Anthony received a loan of $43,000 from the bank at 4.25% compounded monthly. If he had...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Anthony received a loan of $43,000 from the bank at 4.25% compounded monthly. If he had to repay $250 at the end of every month, what will be the principal balance at the end of 4 years? Round to the nearest cent Anthony received a loan of $43,000 from the bank at 4.25% compounded monthly. If he had to repay $250 at the end of every month, what will be the principal balance at the end of 4 years? Round to the nearest cent
Expert Answer:
Answer rating: 100% (QA)
Step 1 Calculate the number of months 4 years 48 months Step 2 Calculate the monthly interest rate ... View the full answer
Related Book For
Introduction to Management Accounting
ISBN: 978-0133058789
16th edition
Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta
Posted Date:
Students also viewed these corporate finance questions
-
4. How much work is required to pick a 2kg ball off the floor, place it on a 1meter high table, and set it in motion at 3m/s? 5. The block enters the frictional area as shown. Calculate the stopping...
-
George is 22 years old and has recently completed a Bachelor of Commerce at Deakin University. He has decided to put his learnings into practice and wishes to commence his investment journey. He...
-
. On January 1, 2011 Taylor Inc. purchased 10,000 of the 100,000 outstanding shares of common stock of Swanson Company for $30 per share. The records of Swanson Company reported the following on...
-
Alpha corp reports the following results for the current year: net income per books (before federal income taxes ) 738,000 federal income tax expense per books (156,240) net income per books (after...
-
Depreciation Basic Concepts Burnitz Manufacturing Company was organized January 1, 2010. During 2010, it has used in its reports to management the straight-line method of depreciating its plant...
-
Let n, m, k be positive integers with n = mk. How many compositions of n have each summand a multiple of k?
-
Defendants in a criminal proceeding have a right to the assistance of counsel. Petty Crime Pat was charged with driving with a revoked drivers license four times. Under the law, the fourth offense...
-
Tanaka Manufacturing Co. uses the process cost system. The following information for the month of December was obtained from the companys books and from the production reports submitted by the...
-
4. An ideal gas undergoes a thermodynamic process in which internal energy aP4, where a is a (U) of the gas depends on pressure (P) of the gas as =
-
P Company holds an 80% interest in SFr Company, a Swiss company. A trial balance for P Company and SFr Company at December 31, 2020, and other data are given in Problems 13-3 and 13-4. Ignore...
-
A group of engineers have developed a new process that follows the transfer function = where r >0. One of the engineers suggested that the process can be controlled by using a proportional only...
-
Do you prefer Spotify, Pandora, Apple Music, or SoundCloud? What is the personality of each of these brands? Why do you prefer your choice to the others?
-
Walk around your room (or apartment or house), and pick a product that you use every day. What is the benefit of this product? That is, what does it do for you, the consumer? How can you sell that...
-
The Company is also making significant changes in manufacturing which will continue to increase margins through efficiency improvements, range changes and capital investment. Production activity is...
-
As we discussed in chapter 6, researchers should always start with secondary research before moving on to primary research, whether quantitative or qualitative. For this activity, approach your...
-
Develop a survey of three questions. For example, lets say you want to know where your friends would like to take a road trip, and you might ask them that open-ended question. Lets say you get five...
-
4pb 4/3 I a. A wire carries a steady current of 2A. The number of electrons that pass through a cross-section of the wire in one Second' is: 468 1. Two point charges - 8x10C and +2x10 are separated...
-
Chloroplasts are illuminated until the levels of the Calvin cycle intermediates reach a steady state. The light is then turned off. How does the level of RuBP vary after this point?
-
TJB Productions, Ltd., is promoting a rock concert in London. The bands will receive a flat fee of 7.3 million. The concert will be shown worldwide on closed-circuit television. TJB will collect 100%...
-
Each year Corporate Responsibility magazine publishes its list of the 100 best corporate citizens. The magazine rates companies on performance in seven stakeholder categories: (1) environment, (2)...
-
Consider the actual purchase several years ago of boat maker Bayliner by Brunswick Corporation, modified slightly to simplify the numbers. The purchase price was $400 million for a 100% interest....
-
Acne Medication and Gastrointestinal Injury Since 1999, Kamie Kendall had experienced ongoing abdominal pain, and she was eventually diagnosed with ulcerative colitis and irritable bowel syndrome...
-
CMS is a claims processing company in Mobile, Alabama. Chastity Jones, a black woman, completed an online employment application for a customer service position with CMS. Jones interviewed with a...
-
One critical-thinking skill is a heightened awareness of the danger of reaching a conclusion prior to acquiring missing information that were it known would have a reasonable probability of altering...
Study smarter with the SolutionInn App