Question: Alex loans Nomar $ 3 0 0 , 0 0 0 at a rate of 1 2 % nominal interest convertible quarterly. They agree that

Alex loans Nomar $300,000 at a rate of 12% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments will each be $27,000 except for the last payment which will be a drop payment. Find the total length of the loan. (Round your answer up to the nearest integer.)
payments
Find the amount of the final payment. (Round your answer to the nearest cent.)

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!

Q:

Please show detailed step to get to the answer, without using excel or computer calculations. The answer is that there are 9 payments and the drop payment is $9523.87 (1) Alex loans Nomar $200,000 at...

Q:

I need help with #2. I posted both but I got answer only for #1 (1) Alex loans Nomar $200,000 at a rate of 4% nominal interest convertible quar- terly. They agree that Nomar will repay the loan by...

Q:

Alex loans Nomar $200,000 at a rate of 4% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments will each be $25,000 except...

Q:

6. Alex loans Nomar $200,000 at a rate of 4% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments will each be $25,000 except...

Q:

Alex loans Nomar $100,000 at a rate of 4% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments will each be $28,000 except...

Q:

Alex loans Nomar $200,000 at a rate of 4% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments will each be $25,000 except...

Q:

Alex loans Nomar $200,000 at a rate of 12% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments will each be $25,000 except...

Q:

6. Alex loans Nomar $200,000 at a rate of 4% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments will each be $25,000 except...

Q:

Alex loans Nomar $100,000 at a rate of 4% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments will each be $27,000 except...

Q:

Period of loan is not given Alex loans Nomar $200,000 at a rate of 4% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments...

Q:

Calculate the contribution margin ratio for Waters LLC? Waters LLC had original sales and cost data for the month of July as follows: Sales: Selling price per unit: Variable cost per unit: Total...

Q:

Illustrate how there can be conflicts between the needs and desires of various stakeholders .

Q:

The CSCA exam Blank _ _ _ _ _ _ . Multiple select question. is designed for people who want to earn their CMA designation covers external financial reporting decisions covers strategic analysis and...

Q:

Pharoah Company reported the following amounts for 2022: Raw materials purchased $95,200 Beginning raw materials inventory 5,824 Ending raw materials inventory 5,040 Beginning finished goods...