Question: Two equal payments, 50 days and 150 days after the date of the loan, paid off a $3000 loan at 10 %. What was

Two equal payments, 50 days and 150 days after the date of the loan, paid off a $3000 loan at 10 ΒΌ %. What was the amount of each payment?

Step by Step Solution

★★★★★

3.29 Rating (184 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Let x represent the size of each loan p... View full answer

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

Document Format (1 attachment)

Word file Icon

711-B-A-C-I (829).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

$8000 was borrowed at an interest rate of 11_1%. Calculate the amount of each payment 2 if the loan was paid off by three equal payments made 30, 90, and 150 days after the date of the loan.

Q:

Jessica should have made two payments of $800 each. The first was due 60 days ago and the second payment was due 30 days ago. The two original scheduled payments are to be settled by two equal...

Q:

A loan of $5000 is to be repaid in three equal installments due 60, 120, and 180 days after the date of the loan. If the focal date is the date of the loan and interest is 6.9% p.a., compute the...

Q:

Two equal payments, 50 days and 150 days after the date of the loan, paid off a $3000 loan at 10 %. What was the amount of each payment?

Q:

Two equal payments, 5 0 days and 1 5 0 days after the date of the loan, paid off a $ 3 0 0 0 loan at 1 0 1 4 % . What was the amount of each payment? ( Do not round intermediate calculations and...

Q:

Two equal payments, 50 days and 150 days after the date of the loan, paid off a $3000 loan at 8.25%. What was the amount of each payment?

Q:

Two equal payments, 5 0 days and 1 5 0 days after the date of the loan, paid off a $ 3 0 0 0 loan at 1 0 1 4 % . What was the amount of each payment? ( Do not round intermediate calculations and...

Q:

$ 8 0 0 0 was borrowed at an interest rate of 1 1 1 2 % . Calculate the amount of each payment if the loan was paid off by three equal payments made 3 0 , 9 0 , and 1 5 0 days after the date of the...

Q:

I need a solution to this question in number 3 of real estate finance on an article called working at workout: commercial real estate debt in distress. 3. Calculate the expected return (IRR) to drive...

Q:

All these are in proper sequence. please solve it. I Cannot increase the Font Size more, So can you please manage to answer. Please see below for your group project variables. A B C D E F G H 1 K L M...

Q:

Show directly from the definition that the sequence in is a Cauchy sequence.

Q:

Solve Prob. 4.97 assuming that for gear A the tangential and radial forces are acting at E, so that (FA= (265 lb) j+ (96 lb) k. Problem 4.97: Gears A and B is attached to a shaft supported by...

Q:

QUFSTION 4 The following table contains data on yearly return on IBM and return on S&P 5 0 0 . \ table [ [ Year , Return on IBM ( Ri ) , Return on S&P 5 0 0 ( R 5 )

Q:

The following is an extract from the trial balance of ABC Ltd at 31 December 20X4: Debit ($) Credit ($) Sales 73,716 Returns 5,863 3,492 Discounts 871 1,267 The fi gure to be shown in the trading...

Q:

A conditional sale contract requires two payments three and six months after the date of the contract. F:aeh payment consists of $1900 principal phis interest at 10.5% on $1900 from the date of the...

Q:

How much more will an investment of $10,000 be worth after 25 years if it earns 5% compounded annually instead of 4% compounded annually? Calculate the difference in dollars and as a percentage of...

Q:

Calculate the missing values for the promissory notes described in problem. Issue date Face value ($) Term Interest rate (%) Maturity value ($) Nov. 5 4350 75 days 4445.28

Q:

Most companies that make golf balls and golf clubs use a one-armed robot named "Iron Byron" to test their balls for length and accuracy, but because of swing variations by real golfers, these test...

Q:

Find the time required for an investment of 5000 dollars to grow to 8600 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Round your answer to two decimal places

Q:

Question 21 5 pts Given the following, calculate WACC for company XYZ: Debt: $1,100M Equity: $1,500M Cost on Debt: 7.0% Cost on Equity: 10.0% Tax Rate: 35.0% 8.00% 7.00% 6.83% 7.69% 8.50%