A loan is being amortized with 25 quarterly payments. The principal portion of the 16th payment...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A loan is being amortized with 25 quarterly payments. The principal portion of the 16th payment is $609.34. If J4 = 10%, what is original amount of the loan? (answer to nearest dollar) You are given: S2510.025 = 34.1578, 2510.025 = 18.4244 OA. $14,021 B. $7752 C. $26,643 D. $14,371 A loan is being amortized with 25 quarterly payments. The principal portion of the 16th payment is $609.34. If J4 = 10%, what is original amount of the loan? (answer to nearest dollar) You are given: S2510.025 = 34.1578, 2510.025 = 18.4244 OA. $14,021 B. $7752 C. $26,643 D. $14,371
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below Let the original loan amount be P I... View the full answer
Related Book For
Posted Date:
Students also viewed these finance 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...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Jontil Co. began the current period with a $14,000 balance in the Peter Jontil, Capital account. At the end of the period, the company's adjusted account balances include the following temporary...
-
As a manager of a commercial bank, you have just purchased a three-year interest rate collar, with LIBOR as the interest rate index. The interest rate cap specifies a fee of 2 percent of notional...
-
Which loop statements does Java support? Give simple rules for when to use each loop type.
-
Petitioner Christy Brzonkala met respondents Antonio Morrison and James Crawford at a campus party at Virginia Polytechnic Institute (Virginia Tech), where they were all students. At the party, the...
-
General capital assets are accounted for differently in fund and government-wide nancial statements. A city engaged in the following transactions during a year: 1. It acquired computer equipment at a...
-
Map the EER model of the following databases, to a relational model. Show all integrity types(Clarify your answer by underline the Primary key, and dotted line the Foreign Key. ( Member SSN {PK}...
-
Project 1 is to build a medium-sized garage for a client over two years. The client will pay $10,000 as a deposit immediately, $40,000 the year after and $85,000 in the final year. Your company has a...
-
A car company has decided to spend $150M on a museum for exhibiting its classic cars. Land can be purchased for $500,000. The museum building will require 30,000 square feet of general space while...
-
The London Independent Recently, the Independent, a daily newspaper printed in London, announced a price cut to 30 pence (P2) from 50 pence (P1). As a result, daily circulation increased from Q1...
-
Suppose the return on the market portfolio is 12.80% and the risk-free rate is 5.30%. If the standard deviation of the market portfolio is 16.00%, what is the standard deviation of a stock with an...
-
5. Work through this hypothesis test using each step of hypothesis testing. You may want to borrow the promptsfrom the previousproblem A sampleof 77 homes for salein ABC City showeda meanaskingprice...
-
evaluates the effectiveness of current levels of organisational corporate communications for a named organisation.
-
A company's non-callable bonds currently sell for $1,165. They have a 15-year maturity, a coupon rate of 8% with semiannual payments, and a par value of $1,000. What is their yield to maturity ? How...
-
Strategic Investment Proposal Part 1- Income Statement Forecast ( Operating Budget) Summary As with all businesses, Every internal business decision has financial implications for the organization....
-
What did Lennox gain by integrating their WMS, TMS, and labor management systems?
-
In a basketball game, the Langara College Falcons scored 54.54 % of 33 shots from the 2-point zone, 46. 6 % of 15 attempts from the 3-point distance, and 79.3% of 29 free throws (1 point each). How...
-
A $5000, 7% coupon, 20-year bond issued on January 21, 2006, was purchased on January 25, 2007, to yield 6.5% to maturity, and then sold on January 13, 2008, to yield the purchaser 5.2% to maturity....
-
How much interest accrued from November 30, 2010, to March 4, 2011, on a $7350 loan at 7.5%?
-
Role of controller, role of chief financial officer. George Jimenez is the controller at Balkin Electronics, a manufacturer of devices for the computer industry. The company may promote him to chief...
-
In the following, assume that all growth and discount rates are stated in real terms. 1. Assume the Eurozone inflation-adjusted average growth in capital stock is 3.0 percent per annum into...
-
Which conclusion presented by Ryan about the top-down approach and the bottom-up approach is most likely correct? A. Conclusion 1. B. Conclusion 2. C. Conclusion 3. Use the following information to...
Study smarter with the SolutionInn App