Question: Please show all work and do not use excel, thanks! Tom has borrowed an amount L which is to be repaid in equal annual installments

Please show all work and do not use excel, thanks!

Please show all work and do not use excel, thanks! Tom has

Tom has borrowed an amount L which is to be repaid in equal annual installments at the end of each year for 30 years. You are given the following information on Tom's loan: The amount of interest paid in the 10th payment is $3669.7513 The amount of principal repaid in the 11th payment is $2157.5138 The amount of principal repaid in the 12th payment is $2265.3894 Calculate L. (Round your final answer to integer) n ama Tom has borrowed an amount L which is to be repaid in equal annual installments at the end of each year for 30 years. You are given the following information on Tom's loan: The amount of interest paid in the 10th payment is $3669.7513 The amount of principal repaid in the 11th payment is $2157.5138 The amount of principal repaid in the 12th payment is $2265.3894 Calculate L. (Round your final answer to integer) n ama

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!

Please show all work and do not use excel, thanks! 10. A 10 year loan of $2000 is repaid with payments the end of each year. There are 2 options: (a) Equal annual payments at an annual effective rate...

please show all work and do not use excel, thanks! 11. A man borrows $10000 to be paid back in 30 years with level end of year payments at an annual loan rate of i. The sum of principal payments in...

Please show all work and do not use excel, thanks! 8. A 30 year, monthly payment mortgage of $500000 is offered at a nominal annual rate of 8.4% convertible monthly. Find (a) the monthly level...

1. A fund is built with annual deposits increasing by 1 from 1 to 10 and then decreasing by 1 to $0 at an annual effective interest rate of 5%. At the end of 19 years, the fund is used to purchase a...

Please show all work and do not use excel, thanks! 13. A loan at 6.5% annually has an initial end of year payment of $300 and 9 further payments (at the end of each year). After the first payment,...

Liam wants to be able to buy a house at retirement which is in 15 years. He puts away $X every 6 months starting today for the next 15 years into a savings account that earns a nominal annual rate of...

CSU's yearly tuition cost, due on September 1 each year, is $5000 on September 1, 2007, and will increase by 3% per year. Sal wishes to provide for his son Tims four-year tuition payments at CSU,...

please show all work and do not use excel, thanks! 5. An annuity has 36 end-of-month payments. The first 24 payments are a constant amount of $X. The 25th payment increases by 3% compared to the 24th...

Please show all work and do not use excel, thanks! 4. Terry purchases an annuity with payments made at the beginning of each month for 36 payments. The monthly payments are a constant amount of 15...

What is the effective interest rate for the rst year for a loan of $20,000 for three years if the interest is compounded quarterly at a rate of 12%? Instructions: Week 5 Individual Assignment Total...

The label on a washing machine indicates that the washer will use $85 worth of hot water if the water is heated by a 90 percent efficient electric heater at an electricity rate of $0.09/kWh. If the...

If 4% of the population is color blind, what is the probability that a group of 30 people, at least one will will be color blind?

True or False: In multiperiod dividend discount models, the value of a share is assumed to be the discounted value of the dividends that the share will pay the shareholder.

Add "Viggo Mortenslet cast = new Map ( ) ;en " to the cast as the key, with value "Aragorn".