Question: What amortization payment would you need to make every month, at 12% interest compounded monthly, to pay off a loan of $8,500 in 3 years?

What amortization payment would you need to make every month, at 12% interest compounded monthly, to pay off a loan of $8,500 in 3 years? (Use Table 12-2 from your text)

$3,538.97

$282.32

$197.32

$279.53

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 Accounting Questions!

The number of yards gained in NFL playoff games by rookie quarterbacks is shown. 193 66 136 140 157 163 181 226 135 199 Find the range, variance, and standard deviation unless the question asks for...

test questions 5: a. Dempsey Electric wishes to pay off a debt of $28,000 in 3 years. What amortization payment would they need to make every month, at 12% interest compounded monthly? (Use Table...

A.Kirk wishes to accumulate $10,000 in 3 years for a down payment on a house. Use Table 12-1 from your text to find the sinking fund payment he would need to make at the END of every month, at 6%...

Fresh Linens wishes to pay off a debt of $15,000 in 2 years. What amortization payment would they need to make every month, at 12% interest compounded monthly? (Use Table 12-2 from your text)

This question has several parts that must be completed sequentially. If you skip a part of the question, you will not receive any palnts for the skipped part, and you ww not be able to come back...

Use the appropriate formula to find the Amortization payment you would need to make each month at 6 % interest compounded monthly to pay off a loan of $ 7 5 0 0 in two years

Your bank pays 4% interest, compounded semiannually. Use Table 12-1 to find the future value (in $) of $900 deposited at the beginning of every six months, for 17 years. (Round your answer to the...

What amortization payment (in $) would you need to make each month at 12% interest compounded monthly to pay off a loan of $17,000 in 2 years? Use Table 12-2. (Round your answer to the nearest cent.)...

Your bank pays 4% interest, compounded semiannually. Use Table 12-1 to find the future value in $) of $700 deposited at the beginning of every six months, for 16 years. (Round your answer to the...

a) Use the appropriate formula to find the amortization payment (in $) you would need to make each month, at 12% interest compounded monthly, to pay off a loan of $8,500 in 3 years. (Round your...

What is a sinking fund and are these questions answered with the same process? Im having trouble recognizing the method I should use and whether despite the wording. 9. [-/0.71 Points] DETAILS...

Gregory a comedy writer entered into a contract with Wessel a comedian. The contract provided that Gregory would provide Wessel with a 15-minute monologue for his upcoming appearance on Comedy Hour...

Rex Moats sought election to the Nebraska Legislature in 2008. During the run-up to the election, the Nebraska Republican Party paid for and distributed publications in opposition to Moats's...

11.28 Find the rms value of the voltage waveform of Fig. 11.59 as well as the average power absorbed by a 2- resistor when the voltage is applied across the resistor. v(t) 8 0 2 5 7 10 12 t

Consider a thin-walled, metallic tube of length L = 1 m and inside diameter Di = 3 mm. Water enters the tube at m = 0.015 kg/s and Tm.i = 97C. (a) What is the outlet temperature of the water if the...

Two forces F1 and F2 act along the two sides of an equilateral triangle as shown in Figure P11.9. Point O is the intersection of the altitudes of the triangle. Find a third force F3 to be applied at...

A particle is to move in an xy plane, clockwise around the origin as seen from the positive side of the z axis. In unit vector notation, what torque acts on the particle if the magnitude of its...

A sanding disk with rotational inertia 1.2 x 10-3 kg m2 is attached to an electric drill whose motor delivers a torque of magnitude 16 N m about the central axis of the disk. About that axis and with...

A horizontal platform in the shape of a circular disk rotates on a frictionless bearing about a vertical axle through the center of the disk. The platform has a mass of 150 kg, a radius of 2.0 m, and...

Realiza un cuadro comparativo donde analices y expliques: Las diferencias y semejanzas entre los diferentes tipos de auditora incluyendo la auditoria adminstrativa

Whether the election will include appropriate employees in the bargaining unit (for instance, the board is prohibited from including plant guards in the same unit with the other employees).

Whether the representative named in the petition is qualified (for example, a supervisor or any other management representative may not be an employee representative).

What are the pros and cons regarding Angelica joining the union?