A business loan of P650,000 is to be settled by paying P29,994.20 monthly in 2 years. If

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

Question:

A business loan of P650,000 is to be settled by paying P29,994.20 monthly in 2 years. If the interest rate is 10% converted monthly, how much is the outstanding balance after 6 payments?
A. P275,000
B. P990,000.14
C. P329,003.03
D. P499,428.21

Related Book For answer-question

Engineering Economy

ISBN: 978-0132554909

15th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

See More Books

Posted Date: Feb 20, 2022 08:43 PM

See More Questions

A loan has a10-year amortization period. If the interest rate is fixed, will the principal repaid in the third year be (pick one): (i) More than (ii) Less than or (iii) Equal to the principal repaid...
A car loan of $12 000 is to be repaid with end-of-month payments of $292.96. If interest is 8% compounded monthly, how long is the term of the loan?
If the interest rate is 8% per year, what decision would you make based on the decision tree diagram in Figure P12-23? 200,000 profit per year for six years, starting at EOY 3 (0.6) $280,000 profit...
The following matrix is row-equivalent to the augmented matrix of a linear system. Describe the solution set of that system. 1 0 1 5 0000 0013 0000 Find all possible values of a for which the...
Current-Control Inc. manufactures a variety of electrical switches. The company is currently manufacturing all of its own component parts. An outside supplier has offered to sell a switch to...
List the different types of charts available in Excel, and explain characteristics of data sets that make each chart most appropriate to use.
Discuss the importance of reporting births and deaths.
The cost accountant for Upload Games Company prepared the following monthly performance report relating to the Packaging Department: Prepare a revised performance report in which the variances are...
1. What is tension? 2. What does tension do to materials? 3. What is compression? 4. What does compression do to materials?
ASAP Delivery is a small company that transports business packages between San Francisco and Los Angeles. It operates a fleet of small vans that moves packages to and from a central depot within each...
Given that Sales is 850000, Cost of goods sold is 500000, Gross Profit is 350000, Selling Expenses is 85000, Administrative Expenses is 125000, Depreciation Expenses is 45000, Total Expenses is...
Prepare and draw a titration curve for an unknown amino acid (which will be either histidine, glutamic acid, or cysteine). Using this titration curve, you will determine each of the pKa's for the...
Durham Hospital has been offered a five year contract to provide medical services for a large company employees. The following are revenue and cost related to this contract. Cost of special equipment...
3. From the partial worksheet shown on the next page, prepare an income statement. You will need to use 4 columns for this Income Statement. Add in some discounts: Discount allowed: $1025.25...
The following (incomplete) information has been taken from the financial statements of Corbettco for the years 20X1, 20X2, and 20X3. On a separate sheet of paper fill in the missing pieces and then...
Audit documentation satisfies the auditor's responsibilities concerning the Code of Professional Conduct. documents the level of independence maintained by the auditor. O provides the principal...
Define task data and behavioral data. Provide an example of each. Outline the steps involved in job analysis. Analyze how a job analysis supports managers when making pay decisions. Provide reference...
Fill in each blank so that the resulting statement is true. 83 + 103 = ______ .
Classify each of the following cost items as mostly fixed or variable: Raw materials ...............................Administrative salaries Direct labor ..................................Payroll...
An automobile manufacturing company in Country X is considering the construction and operation of a large plant on the eastern seaboard of the United States. Their MARR = 20% per year on a before-tax...
A saving system yields $5,000 at the end of the first six months, and a further $1,000 increase every six months for a total of 5 years. Find the equivalent amount A, at the end of each six month...
See the option quote on IBM from the CBOE Web site on the next page showing options expiring in March and April 2022. a. Which option contract had the most trades that day? b. Which option contract...
Two European call options with a strike price of $$50$ are written on two different stocks. Suppose that tomorrow, the low-volatility stock will have a price of $$50$ for certain. The...
It is February 21, 2022, and you have decided to purchase 10 June call contracts on eBays stock with an exercise price of $$57.50.$ Because you are buying, you must pay the ask price. How much...

A business loan of P650,000 is to be settled by paying P29,994.20 monthly in 2 years. If

Question:

Expert Answer:

Bn new balance A 650000 i 10... View the full answer

Engineering Economy

Students also viewed these finance questions