What monthly payment is required to pay off a $50,000 loan in seven years, if the interest

Question:

What monthly payment is required to pay off a $50,000 loan in seven years, if the interest rate on the loan is 7.5% compounded:
a. Annually?
b. Semiannually?
c. Quarterly?
d. Monthly?

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

Step by Step Answer:

Related Book For book-img-for-question

Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

See More Books

Question Posted: Jan 20, 2016 07:50 AM

See More Questions

Payments of $1750 and $1600 are due four months from now and nine months from now respectively. What single payment is required to pay off the two scheduled payments today if interest is 9% and the...
The interest rate on a $30,000 loan is 7.5% compounded monthly. a. What monthly payments are required to pay off the loan in eight years? b. What monthly payments would be required to reduce the...
At any particular time, home mortgage rates are determined by market forces, and individual borrowers cant do much about them. The length of time required to pay off a mortgage loan, however, varies...
Doug Brackett wants to have enough mechanics on hand to take care of his customer requests, but he does not want to be paying mechanics to sit around doing nothing. Doug needs to know a reasonable...
On December 31, 19X9, Hari Company (Hari) purchased 70% of the outstanding common shares of Amin Limited (Amin) for $ 7,000. On that date, Amins shareholders equity consisted of common shares of $...
One type of descriptive analytics is simply sorting data. Why is seeing extreme values helpful (minimums, maximums, counts, etc.) in evaluating accuracy and completeness and in potentially finding...
The following data is available for a four stroke petrol engine stroke volume $=6$ Litres. Mean effective pressure $=6$ bar. Speed of engine $=750$ RPM. Calculate i.p. of the engine.
Poole Company began the 2013 accounting period with $36,000 cash, $80,000 inventory, $70,000 common stock, and $46,000 retained earnings. During the 2013 accounting period, Poole experienced the...
howyou would suggest Armenia to reform their financial policies (banking system, allow/do not allow certain types of foreign investment/aid). use the Trading Economics. "Armenia Current Account" and...
For 2016 and 2015, compute return on sales (ROS), asset turnover (AT), return on assets (ROA), leverage (L), return on common stockholders' equity (ROE), gross profit percentage (GP), operating...
Marissa intends to make contributions to a TFSA such that the account will accumulate $150,000 after 20 years. What end-of-quarter contributions must be made, if the TFSA earns 6% compounded: a....
The first of 80 quarterly payments on a $50,000 loan at 6.4% compounded quarterly will be made 30 months after the date the loan was granted. What will be the amount of each payment?
Is it possible to have an iron-carbon alloy for which the mass fractions of total cementite and proeutectoid ferrite are 0.057 and 0.36, respectively? Why or why not?
What words or phrases trigger a negative emotional response from you? If someone repeatedly uses one of your trigger words, what are your options for responding? Which option would you choose?
If you were granting a customer a refund for a faulty product, why might you also include a discount for a future purchase? The customer is getting what she asked for, so why do more?
How can social media affect customer relationships?
Some research suggests that emotional intelligence is a stronger predictor of job success than traditional intelligencehow smart you are. Why do you think emotional intelligence is so important for...
What are two elements of setting that affect how you plan to present?
A geometric progression has its 1st term and 3rd term as 3/7 and 12/175, respectively. The common ratio, r, is positive. Find r and the sum to infinity of this geometric progression.
An annual report of The Campbell Soup Company reported on its income statement $2.4 million as equity in earnings of affiliates. Journalize the entry that Campbell would have made to record this...
What are the three ways that other comprehensive income may be displayed (reported)?
How should the disposal of a component of a business be disclosed in the income statement?
Tim Allen Co. had sales revenue of $540,000 in 2004. Other items recorded during the year were: Cost of goods sold $320,000 Wage expense 120,000 Income tax expense 25,000 Increase in value of company...
Privack Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most...
HomeLife Life Insurance Company has two service departments ( actuarial and premium rating ) and two production departments ( advertising and sales ) . The distribution of each service department s...
Otsego Industries manufactured 300,000 units of product last year and identified the following costs associated with the manufacturing activity: Variable costs: Direct materials used Direct labor...

What monthly payment is required to pay off a $50,000 loan in seven years, if the interest

Question:

Step by Step Answer:

Given PV 50000 j 75 PY 12 n 127 84 a If m 1 then i 375 c 3080 112 and i 2 1 i c 1 1075 0...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions