Question: Andrew borrowed $ 1 4 9 0 0 0 to buy an apartment and has been paying $ 1 0 0 0 per fortnight to

Andrew borrowed $149000 to buy an apartment and has been paying $1000 per fortnight to repay this loan. The balance of Anton's loan is $84987.19 after 3 years of payments. What is the annual percentage rate of interest for this loan?

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 do not write by hand 17. A small town wants to build some new recreational facilities. The proposed facilities include a swimming pool, recreation center, basketball court and baseball field....

Q:

make a different example of this: For example, if we want to know the average height of all adults in a city (the parameter), we might measure the heights of a sample group of adults in the city and...

Q:

Andrew borrowed $ 1 4 9 0 0 0 to buy an apartment and has been paying $ 1 0 0 0 per fortnight to repay this loan. The balance of Anton's loan is $ 8 4 9 8 7 . 1 9 after 3 years of payments. What is...

Q:

Case Analysis 1. Compute the yield to maturity of Land'o'Toys' bonds before the purchase announcement and use it to determine the likely current bond rating. (Compare YTM to the table on p. 269)....

Q:

Andrew borrowed $ 1 4 9 0 0 0 to buy an apartment and has been paying $ 1 0 0 0 per fortnight to repay this loan. The balance of Anton's loan is $ 8 4 9 8 7 . 1 9 after 3 years of payments. What is...

Q:

2) Cliff has owned his home for 15 years and expects to live in it for 5 more years. He originally borrowed $150,000 at 5% for 30 years to buy the home. He still owes $110,000 on the loan. Interest...

Q:

Cliff has owned his home for 15 years and expects to live in it for 5 more years. He originally borrowed $150,000 at 5% for 30 years to buy the home. He still owes $110,000 on the loan. Interest...

Q:

would love some assistance checking my work on numbers 1,2, 16-18, 22-25. The correct answers are listed for those problems, I would just like to see how one arrives at those answers to check my...

Q:

Budgeted balance sheet at June 3 0 . Note: Round your final answers to the nearest whole dollar.A . Sales for March total 7 3 , 8 0 0 units . Budgeted sales in units follow: April, 7 3 , 8 0 0 ; May,...

Q:

. A real estate investor buys an income-producing property for $6,000,000 ($3,900,000 borrowed and $2,100,000 in equity). The investment is expected to generate after-tax cash flows (ATCFs) to the...

Q:

P11 rest to follow, thanks. If possible, due within 72 hours. Practical 11 - step by step please 1. A R1 000 is deposited inh a bank in May and withdrawn in October the same year. Find the future...

Q:

Provide a current real world example of the following two things: 1) An actual risk-free rate, and 2) An actual certainty equivalent cash-flow (a "CEQ"). If you cannot produce an example of a truly...

Q:

List major factors that distinguish financial management in firms operating entirely within a single country from those that operate in several different countries. What are some of the common...

Q:

Integrate using the method o f trigonometric substitution. Express the final answer i n terms o f x . x 2 d x x 2 + 4

Q:

Bentley Companys June 30, 2014, bank statement and June ledger accounts for cash are summarized below: Required: 1. Reconcile the bank account. A comparison of the checks written with the checks that...

Q:

Suppose that an investment promises to pay a nominal 9.6 percent annual rate of interest. What is the effective annual interest rate on this investment assuming that interest is compounded (a)...

Q:

Olongapo Sports Corporation distributes two premium golf ballsthe Flight Dynamic and the Sure Shot. Monthly sales and the contribution margin ratios for the two products follow: Fixed expenses total...

Q:

Lins Dairy uses the aging approach to estimate bad debt expense. The balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $22,000, (2) up to 120...

Q:

Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2017. The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of...

Q:

Determine if the overhead allocated to the product relates to a single plantwide overhead rate method, multiple production department factory overhead rate method, or activity-based costing...

Q:

41. In a certain species of rats, black dominates over brown. Suppose that a black rat with two black parents has a brown sibling. (a) What is the probability that this rat is a pure black rat (as...

Q:

39. Stores A, B, and C have 50, 75, and 100 employees, and, respectively, 50, 60, and 70 percent of these are women. Resignations are equally likely among all employees, regardless of sex. One...

Q:

44. Urn 1 has five white and seven black balls. Urn 2 has three white and twelve black balls. We flip a fair coin. If the outcome is heads, then a ball from urn 1 is selected, while if the outcome is...