A loan payment of $1000.00 was due 10 days ago and another payment of $800.00 is...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A loan payment of $1000.00 was due 10 days ago and another payment of $800.00 is due 50 days from now. What single payment 120 days from now will pay off the two obligations if interest is to be 3% and the agreed focal date is 120 days from now? The value of the payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) A loan payment of $1000.00 was due 10 days ago and another payment of $800.00 is due 50 days from now. What single payment 120 days from now will pay off the two obligations if interest is to be 3% and the agreed focal date is 120 days from now? The value of the payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Expert Answer:
Answer rating: 100% (QA)
1000 was due to days ago but haid 120 days from So 10 120 130 days rate ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
Students also viewed these finance questions
-
Suppose the price of fertilizer (an input to agricultural production) falls. In the market for agricultural goods, we expect that equilibrium price and equilibrium quantity increases; decreases...
-
At the end of 2013 the following information is available for the Boise Company and the Tucson Company: Required a. For each company, compute the debt to assets ratio and the return on equity ratio....
-
A transducer is used to measure the flow velocity, V, and provides an electrical output E.. It is proposed that the velocity be calculated from the relation: V = aE + c. To calibrate the transducer,...
-
Write a paper about operations of Morning Star homes, a construction company. How you are progressing in your Project Management Plan. When is it appropriate to "crash" a project and what are the...
-
Let c be the charge (in dollars) for a taxi ride for d miles in New York City. A reasonable model is c = 2d + 2.5. a. Identify the explanatory and response variables. b. What is the slope? What does...
-
Considering only values of less than 90, determine the smallest value of for which motion of the block to the right is impending when (a) 30 m = kg, (b) m =40 kg. 4, = 0.25 H = 0.20 120 N
-
The Gulf Shore Blue Crabs minor league baseball team wants to create a new identification system for its season ticket holders using information in the file bluecrabs. The file contains the first and...
-
Gmeiner Co. had the following current assets and liabilities for two comparative years: a. Determine the quick ratio for December 31, 2014 and 2013. b. Interpret the change in the quick ratio between...
-
David Bowman, the manager of Lava Java Packaging, has several concerns over the processes being used in the business. Firstly, David is concerned about the adequacy of the processes and controls in...
-
15 Dec A credit note to the amount of R17 298, was issued to Receivable Croock in respect of goods returned by Receivable Croock. The cost of the goods was R6 828. 18 Dec Snarl Entity returned some...
-
What is the net margin ratio? 36.0% 59.3% O 15.9% 32.6%
-
The economists argued that a program focused on stimulating investment would be healthy for the economy even if it increased the deficit in the short term, and that cutting income taxes would be...
-
Imagine a situation where San Francisco's mayor initiates new regulation, allowing speedy conversion of vacant unrented offices throughout the Financial District to be used as rental residential...
-
If GDP per capita in 1970 was $4,997 and was growing at at annual rate of 4.5%, what is the estimated GDP per capita in 2014? GDP2014 per capita = $ (Round to two decimal places).
-
An empirical study by Kathrin (1996) showed that human capital investment is an inverse function of the degree of relative aversion. In this case, the higher the risk aversion, the less would be the...
-
Zach is the manager of a pharma company considered to be a monopoly that faces an inverse demand curve described by P = 270 - 20Q. If costs are defied as C = 30Q + 5. Zach's pharma firm's maximum...
-
Tax preparers are required to complete and file a due diligence checklist when preparing a claim for the American Opportunity Tax Credit. What form must be used for this purpose?
-
A fuel pump sends gasoline from a car's fuel tank to the engine at a rate of 5.88 10-2 kg/s. The density of the gasoline is 735 kg/m3, and the radius of the fuel line is 3.18 10-3 m. What is the...
-
The following accounts and corresponding balances were drawn from Osprey Companys 2014 and 2013 year-end balance sheets: During the year, $84,000 of unearned revenue was recognized as having been...
-
The following accounts and balances were drawn from the records of Griffin Company: Required The following accounts and balances were drawn from the 2013 accounting records of Griffin Company. Use...
-
Ellen Norman is a partner of a regional accounting firm. Ms. Norman was hired by a client to audit the companys books. After extensive work, Ms. Norman determined that she was unable to perform the...
-
Calculate the correlations among all numeric variables in Exercise 9.1 using SPSS, or R. (In R read in the data as a data.frame (e.g., theData) and then use (cor(theData). You dont need to attach...
-
What are the strongest single predictors of infant mortality in Exercise 9.2? Exercise 9.2 Calculate the correlations among all numeric variables in Exercise 9.1 using SPSS, or R. (In R read in the...
-
Using one of the online calculators, how large a correlation would you need for the relationships shown in Exercise 9.2 to be significant? (This will involve a bit of trial and error.) Calculate the...
Study smarter with the SolutionInn App