While Mary Corns was a student at the University of Tennessee, she borrowed $12,000 in student loans

Question:

While Mary Corns was a student at the University of Tennessee, she borrowed $12,000 in student loans at an annual interest rate of 9 percent. If Mary repays $1,500 per year, how long, to the nearest year, will it take her to repay the loan?

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

Step by Step Answer:

Related Book For book-img-for-question

Financial management theory and practice

ISBN: 978-0324422696

12th Edition

Authors: Eugene F. Brigham and Michael C. Ehrhardt

See More Books

Question Posted: Mar 16, 2010 05:50 AM

See More Questions

While Mary Corens was a student at the University of Tennessee, she borrowed $12,000 in student loans at an annual interest rate of 9%. If Mary repays $1,500 per year, then how long (to the nearest...
While Steve Bouchard was a student at the University of Florida, he borrowed $12,000 in student loans at an annual interest rate of 9 percent. If Steve repays $1,500 per year, how long, to the...
While Lisa was a student at the University of Ottawa, she borrowed $12,000 in student loans a loan at an annual interest rate of 8%. If Lisa repays $1,600 per year, how long, to the nearest year,...
Have leadership scholars, over the past 50 years, managed to produce a clear, cookie-cutter profile of the ideal leader through more than 1,000 studies
Is it possible to have a copper-silver alloy that, at equilibrium, consists of an phase of composition 4 wt% Ag-96 wt% Cu and also a phase of composition 95 wt% Ag-5 wt% Cu? If so, what will be the...
MGM Resorts International owns and operates casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. For a recent year, the MGM Resorts International reported accounts and notes...
What are the implications for doing an internal analysis?
In August 2011, the PCAOB barred two former Ernst & Young LLP (E&Y) employees from auditing public companies, alleging they provided misleading documents to PCAOB inspectors who were evaluating the...
Suppose a commercial bank has checkable deposits of fifty thousand and the legal reserve ratio is ten percent if the banks required an excess of reserves are equal, then it's actual reserves
1. Woodbine had petitioned the INS to allow Filipinos as RNs, committing to pay them the same wages, but did not do so. What factors may have led to this failure? 2. Some of the Filipino RNs were...
To complete your last year in business school and then go through law school, you will need $10,000 per year for 4 years, starting next year (that is, you will need to withdraw the first $10,000 one...
You need to accumulate $10,000. To do so, you plan to make deposits of $1,250 per year, with the first payment being made a year from today, in a bank account that pays 12 percent annual interest....
Point Corporation acquired 60 percent of Stick Companys stock on January 1, 20X3, for $24,000 in excess of book value. On that date, the book values and fair values of Sticks assets and liabilities...
9. For diatomic molecules, the correct statement(s) about the molecular orbitals formed by the overlap of two 2pz orbitals is (are) (A) orbital has a total of two nodal planes. (B) * orbital has one...
12. The treatment of galena with HNO3 produces a gas that is (A) paramagnetic (C) an acidic oxide (B) bent in geometry (D) colorless
Determine the position of the centre of gravity (c.g.) and 2nd moment of inertia with respect to c.g. of the section shown below, where A = mm and B = 5 mm. a) x B A y B Calculate the x = mm with...
7. Consider the design of a burglar alarm for a house. When activated an alarm and lights will be activated to encourage the unwanted guest to leave. This alarm be activated if an unauthorized...
A uniform flat plate of metal is situated in the reference frame shown in the figure below.
For the combinations of a and degrees of freedom (df) in parts a through d below, use either Table IV in Appendix B or statistical software to find the values of x2 a>2 and x21 1 - a>22 that would be...
Using the information presented in Problem 13.4B, prepare a partial statement of cash flows for the current year, showing the computation of net cash flows from operating activities using the...
Evaluate the integral. t sinh mt dt
Find the future values of the following ordinary annuities. a. FV of $400 each 6 months for 5 years at a nominal rate of 12%, compounded semiannually b. FV of $200 each 3 months for 5 years at a...
Universal Bank pays 7% interest, compounded annually, on time deposits. Regional Bank pays 6% interest, compounded quarterly. a. Based on effective interest rates, in which bank would you prefer to...
a. Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next 5 years. The interest rate is 10%. b. How large must each annual payment be if...
Marigold industries had the following inventory transactions occur during 2020: 2/1/20 Purchase 51 units @ $46 cost/unit 3/14/20 purchase 98 units @ $49 cost/unit 5/1/20 purchase 68 units @ $53...
In this investment portfolio simulation, you and the bean counters, will invest and manage a fictitional amount of $ 1 , 0 0 0 , 0 0 0 during next three weeks. The simulation includes two fictitional...
Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2018 fiscal year: Cost Retail Beginning inventory...

While Mary Corns was a student at the University of Tennessee, she borrowed $12,000 in student loans

Question:

Step by Step Answer:

0 9 12000 1 1500 2 1500 1500 PVA PMTPVIFA 120...View the full answer

Financial management theory and practice

Students also viewed these Finance questions