Question: The weekly payment for a $ 5 0 0 loan to be paid back in 1 0 4 payments at an interest rate of 0

The weekly payment for a $500 loan to be paid back in 104 payments at an interest rate of 0.25% per week is $6.82.

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 bank approves her car loan request at annual rate of 9%, how much should she pay weekly to make sure she brings the balance of her loan to zero in 6 years. Does it make any difference if she pays...

Q:

Exercise 5-1 (Algo) Future value; single amount [LO5-2) Determine the future value of the following single amounts (FV of $1. PV of $1. FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use...

Q:

Please answer this in PROGRAMMING C and not any other language such as java or C++ please and thanks I have attached the formulas to use as well as how the sample run should come out like. I really...

Q:

10 , 15 , 16 , 20 10. You have a loan outstanding. It requires making three annual payments of $1000 each at the end of the next three years. Your bank has offered to allow you to skip making the...

Q:

From the above answer, when the loan started from 1 . 4 million you said that: 1 . Loan Amount Due After 8 Months: 1 , 3 7 0 , 6 3 0 . 7 0 2 . Final Balance Owing After 1 4 Months: 1 , 3 6 8 , 2 0 8...

Q:

Exercise 5-14 (Algo) Solving for unknown annuity amount (LO5-9] 7 2 points Sandy Kupchack just graduated from State University with a bachelor's degree in history. During her four years at the...

Q:

You have made a mistake, and please correct it . Common sense is that when you have a loan of 1 . 4 Million then after 8 months of principal and interest payments, the loan will be smaller amount....

Q:

Sandy Kupchack just graduated from State University with a bachelor's degree in history. During her four years at the university, Sandy accumulated $8,000 in student loans. She asks for your help in...

Q:

Engineering Finance You're interested in purchasing a Tesla Model S (an all-electric car that accelerates from 0 to 60 in 5.6 seconds!). The basic model S costs $62,400 today. Being the boss you are,...

Q:

Please provide answer for both questions. Thank you Sanjay You have made a mistake, and please correct it . Common sense is that when you have a loan of 1 . 4 Million then after 8 months of principal...

Q:

Financial statements reflect only the book values of the data that analysts use to evaluate a companys performance. To incorporate market values, two additional performance measures were...

Q:

Data mining Architecture.

Q:

Which of the following is a primary market transaction? You sell 2 0 0 shares of IBM stock on the NYSE through your broker. You bary 2 0 0 shares of IBM stock from your trother. The trade is not made...

Q:

Pharoah Company reported the following amounts for 2022: Raw materials purchased $95,200 Beginning raw materials inventory 5,824 Ending raw materials inventory 5,040 Beginning finished goods...