Question: DataDyne Corp. borrowed $80,000 at 6% compounded quarterly for five years to buy a warehouse. This loan is repaid with equal payments of $1545.52 made

DataDyne Corp. borrowed $80,000 at 6% compounded quarterly for five years to buy a warehouse. This loan is repaid with equal payments of $1545.52 made at the end of every month.

a) How much of the principal was paid in the sixth payment period?

b) How much interest was paid in the first two years of payments?

c) What is the balance after the 31st payment period?

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!

Problem 3-15 (Static) Journal Entries; T-Accounts; Financial Statements [LO3-1, LO3-2, LO3-3, LO3-4] Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy...

Question 2 --/3 DataDyne Corp. borrowed $80,000 at 6% compounded quarterly for five years to buy a warehouse. This loan.repaid with equal payments of $1545.52 made at the end of every month. a) How...

15. Apex Corporation borrowed $85 000 at 8% compounded quarterly for eight years to buy a warehouse. Equal payments are made at the end of every three months. (a) Determine the size of the quarterly...

Apex Corporation borrowed $85 000 at 8% compounded quarterly for eight years to buy a warehouse. Equal payments are made at the end of every three months. (a) Determine the size of the quarterly...

A $25000, 5.3% interest bond with semi-annual coupons is purchased 8 years before maturity at 98.3. What is the approximate yield rate? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 2:48...

DataDyne Corp. borrowed $90,000 at 7% compounded quarterly for five years to buy a warehouse. This loan is repaid with equal payments of $1780.39 made at the end of every month. a) How much of the...

b Tricana Corporation borrowed 81.000.000 3% compounded quarterly for years to buy a warehouse Equal payments are made at the end of every 3 months (a) Determine the size of the curry payments )...

Moranex Corporation borrowed $79,000.00 at 10% compounded quarterly for 15 years to buy a warehouse, Equal payments are made at the end of every 3 months. (a) Determine the size of the quarterly...

Katec Corporation borrowed $66,000.00 at 4% compounded quarterly for 9 years to buy a warehouse. Equal payments are made at the end of every 3 months. (a) Determine the size of the quarterly...

Towline Corporation borrowed $78,000.00 at 11% compounded quarterly for 13 years to buy a warehouse. Equal payments are made at the end of every 3 months. (a) Determine the size of the quarterly...

You are a manager in Yawson & Co, a firm of Chartered Accountants. You have just attended a monthly meeting of audit partners and managers at which client-related matters were discussed. Information...

1. Benchmarking: A Value-Adding Approach or a Fairy Tale? i. The Chapter 4 and Chapter 8 section readings in the textbook are titled Benchmarking, Best Practices, and Other Fairy Tales and...

!!~!!~!!~!! 16. Which of the following is true of the total resistance of a pair of resistors of values 5 and 102 connected in parallel? (a) less than 50 (b) between 5 and 10 (c) between 10 and 15 ...

Draw a class diagram and its relationship based on the following statements. You can use any UML tool/software to represent your class diagram. Do NOT copy and paste your diagram, use the attachment...