
On the day you were born, your parents opened a college savings account with an initial deposit of $1,900. On every one of your birthdays since, your parents have made an additional deposit that is...
A turbine blade 5-cm long, with cross-sectional area A = 4.5 cm2 and perimeter P = 12 cm, is made of a high-alloy steel [k = 25 W/(m K)]. The temperature of the blade attachement point is 500?C and...
Marion's grandfather's will established a trust that will pay her $1500 every three months for 11 years. The first payment will be made 6 years from now, when she turns 19. If money is worth 3.5%...
Maritime Bank recently announced that its next semiannual dividend (to be paid six months from now) will be $1 per share. A stock analyst's best estimate for the growth in future dividends is 4%...
An insurance company is thinking about offering discounts on its life insurance policies to nonsmokers. As part of its analysis, the company randomly selects 200 men who are 60 years old and asks...
Explain how this has impacted history since printed BANKING DEPARTMENT - LIQUIDATION DIVISION STATE OF MINNESOTA TO THE CREDITOR ADDRESSED: St.Paul, Minn., Dec. 11, 1935. Enclosed please find check...
Introduction Encoding and decoding information can save memory space and speed transmission of data. Waitstaff at ice cream shops often encode orders to reduce writing and speed up customer orders...
Eve, an eavesdropper, wants to capture as much communication traffic as possible. She can eavesdrop on a specific channel for at most two hours, contiguously or otherwise, or she will be detected....
A logic problem (10 Marks) The following logic problems involve translating between English and "Logic". For each problem, you should: Identify the universal class. (What do all the terms refer to?)...
Create a java coding for this design document 1. Program idea - Create a system that will monitor the use of money/funds in an organization. 2. Reason for the program - To ensure organization money...
SBT partnership distributes $5,000 cash and a parcel of land with a fair market value of $40,000 and a $25,000 basis to the partnership to Sam (30% partner). What factors must Sam and SBT consider in...
A 2500-lbm car moving at 15 mi/h is accelerated at a constant rate of 15 ft/s 2 up to a speed of 50 mi/h. Calculate force and total time required?
Estimate the proportion of the variance attributable to between-machine vs. within-machine variability? Hypertension Automated blood-pressure measuring devices have appeared in many banks,...
What test procedure can be used to test for significant differences among the groups? Mental Health For the purpose of identifying older non demented people with early signs of senile dementia, a...
Perform the test mentioned in Problem 12.12, and report appropriate p-values identifying differences between specific groups? Mental Health For the purpose of identifying older non demented people...
How may price floors and ceilings destroy market equilibrium? How does the shape of the indicator line on the graph show diminishing returns? Monthly rent A Price Ceiling on Rent B $900 $800...
Provide a comprehensive analysis of the regulatory frameworks governing financial institutions, delineating the intricate interplay between prudential supervision, market conduct standards, and...
How does the forum meet organisational objectives? What vocabulary, tone, structure and style suits the audience? How will I: build trust develop positive working relationships ...

A $65,000 loan, bearing interest at 8% compounded quarterly was repaid, after a period of deferral, by

Question:

Step by Step Answer:

For the ordinary annuity PMT 382185 n 410 40 i 84 2 At a focal date ...View the full answer

Fundamentals Of Business Mathematics In Canada

Students also viewed these Mathematics questions