Accurate Accounting obtained a private loan of $25,000 for 5 years. No payments were required, but the
Question:
Accurate Accounting obtained a private loan of $25,000 for 5 years. No payments were required, but the loan accrued interest at the rate of 3% compounded monthly for the first 2 1/2 gears and then at 4.25% compounded semiannually for the remainder of the term. What total amount was required to pay off the loan after 5 years?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (8 reviews)
Step 1 Amount owed after 25 yr j 3 m 12 n 1225 30 FV 25000 10...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ 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
-
Accurate Accounting obtained a private loan of $25,000 for five years. No payments were required, but the loan accrued interest at the rate of 9% compounded monthly for the first 2 1/2 years and then...
-
Nelson borrowed $5000 for 4 years. For the first 2 years, the interest rate on the loan was 8.4% compounded monthly. Then the rate became 7.5% compounded semiannually. What total amount was...
-
Noori borrowed $5000 for 4 1/2 years. For the first 2 1/2 years, the interest rate on the loan was 8.4% compounded monthly. Then the rate became 5.5% compounded semiannually. What total amount was...
-
Doug Brackett wants to have enough mechanics on hand to take care of his customer requests, but he does not want to be paying mechanics to sit around doing nothing. Doug needs to know a reasonable...
-
A piston-cylinder device contains 40 kg of water at 150 kPa and 30oC. The cross-sectional area of the piston is 0.1 m2. Heat is now added causing part of the water to evaporate. When the volume...
-
Write a Java application that uses the Math class to determine the answers for each of the following: a. The square root of 37 b. The sine and cosine of 300 c. The value of the floor, ceiling, and...
-
Below are the comparative statements of financial position of Lunar Ltd. Required Prepare a statement of cash flows for the year ended 30 June 2025 in accordance with the direct method. Include any...
-
Paula Beane owns a restaurant franchise that is part of a chain of southern homestyle restaurants. One of the chains popular breakfast items is biscuits and gravy. Central Warehouse makes and freezes...
-
Atari, founded in 1972, launched the video game industry with its big hit, Pong . As Atari grew during its first 5 years, Atari co-founder and avid Disney fan Nolan Bushnell recognized the value of...
-
Bieber Inc. is a retailer operating in Calgary, Alberta. Bieber uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided...
-
The BMO Bank of Montreal advertised rates of 1.2%, 1.35%, 1.5%, 1.75%, and 2.25% for the five successive years of its five-year compound-interest RateRiser Plus GIC. At the same time, the bank was...
-
How much more will an investment of $10,000 earning 2% compounded annually be worth after 25 years than after 20 years? Calculate the difference in dollars and as a percentage of the smaller maturity...
-
Describe and give examples of some of the following types of pricing objectives: profit, market share, competitive effect, customer satisfaction, and image enhancement.
-
Assume you take a loan of $355,000. The loan is for 10 years, and the annual interest rate offered by bank is 10.75 per cent. If the cash repayment frequency is on monthly basis and interest payment...
-
Ch. 21 - Final Exam > Pg. 4 - Course Final Exam GET $25 ibri Real Estate X 6 of 100 Roger has been farming his land in Florida for nearly 30 years. His principal crops are corn and soybeans. He also...
-
Using the comparison calculator between a Roth IRA and a regular IRA found at a web based calculator decide whether an individual with the following data is better off with a regular IRA or a Roth...
-
Prove that x 2 + 5 x + 6 is a factor of x 4 + 5 x 3 + 2 x 2 - 2 0 x - 2 4 .
-
Calculate Usain Bolt's speed in kilometers per hour if in a speed test he traveled 50 meters in 23 seconds with uniform speed. 2. A ship sails from Mexico to Japan with a constant speed of 60...
-
Compute interest and find the maturity date for the following notes. Date of Note (a ne 10 (b) July 14 (c) April 27 Principal $80,000 $64,000 $12,000 Interest Rate (%) 6% 7% 8% Terms 60 days 90 days...
-
You are the newly appointed tax practitioner to complete Emilys tax return and have downloaded the prefill report for Emilys tax return (hint, you can read what a prefill report is here (Links to an...
-
Net worth is defined as the difference between total assets and total liabilities including debt. Does high net worth mean that these households have little or no debt? a. Answer the question by...
-
Do wealthy households have late payments? Estimate the proportion of wealthy households that had at least one late payment in the previous year (LATE: 1).
-
How does one get to be in this class whose minimum household net worth is about $9.5 million. Could this be achieved through high income alone? Examine this issue by estimating the mean annual income...
-
The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: Units to be produced 1st Quarter 2nd Quarter 3rd...
-
You go to the hardware store to buy a new 50 ft garden hose. You find you can choose between hoses of inch and inch inner diameter. Compare the rate at which water flows through the two types of...
-
Miller Company's contribution format income statement for the most recent month is shown below: Sales (32,000 units) Variable expenses Total $ 224,000 128,000 Contribution margin 96,000 Per Unit $...
Study smarter with the SolutionInn App