Question: To pay off a loan, John needs to make a payment of $1,785 in 5 months from now and another payment of $1,965 in 19

To pay off a loan, John needs to make a payment of $1,785 in 5 months from now and another payment of $1,965 in 19 months from now. Instead, John wants to pay off the loan in 21 months from now. Assume the simple interest rate is 11.5% per year.

What is the total amount to pay off in 21 months from now?

Round the final answer to 2 decimals.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To calculate the total amount that John needs to pay off the loan in 21 months from now we will dete... View full answer

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!

Q1. You have identified a market opportunity for home media players that would cater for older members of the population. Many older people have difficulty in understanding the operating principles...

Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...

7) The second financial statement to prepare is the statement of retained eamings. To determine the ending balance of retained earnings you need to start with the opening balance as reported in the...

To pay off a loan, John needs to make a payment of $1,960 in 8 months from now and another payment of $1,745 in 22 months from now. Instead, John wants to pay off the loan in 24 months from now....

Exam 1 Business Math Q1. The number 49,842 rounded to the nearest thousand is: a. 50,000 b. 49,000 c. 49,900 d. 49,800 Q2. The number 70624020 should be written: a. 70,624,020.0 b. 7,062,402,0 c....

Foundations of Math 12 Unit 2 Send-In Assignment On-Line Course SEND - IN ASSIGNMENT UNIT 2 Finance - Borrowing Money Name: _________________________________________...

I am needing help with questions 3 - 5. equipment? Is this a good idea, given his new profit forecast? Why or why not? of his other assumptions change, how much will he need to borrow to buy the new...

i got the answers for questions 1&2 buy i need help with 3-5 now! thanks Case study: Janet Rowe Le Rowe graduated from high school five years ago with a background in agronomy had worked for a lawn...

Unit Information PEN593 Energy Economics Teaching Period: S2 2022 This guide should be used in conjunction with the Handbook as the official source of information about this unit. Refer to myMurdoch...

1. A payment of $5000 is due in three months and another payment of $8000 is due in nine months. Calculate the value of a single payment to be made in 5 months that is equivalent to these two...

You are an audit manager of Cent & Co and you came to know about several threats to independence at a recent meeting, and these ethical matters are related to different audit clients. Identify...

Devise a coding scheme the warehouse layout shown in Problem 19. Be sure to use an appropriate coding scheme that allows the inventory to be located efficiently from the pickinglist. CODING SCHEME...

West C: Bartex ( 2 7 ) Pir ABSN : ABSN app sephia orphpcclacorsaches - 1 0 - studying - refigions - 3 - challenge - 1 - 3 / 3 / 4 UNIT 1 - CHALLENGE 1 . 3 : Overview of the Re 1 2 3 3 - Judaism...

1. Which of the food items tested in the virtual laboratory contained the greatest variety of macromolecules? Select all that apply potato juice onion juice whole milk skim milk 2. Which of the food...

The most recent financial statements for Fontenot co. are shown here: Assets and costs are proportional to sales. The company maintains a constant 3 percent dividend payout ratios and a constant...

Figure P3-24 shows a portion of the landing gear on a light-weight, experimental aircraft. Point A is on a cross-section of the strut that attaches the wheel assembly to the aircraft frame. Draw a...

1. If an asset costs $210,000 and is expected to have a $30,000 salvage value at the end of its ten-year life, and generates annual net cash inflows of $30,000 each year, the cash payback period is...

(a) A particle has an initial velocity of u ms. It moves in a straight line with constant acceleration f for 4 seconds. It travels 52 m while accelerating. The particle then moves with uniform...

2 . The table below shows the bids from three buyers and the offers from three sellers in a centralized electricity market. Apply the High - Low Matching mechanism as described in the lecture to...

Assume an investor made the purchases listed in the table below on the first day of every quarter for a year. Use the information provided to fill in the blanks. uarter Price Money Invested Shares...

Should homeowners consider purchasing an umbrella policy? Why or why not? What exclusions apply?

What is the difference between the quoted price and the invoice price? When would you expect the two prices to be equal?

What information does a decision maker need in order to perform an expected-value analysis of a problem? What options are available to the decision maker if the probabilities of the states of nature...

Under what circumstances is expected monetary value appropriate as a decision criterion? When isnt it appropriate?

Explain the term suboptimization.