4. You borrowed $17,131 on January 1st. The annual interest rate is 7%. Interest is compounded annually. No annual payments are made but you will repay principal and interest in full at the end of nine years. What amount will you repay? Round your answer to two decimal places.

4. You borrowed $17,131 on January 1st. The annual interest rate is 7%. Interest is compounded annually. No annual payments are made but you will repay principal and interest in full at the end of nine years. What amount will you repay? Round your answer to two decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Suppose you deposit $ 1296 today and your account will accumulate to $ 5637 in 9 years. What is the rate of interest? Input your answer in decimals, not percentages. Round your answer to four decimals places.
Suppose that $850,000 is invested in a savings account paying 5.25% interest per year. (Round answers to nearest hundredths or two decimal places.) a) Find the amount in the account after 11 years if interest is compounded monthly. 1 b) Find the amount in the account after 11 years if interest at continuous compound interest. c) How much interest was earned from continuous compounding in the 11 years? d) How long will it take for the amount in the account to grow to $2,000,000 if interest is compounded quarterly?
You wish to save $58000 in an account which pays 7% compounded quarterly by making monthly deposits for 8 years. What is the amount of the deposits? $ (Round to 2 decimal places.) Submit Question
Anna places $384 each quarter into an account that earns. If the account earns 1.41% interest compounded quarterly. After 7 years, the amount in the account should be? What kind of account is this
You deposit $1,000 at the end of the year (k = 0) into an account that pays interest at a rate of 6% compounded annually. Two years after your deposit, the savings account interest rate changes to 12% nominal interest compounded monthly. Six years after your deposit, the savings account again changes its interest rate; this time the interest rate becomes 8% nominal interest compounded quarterly. Nine years after your deposit, the saving account changes its rate once more to 5% compounded annually. a. How much money should be in the savings account 18 years after the initial deposit, assuming no further changes in the account's interest rate? b. What interest rate, compounded annually, is equivalent to the interest pattern of the saving account in Part (a) over the entire 18 year period? a. S should be in the savings account 18 years after the initial deposit. (Round to the nearest dollar.) b. The interest rate equivalent to the interest pattern of the saving account in Part (a) over…
You deposit $1,000 in the bank at an annual interest rate of 8%. Interest is compounded once per year. In one year's time you have $ ------ In two year's time you have $ ------- Enter numbers rounded to two decimal places as necessary.
If you put $259 into a bank account that pays 3.5% interest, compounded 9 times per year, how much interest will the account pay over 2 years? Round your answer to two decimal places if necessary.
Suppose that you deposited $5,999 at the end of each year in a Roth IRA account earning an annual rate of 5.01% for the next 15 years. How much would be on deposit at the end of the 15th year? In the space below, please indicate what the following variables are (enter answers to four decimal places and be mindful as to whether the variable is a positive or negative number): 1. PV 2. FV 3. Rate % 4. Periods 5. Payment
3. If you were to deposit $399.27 into an account today that pays 8% interest annually, with a payment of $100 at the end of each year, what would you be left with at the end of 5 years? in excel
If I plan to avail of a loan today and I will pay it P7,338 every start of the month for 6 years charged by an interest rate of 11.6% compounded quarterly. How much money will I take home today if I will avail of the loan, in pesos, answer in two decimal places?
how much interest will an account earn if you deposited $435 at the end of every six months for 7 years and the account earned 4.75% compounded semi-annually?
You deposit $4000 in an account that pays 6% interest compounded semiannually. After 3 years, the interest rate is increased to 6.28% compounded quarterly. What will be the value of the account after a total of 6 years?