Question: How much will Kingston Technologies have to pay each year in 8 equal payments,starting 2years from now, to repay a $900,000 loan. The interest rate

How much will Kingston Technologies have to pay each year in 8 equal payments,starting 2years from now, to repay a $900,000 loan. The interest rate is 13%per year?

  • Please explain in detail, step by step what I do here.
  • From my understanding, I need to solve for present value first?
  • How could this be done on Xcel?
  • Is my textbook throwing me a curveball since 13% isn't on the compound interest tables? What is that formula I use to solve this if I don't have the chart?

Thank you!

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:

The Dominguez Hills Manufacturing Company is performing an annual evaluation of one of its suppliers, the Carson Company. Bo, purchasing manager of the Dominguez Hills Manufacturing Company, has...

Q:

How much will Kingston Technologies have to pay each year in 8 equal payments, starting 2 years from now, to repay a $800,000 loan. The interest rate is 11% per year? Kingston Technologies will have...

Q:

How much will Kingston Technologies have to pay each year in 8 equal payments, starting 2 years from now, to repay a $900,000 loan. The interest rate is 13% per year? Please explain in detail, step...

Q:

Hi, Could you solve/fill the blank? Thanks a lot A commercial real estate developer plans to borrow money to finance an upscale mall in an exclusive area of the city. The developer plans to get a...

Q:

A commercial real estate developer plans to borrow money to finance an upscale mall in an exclusive area of the city. The developer plans to get a loan that will be repaid with uniform payments of...

Q:

Please help me figure out the following problem in engineering economics. Pls don't use excel and show me the steps. Thank you. How much will Kingston Technologies have to pay each year in 9.00 equal...

Q:

How much will Kingston Technologies have to pay each year in 9.00 equal payments, starting 2 years from now, to repay a $900,000 loan. The interest rate is 10.00% per year? (Round the final answer to...

Q:

Find the valueHow much will Kingston Technologies have to pay each year in 9 . 0 0 equal payments, starting 2 years from now, to repay a $ 9 0 0 , 0 0 0 loan. The interest rate is 1 5 . 0 0 % per...

Q:

What is the equivalent annual cost in years 1 through 11 of a contract that has a first cost of $65,000 in year O and annual costs of $19,000 in years 3 through 112 Use an interest rate of 11% per...

Q:

How much will Kingston Technologies have to pay each year in 10 equal payments, starting 2 years from now. to repay a $900.000 loan. The interest rate is 11% per year? Kingston Technologies will have...

Q:

How much will Kingston Technologies have to pay each year in 7 equal payments, starting 2 years from now, to repay a $800,000 loan. The interest rate is 15% per year? Kingston Technologies will have...

Q:

Allie White, the chief loan officer for the Dominion Bank, would like to analyze the bank's loan portfolio for the years 2001 to 2006. The data are shown in Table P-17. a. Compute the...

Q:

Independent work is key since all submissions will be run through the Universitys official plagiarism checker Turnitin. Students guilty of plagiarism would have their submissions canceled. Online...

Q:

8. Some individuals prone to violence are not men who treat others humanely. Some police offi cers are individuals prone to violence. Th erefore, some police offi cers are not men who treat others...

Q:

South Africa is now officially in its first recession since 2009 after gross domestic product (GDP) shrank by 0.7% in the first quarter of the year, following a 0.3% contraction in the last quarter...