What is the interest rate on a loan of $21,000 if you could make annual payments of

Fantastic news! We've Found the answer you've been seeking!

Question:

What is the interest rate on a loan of $21,000 if you could make annual payments of $2,853.23 for each of the next 10 years?

Related Book For answer-question

Fundamentals of Financial Management

ISBN: 978-1337395250

15th edition

Authors: Eugene F. Brigham, Joel F. Houston

See More Books

Posted Date: Jul 06, 2023 08:57 AM

See More Questions

1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...
You plan to invest $10K every year for 18 years. You also plan to make 4 equal withdrawals in years 17, 18, 19, and 20. How large can your annual withdrawals be if the interest rate is 6%?" An...
The following questions pertain to Canadian Tire's long-term debt: a. How much long-term debt was outstanding on December 31, 2011? How much of that long-term debt was classified as current? What...
Mr. Paulo Rodriguez, a fund manager of The Blackstone Group Inc. holds a portfolio with a current value of RM7.83 million. The cash index currently stands at 1,075 points. He fears that the market...
Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehouses, and ships them to its chain of retail stores. Upton's balance sheet as of December 31, 2004,...
A continuous distillation unit, consisting of a perforated-tray column together with a partial reboiler and a total condenser, is to be designed to operate at atmospheric pressure to separate ethanol...
A Gallup poll taken in May 2016 asked 1025 adult Americans to state their opinion on the availability of abortions. The following table presents the results, along with the proportions of people who...
City Taxi purchases a new taxi cab for $25,000. The cab has an estimated salvage value of $1,000 and is expected to be driven for approximately 120,000 miles over its useful life of five years....
Using process capability studies, processes may be classified as being in statistical control and capable. Explain the basis and meaning of this classication.
Skulas, Inc., manufactures and sells snowboards. Skulas manufactures a single model, the Pipex. In the summer of 2014, Skulas management accountant gathered the following data to prepare budgets for...
"Closing the gender gap in labor force participation and the gender gap in management in OECD countries can raise global economic activity by approximately 7%, or about $7 trillion in today's...
An article in the New York Times noted that many people are increasing the types of investments in their retirement accounts beyond just stocks and bonds to include gold: This is nothing but...
An article in the Wall Street Journal on proposals to change the regulations governing the trading of financial derivatives contained the following: The SEC and the Commodity Futures Trading...
According to an article in the Wall Street Journal: The identity of who buys gold has changed radically. . . . Just five years ago, jewelry accounted for two-thirds of gold demand. Last year, it...
An article in the Wall Street Journal noted: The cost of credit default swaps on Italian and Spanish government and corporate debt surged last week. What does an increase in the price of credit...
If the value of the Canadian dollar falls with respect to the euro, what will be the likely impact on European exports to Canada? Will the effect be the same on Canadian exports to Europe?
Company A owns 90 percent of the common stock of Company B. At the beginning of 2021, Company B sold a piece of land that had a book value of $40,000 to Company A for $50,000. At the beginning of...
(a) As Section 17.3 discusses, high-frequency sound waves exhibit less diffraction than low-frequency sound waves do. However, even high-frequency sound waves exhibit much more diffraction under...
Emergency Medicals stock trades at $145 a share. The company is contemplating a 3-for-2 stock split. Assuming that the stock split will have no effect on the market value of its equity, what will be...
Karsted Air Services is now in the final year of a project. The equipment originally cost $29 million, of which 75% has been depreciated. Karsted can sell the used equipment today for $8 million, and...
Hook Industriess capital structure consists solely of debt and common equity. It can issue debt at r d = 11%, and its common stock currently pays a $2.00 dividend per share (D 0 = $2.00). The stocks...
The consistent mass matrix of a bar element is given by a. $\frac{ho A l}{6}\left[\begin{array}{ll}2 & 1 \\ 1 & 2\end{array} ight]$ b. \(\frac{ho A l}{6}\left[\begin{array}{rr}2 & -1 \\ -1 &...
How are fixed boundary conditions incorporated in the finite element equations?
True or False. The system mass matrix is always singular unless the boundary conditions are incorporated.

What is the interest rate on a loan of $21,000 if you could make annual payments of

Question:

Expert Answer:

a Calculate the present value of the loan payments The present value of a loan is the sum of t... View the full answer

Fundamentals of Financial Management

Students also viewed these finance questions