Question: How do I figure out payments for a compounded interest rate over 5 years at 8.6%. Original cost of purchase is $17,800.00

How do I figure out payments for a compounded interest rate over 5 years at 8.6%. Original cost of purchase is $17,800.00

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:

Mastery Problem: Time Value of Money Time value of money Due to both interest earnings and the fact that money put to good use should generate additional funds above and beyond the original...

Q:

Due to both interest earnings and the fact that money put to good use should generate additional funds above and beyond the original investment, money tomorrow will be worth less than money today....

Q:

This module is confusing. Need help. Mastery Problem: Time Value of Money Question Content Area Time value of money Due to both interest earnings and the fact that money put to good use should...

Q:

Mastery Problem: Time Value of Money Time value of money Due to both interest earnings and the fact that money put to good use should generate additional funds above and beyond the original...

Q:

Time value of money Due to both interest earnings and the fact that money put to good use should generate additional funds above and beyond the original investment, money tomorrow will be worth less...

Q:

Using the previous table, enter the correct factor for three periods at 5% : PeriodicpaymentxFactor=Presentvalue$6,000x=$16,338 The controller at Bolden has determined that the company could save...

Q:

APPLY THE CONCEPTS: Present value of a single amount in the future As it is important to know what a current investment will yield at a point in the future, it is equally important to understand what...

Q:

Mastery Problem: Time Value of Money Time value of money Due to both interest earnings and the fact that money put to good use should generate additional funds above and beyond the original...

Q:

Assignments 1. You have received $100,000 from your grandparents to be used for your graduate studi You plan to start a program in 5 years. You can invest the money at 6% interest, compound annually....

Q:

2. (2 points) In what month will the borrower begin paying more towards principal month than interest? 3. (2 points) What is the total amount of interest the borrower will pay over the life of this...

Q:

Using the information in M8-7 and M8-8, prepare the journal entry to record the end-of-period adjustment for bad debts under the (a) percentage of credit sales method and (b) aging of accounts...

Q:

The Electronics Manufacturing Department of Imagine uses ABC to allocate all of its manufacturing overhead. The company assembles and tests electronic components used in handheld video phones....

Q:

What percent of infants are born earlier than normal? About 1 0 percent About 2 0 percent About 3 0 percent About 4 0 percent

Q:

1. Discussion Board Question In the following format: 1A) Discuss three of the responsibilities of a parole officer 1B) Give a scenario of when a parole officer would start the revocation process for...

Q:

The number of people commenting on the statement

Q:

3. Choose a social incident in your local area. (a) List three points that you believe are the cause of the social incident and develop a model that shows a linear relationship. (b) What is the...

Q:

Peoples understanding of what is being said