Question: Dan borrowed $ 1 1 8 9 . 0 0 today and is to repay the loan in two equal payments. The first payment is

Dan borrowed $1189.00 today and is to repay the loan in two equal payments. The first payment is in four months, and the second payment is in eleven months. If interest is 5% per annum on the loan, what is the size of the equal payments? Use today as the focal date.
The size of the equal payments is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Dan borrowed $1189.00 today and is to repay the loan in

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:

what is the answer to question 33? Chapter 8 I Simple Interest and Applications 359 30. The Director of Sales of a management consulting company was preparing a quotation for a potential client. He...

Q:

1) Four years and five months after its date of issue, a 7-year promissory note for $8900.00 bearing interest at 5.04% compounded monthly is discounted at 6.5% compounded semi- annually. Find the...

Q:

Old MathJax webview Old MathJax webview Question 10 After seeing what she must pay Alfred, Thokozile decides to reschedule her debt as two equal payments: one payment now and one three years from...

Q:

Please put together similar to the Excel chart above to answer the question. Axis Corp has invested $250 million in R & D. A marketing firm name JKL has been hired and was paid $175k to analyze the...

Q:

1. A 364 day T-bill with a face value of $1,000,000 was purchased by an investor at an interest rate of 2.38%, and sold after 100 days at interest rate of 2.35%.1What is the price paid for the T-bill...

Q:

i Need then asap percentage of income per month is ideal to pay some mortgage? Why do you think so? A3: You keep on borrowing some money for your personal uses from your dad. The Interesting thing is...

Q:

answer the questions in the files. mc and some questions 1. Present Value of Multiple Annuities (LG4) A small business owner visits his bank to ask for a loan. The owner states that he can repay a...

Q:

Dan borrowed $1227 today and is to repay the loan in two equal payments. The first payment is in four months, and the second payment is in eleven months. If interest is 3% per annum on the loan, what...

Q:

please solve all questions. I had the highlight 6. A loan of $2500 is taken out on May 12. It is to be paid back within a 1-year period with partial payments of $1000 on August 26, $40 on November...

Q:

Dan borrowed $1886.00 today and is to repay the loan in two equal payments. The first payment is in four months, and the second payment is in seven months. If interest is 5% per annum on theloan,...

Q:

A) Let A = {1, 2, 3, 4} and Ra relations on A whose matrices is MR = [1 0 1 1] %3D 0 1 1 1 0 1 1 0 0 1 1) Show that (A, R) is a poset (5 pts) 2) Find maximal, minimal, least and greatest if they...

Q:

Bitcoin is a digital currency that was created in 2009. No banks are involved in digital currency transactions, and skeptics have long been concerned with the inherent risks related to its lack of...

Q:

Explain the meaning and importance of corporate ethics. Do you think compliance with ethics will deter an organization from achieving its business goals? Justify your answer.

Q:

give rationale why mann whitney test best statistical test for this case : Do significant differences exist between husbands and wives regarding holiday depression? There is an ordinal measure of...

Q:

2. Delineate seven ways that cultural variables affect communication

Q:

3. Shake up your clothing and artifacts today. Wear something completely out of character for you, and consider how people react. If you normally dress very casually, try wearing a suit, or if youre...

Q:

2. Record a new episode of your favorite scripted television show. Try watching it with the sound turned all the way down (and closed captions turned off ). Can you guess whats going on in terms of...