Question: Suppose you borrow $ 1 0 , 0 0 0 . If the year - end annual payment is $ 2 , 9 1 3

Suppose you borrow $10,000.If the year-end annual payment is $2,913and the interest rate is 14%,how many years will it take you to pay off the loan?

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:

Entries for factory costs and jobs completed Instructions Chart of Accounts Journal Instructions Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed...

Q:

Use Excel formulas/functions to answer all questions. 4a. Vinod deposits $3,000 into an IRA account that invests in long term U S Treasury Bonds. Current Interest rates for the 20 year bond are...

Q:

You received no credit for this question in the previous attempt. View O Required information P10-15 (Algo) Computing Amounts for a Bond Issued at a Discount and Comparing Effective-Interest...

Q:

Additional Problems: Karen makes deposits of X at the beginning of each year for 10 years. She uses the funds in her account to purchase a perpetuity with payments starting six years after the final...

Q:

Project 1.4. Compound Interest When you save money in a bank account, interest is compounded periodically, which means that periodically the interest you earn is added to your account so that you...

Q:

[The following information applies to the questions displayed below.] Electrolux Corporation manufactures electrical test equipment. The company's board of directors authorized a bond issue on...

Q:

! Required information P10-15 (Algo) Computing Amounts for a Bond Issued at a Discount and Comparing Effective-Interest Amortization to Straight-Line Amortization LO10-4 (The following information...

Q:

What is the present value of an annuity of $6,400 per year, with the first cash flow received three years from today and the last one received 25 years from today? Use a discount rate of 6 percent....

Q:

Intro A corporate bond has 19 years to maturity, a face value of $1,000, a coupon rate of 4.8% and pays interest twice a year. The annual market interest rate for similar bonds is 3.1%. BAttempt 1/10...

Q:

Assume you are buying a home between $100,000 and $400,000 in Texas. Assume a price that has not been chosen by another student; for example if a student has chosen a $300,000 home price then no...

Q:

Dell Links B Bing * Suppose you borrow $2,000 at 15%, and you are going to make annual payments of $734.42. How lon g before you pay off the loan? 5.76 years 3.76 years 06.76 years 4.76 years Suppose...

Q:

You are analyzing a convertible preferred stock with the following characteristics for the security: There are 50,000 preferred shares outstanding, with a face value of $100 and a 6% preferred...

Q:

Kermit Johnson formed FB&I Building Products, Inc., in Watertown, South Dakota, to sell building materials. In December 1998, FB&I contracted with Superior Truss & Components in Minneota, Minnesota,...

Q:

Which of the following adjusting entries causes an increase in liabilities? Multiple Choice Recording depreciation expense Accruing interest expense Accruing interest revenue Recording the amount of...

Q:

Mishima Technologies Company introduced Product X to the market on December 1. The new product carries a one-year warranty In its first month on the market, Mishima sold 1,000 units of the new...

Q:

A child goes down a playground slide with an acceleration of 1.26 m/s2. Find the coefficient of kinetic friction between the child and the slide if the slide is inclined at an angle of 33.0 below the...

Q:

It is possible to spin a bucket of water in a vertical circle and have none of the water spill when the bucket is upside down. How would you explain this to members of your family?

Q:

In a car with rear-wheel drive, the maximum acceleration is often less than the maximum deceleration. Why?

Q:

Ultima Company offers its customers discounts to purchase goods and take title before they actually need the goods. The company offers to hold the goods for the customers until they request delivery...

Q:

Jesse and Sara are preparing to negotiate over a workplace conflict between two teams. Which answers describe some of steps they should follow to help them be successful? There are multiple answers....

Q:

3.28 A financial analyst was asked to evaluate earnings prospects for seven corporations over the next year and to rank them in order of predicted earnings growth rates. a. How many different...

Q:

3.23 The probability of A is 0.60, the probability of B is 0.45, and the probability of both is 0.30. What is the conditional probability of A, given B? Are A and B independent in a probability sense?

Q:

3.18 A corporation receives a particular part in shipments of 100. Research indicated the probabilities shown in the accompanying table for numbers of defective parts in a shipment. a. What is the...