Question
In: Accounting
3. Leo’s Auto Repairs Inc. borrowed $5500 to be repaid by end-of-month payments over four years....
3. Leo’s Auto Repairs Inc. borrowed $5500 to be repaid by end-of-month payments over four years. Interest on the loan is 9% compounded monthly.
What is the size of the periodic payment?
What is the outstanding principal after the 13th payment?
What is the interest paid in the 14th payment?
How much principal is repaid in the 14th payment?
4. To start their business, Ming and Ling borrowed $24 000 to be repaid by semi-annual payments over 12 years. Interest on the loan is 7% compounded semi-annually.
What is the size of the periodic payment?
What is the outstanding principal after the seventh payment?
What is the interest paid in the eighth payment?
How much principal is repaid in the eighth payment?
PLEASE DO IT ON PAPER SO IT WILL EASY FOR ME TO SUBMIT BCZ I HAVE ONLY 40 TO SUBMIT
THANK YOU
Solutions
ekkarill92 answered 2 years agoRelated Solutions
An auto repair shop borrowed $15,000 to be repaid by quarterly payments over 4 years. Interest...
An auto repair shop borrowed $15,000
to be repaid by quarterly
payments over 4 years. Interest on the loan is 3%
compounded quarterly.
(a) What is the size of the periodic payment?
(b) What is the outstanding principal after payment
10?
(c) What is the interest paid on payment
11?
(d) How much principal is repaid in payment
11?
Could you please show full steps as i want to use this as a
learning tool.
A loan is to be repaid over 30 years, with month-end repayments of 3,000. If the...
A loan is to be repaid over 30 years, with month-end repayments
of 3,000. If the interest rate is 6.5% p.a. compounded monthly.
Calculate the principal paid for year 10. Correct your answer to
the nearest cent without any units. (Do not use "$" or "," in your
answer. e.g. 12345.67)
A loan is to be repaid over 30 years, with month-end repayments of 9,000. If the...
A loan is to be repaid over 30 years, with month-end repayments
of 9,000. If the interest rate is 7.0% p.a. compounded monthly.
Calculate the interest paid for year 10. Correct your answer to the
nearest cent without any units. (Do not use "$" or "," in your
answer. e.g. 12345.67)
A loan is to be repaid over 30 years, with month-end repayments of 8,000. If the...
A loan is to be repaid over 30 years, with month-end repayments
of 8,000. If the interest rate is 3.8% p.a. compounded monthly.
Calculate the interest paid for year 10. Correct your answer to the
nearest cent without any units. (Do not use "$" or "," in your
answer. e.g. 12345.67)
A loan is to be repaid over 30 years, with month-end repayments of 8,000. If the...
A loan is to be repaid over 30 years, with month-end repayments
of 8,000. If the interest rate is 4.9% p.a. compounded monthly.
Calculate the loan outstanding balance at the end of 10 years.
Correct your answer to the nearest cent without any units. (Do not
use "$" or "," in your answer. e.g. 12345.67)
A loan is to be repaid over 30 years, with month-end repayments of 4,000. If the...
A loan is to be repaid over 30 years, with month-end repayments
of 4,000. If the interest rate is 5.3% p.a. compounded monthly.
Calculate the principal paid for year 10. Correct your answer to
the nearest cent without any units. (Do not use "$" or "," in your
answer. e.g. 12345.67)
A loan is to be repaid over 30 years, with month-end repayments of 6,000. If the...
A loan is to be repaid over 30 years, with month-end repayments
of 6,000. If the interest rate is 4.9% p.a. compounded monthly.
Calculate the interest paid for year 10. Correct your answer to the
nearest cent without any units. (Do not use "$" or "," in your
answer. e.g. 12345.67).
$5,000 are borrowed now with the understanding that it will be repaid in equal monthly payments over 24 months
$5,000 are borrowed now with the understanding that it will be
repaid in equal monthly payments over 24 months, if the interest
rate is 1% per month, for payment number 6 find the amount that is
due to principal? Your answer might be exact or to the closest.a. $833.33b. $194.83c. -540.54d. $40.54
Tedros borrowed $2 million and planned to repay the loan by making equal month-end payments over...
Tedros borrowed $2 million and planned to repay the loan by
making equal month-end payments over
a period of 10 years. The interest rate on the loan is 6%,
compounded monthly.
(a) Calculate the amount of monthly payment.
(b) Of the 60th payment, how much will be used to repay the
interest and principal for the month?
(c) Tedros plans to pay off the loan immediately after making
the 60th payment. What should the
size of the lump-sum (pre-)payment be?...
Tedros borrowed $2 million and planned to repay the loan by making equal month-end payments over...
Tedros borrowed $2 million and planned to repay the loan by
making equal month-end payments over
a period of 10 years. The interest rate on the loan is 6%,
compounded monthly.
(a) Calculate the amount of monthly payment.
(b) Of the 60th payment, how much will be used to repay the
interest and principal for the month?
(c) Tedros plans to pay off the loan immediately after making
the 60th payment. What should the
size of the lump-sum (pre-)payment be?...
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