23 months ago you borrowed $2000.The loan has 24 monthly payments and an interest rate of 0.7%...

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

Question:

23 months ago you borrowed $2000.The loan has 24 monthly payments and an interest rate of 0.7% per month.How much interest will you pay in the last month?

Posted Date: May 15, 2024 01:30 PM

See More Questions

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
I need help on this read from bottom to top. Image transcription text 7"} The second ?nancial statement to prepare is the statement of retained earnings. To determine the ending balance of...
1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...
A company reports the following: Net income ............. $115,000 Preferred dividends .......... $15,000 Shares of common stock outstanding ... 20,000 Market price per share of common stock . $65.00...
The table below shows single-unit housing completions, in 1000s of units, in the US for the years indicated Use 8, 9, 10, 11, 12, 13, 14, 15, and 16 as your stems and a leaf unit of 10,000 to produce...
(a) Determine the autocorrelation of the random sequenceWhere {Ak} are constant amplitudes, {?k} are constant frequencies, and {k} are mutually statistically independent and uniformly distributed...
Beth Company's budgeted fixed factory overhead costs are $\$ 50,000$ per month plus a variable factory overhead rate of $\$ 4$ per direct labor hour. The standard direct labor hours allowed for...
Critically review Mo Chengs approach to sampling and her subsequent data collection strategy. Can Mo Cheng meet her stated objective? Im doing really well Mum, you dont have to worry about me. Ive...
Walk through and count the number of interchange operations required using Quick Sort. Implement Selection Sort if the data are held in a vector. Implement Bubble Sort if the data are held in a...
a) Analyze each element of the balance sheet equation. Use six accounting transactions, illustrating the accounting theory and the effect of these individual accounting transactions upon the two...
At the start of the year, the stock price of Chang Corporation was $30 and appreciated to $35 at the end of the year. If dividends of $4 were paid during the year, determine the dividend yield for...
Sales Categories Cost of goods sold Variable expenses Fixed expenses Inventory Accounts receivable Other current assets Fixed assets Values $ 42,400,000 $ 26,500,000 $ 5,300,000 $ 6,650,000 $...
Assume the current share price of Company A is $4.50 and on the following day these shares will begin trading ex-dividend. If the dividend is 20 cents per share, what is the expected ex-dividend...
Premium Basketballs.net manufactures two kinds of basketballs - a leather model and a synthetic rubber model. In the manufacturing process each leather model requires 3 hours of shaping and 5 hours...
An analyst has obtained the following information about ABC, Inc. Sales: $54,600 COGS = $19,303 Accounts Receivables = $29,458 Accounts Payable = $15,153 Inventory = $49,204 Assume 365 days. What is...
x'yz is equal to? xy'z 75. The expression . b. x*y . 1 d. x'y
Smthe Co. makes furniture. The following data are taken from its production plans for the year. Required: 1. Determine the hazardous waste disposal cost per unit for chairs and for tables if costs...
A webpage consultant estimates the following hours to create a webpage for a small European retail store: The actual hours and costs were as follows: Calculate the direct labor, labor rate, and labor...
Muffin Mania Bakery has a standard quantity of 1 kilogram of flour for one batch of muffins. The standard price is $$0.50$ per kilogram. During the month, the bakery manager bought 3,000 kilograms...
A company makes two types of pasta sauce, Primavera and Bolognese. Overhead is based on kilograms of tomatoes in the sauce. The standards for the two types of sauce are as shown on the next page. The...

23 months ago you borrowed $2000.The loan has 24 monthly payments and an interest rate of 0.7%...

Question:

Expert Answer:

To calculate the interest paid in the last month of the loan we first need to determine the monthly ... View the full answer

Students also viewed these finance questions