If you take the first loan, you will be able to pay $100 monthly. If you...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
If you take the first loan, you will be able to pay $100 monthly. If you take the second loan, you will be depositing your saved $100 monthly on your savings account (3% APR compounded monthly) over the year and then will be making the payment. How much will you be able to pay annually on the second loan? 21 22 Monthly savings 23 Investment (Savings) APR 24 Savings period 25 Loans' APR 26 Borrowed amount 07 $100 3% 10 years 6% $8.000 If you take the first loan, you will be able to pay $100 monthly. If you take the second loan, you will be depositing your saved $100 monthly on your savings account (3% APR compounded monthly) over the year and then will be making the payment. How much will you be able to pay annually on the second loan? 21 22 Monthly savings 23 Investment (Savings) APR 24 Savings period 25 Loans' APR 26 Borrowed amount 07 $100 3% 10 years 6% $8.000
Expert Answer:
Answer rating: 100% (QA)
The amount you can pay annually on the second loan depends on the am... View the full answer
Related Book For
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
Posted Date:
Students also viewed these accounting questions
-
QUESTION TWO Rowan Enterprises is a company in the business of manufacturing domestic and office furniture for both local and export markets. The following financial statements were submitted to ZRA...
-
The probabilities that three drivers will be able to drive home safely after drinking are 0.5, 0.25, and 0.2, respectively. If they set out to drive home after drinking at a party, what is the...
-
If you take the model in Ex. 4.1 at face value, what natural frequency do you get? Put in the actual numbers. Where, in the electromagnetic spectrum, does this lie, assuming the radius of the atom is...
-
In Problems 23 34, graph each system of linear inequalities. x - 2y 6 2x - 4y 0
-
Pam Lucas is a high school student who delivers papers to earn spending money. During May, she received $450 from customers in payment for their subscriptions for the month. She paid $300 for the...
-
The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Pepper Company Company Finished goods inventory, $ $ beginning 13,800 16,600 Work in...
-
Assume a car's exhaust system can be approximated as \(14 \mathrm{ft}\) of 0.125-ft-diameter cast-iron pipe with the equivalent of six \(90^{\circ}\) flanged elbows and a muffler. The muffler acts as...
-
Kent Tessman, manager of a Dairy Products Division, was pleased with his division's performance over the past three years. Each year, divisional profits had increased, and he had earned a sizable...
-
Durkheim's idea of the collective consciousness. What are "social facts"? Explain how Durkheim defined "collective consciousness." Is collective consciousness a social fact? Define this and say why...
-
For each of the following lists of premises, derive the conclusion and supply the justification for it. There is only one possible answer for each problem. (1) 1. G F 2. F 3. _______ ____ (2) 1. S...
-
Rikard owns a computer repair shop. When customers pick up their fixed computers, he always encourages them to call him if they have any problems. What type of relationship does this represent?
-
MEMO#113 TO: Bill Bugnay FROM: M. Lasker December 1, 20XX Please issue a cheque to Barrio Fiesta for a deposit for our Christmas Party for $4000. Record this as a Deposit. (CHQ 2113)
-
Required i) Carefully explain the steps you would take to calculate the 10-day VaR (5th percentile, in US dollars) for this portfolio, using the single index model (SIM) and the variance- covariance...
-
A corporate taxpayer's capital gains and losses are as follows: Short-term capital gain $7,000 Short-term capital loss $(43,000) Long-term capital gain $ 9,000 Long-term capital loss $(21,000) What...
-
An accrual-basis taxpayer sold land for $100,000 on July 1, Year 1, and received $20,000 cash and a note for $80,000. The taxpayer's basis in the asset is $60,000. What amount of gain, if any, should...
-
The logistic function defined by: 1 a + e-t N(t) = t0 represents the growth of a population. We will derive this func- tion by solving a differential equation model sume that a is a positive...
-
Suppose you have an investment portfolio.Consists of holding three call options on IBM with a strike of $100 and 2 put options on IBM with a strike of $90. The call options originally cost $8 each...
-
Access the Federation of Tax Administrators Internet site at www. taxadmin.org/state-tax-forms and indicate the titles of the following state tax forms and publications: a. Minnesota Form M-100 b....
-
What is a bar chart? A pie chart? A histogram? A box plot?
-
1. How many 10-letter words with no repeated letters contain the five vowels in alphabetical order? 2. How many eight-letter words with no repeated letters contain all five vowels? A "word" is...
-
1. Calculate the future value after 3 years if $1000 is deposited at 4.5% simple interest. 2. Calculate the future value after 5 years if $4000 is deposited at 3% simple interest. Use difference...
-
If the sample standard deviations instead of the sample ranges are used to estimate \(\sigma\), the control limits for the resulting \(\bar{x}\) chart are given by \(\overline{\bar{x}} \pm A_{1}...
-
In order to establish control charts for an extraction job, 30 samples of five measurements of the extracted ores are taken, and the results are \(\overline{\bar{x}}=25.96\) tons and \(\bar{s}=1.5\)...
-
Suppose that with the samples of Exercise 15.6, it is desired to establish control also over the variability of the process. Using the method of Exercise 15.5 and the values of \(\overline{\bar{x}}\)...
Study smarter with the SolutionInn App