Question: (1 point) Patrick borrows $17500 on January 25, 2001. On April 6, 2003 he pays 4000 and on October 26, 2004 he pays 7000. The

(1 point) Patrick borrows $17500 on January 25, 2001. On April

(1 point) Patrick borrows $17500 on January 25, 2001. On April 6, 2003 he pays 4000 and on October 26, 2004 he pays 7000. The last payment is to be on June 20, 2005. What is the size of the final payment if interest is at 12% and the focal date is June 20, 2005? (ignore leap years)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

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 Finance Questions!

A hot-air dryer is used to reduce the moisture content of 1500 kg/mm of wet wood pulp from 0.75 kg H2Ofkg dry pulp to 0.15 wt% H2O. Air is drawn from the atmosphere at 28C, 760 mm Hg, and 50%...

If free trade was allowed in the sugar industry, explain the effects on the underdeveloped countries that could now export sugar.(Hint...use words like GDP, productivity, standard of living,...

Why does the U.S. Protect the American sugar industry? December 4, 2001 No. 13 America's Bittersweet Sugar Policy by Mark A. Groombridge Executive Summary Nowhere is there a larger gap between the...

Why are U.S. Trade Policies toughest on the Poor? December 4, 2001 No. 13 America's Bittersweet Sugar Policy by Mark A. Groombridge Executive Summary Nowhere is there a larger gap between the U.S....

Whyare sugar refineries in the U.S. not making efforts to refine sugar more efficiently and environmentally friendly? December 4, 2001 No. 13 America's Bittersweet Sugar Policy by Mark A. Groombridge...

December 4, 2001 No. 13 America's Bittersweet Sugar Policy by Mark A. Groombridge Executive Summary Nowhere is there a larger gap between the U.S. government's free-trade rhetoric and its...

Using your knowledge of comparative advantage, describe what actions you would take on the sugar policy?Would you remove tariffs quotas or keep the policies?Explain argumentatively December 4, 2001...

I NEED JOURNAL ENTRIES FOR MAY The post-closing trial balance for Poplar Tree as of March 31, 2021 is as follows: 546,406 233,900 85,000 652,400 7,250 9,550 11,400 597,800 85,000 Cash Accounts...

Reflect on the Martha Stewart Fraud Triangle discussion you participated in last week and be sure to incorporate the insight you gained from participating in the activity. Specifically, your...

A E P LU SA FE R I B US UNUM T Y B OA ATIO N NATI ON R A N S PO RT LT R National Transportation Safety Board Washington, D.C. 20594 D Accident Number: Aircraft and Registration: Location: Date:...

Examine the pricing strategies in the gasoline market. Make sure to address the following topics: In the article, (Mixed) Strategy in Oligopoly Pricing: Evidence from Gasoline Price Cycles Before and...

Jade is the sole shareholder of Stone Corp. Her basis is $150,000. On June 15, 2018, Jade receives the following in complete liquidation: Cash $ 60,000 Operating assets $ 60,000 Contingent claim, no...

A piston - cylinder device initially contains 0.4 kg of nitrogen gas at 160 kPa and 140oC. The nitrogen is now expanded isothermally to a pressure of 100 kPa. Determine the boundary work done during...

Irr at 4% which is below the discount rate, in a ddecision to repair or buay a new van. What is mmeans in terms of ccapital bbudgeting

A company is preparing completing their Cash Budget. The following data has been prepared for cash receipts and payments. January February March Cash receipts $1,061,200 $1,182,400 $1,091,700 Cash...