Compute the size of the final payment for the following loan.PeriodicPayment $590Payment PaymentPeriod Made at:6 monthsbeginningPrincipal $9100Interest Rate CompoundingPeriodsemi-annually%9The size of the final payment is $(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)

Amounts are paid by equal periodic payments and these payments carry the payment of interest and…

Answered: Compute the size of the final payment…

Compute the size of the final payment for the following loan. Periodic Payment Payment Period Principal $ Payment $ Made at: 9100 590 6 months beginning Interest Rate Compoun Perio semi-ann % 9

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: a. Complete an amortization schedule for a $12,000 loan to be repaid in equal installments at the…

A: workings:

Q: Complete the equal-payments four -year amortization table. Interest rate on this loan is…

A: An amortization schedule is a complete table of periodic loan payments, showing the amount of…

Q: Complete an amortization schedule for a $34,000 loan to be repaid in equal installments at the end…

A: Amortization means writing off of loan at regular and equal payment through out the loan period.…

Q: Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage…

A: The annual percentage rate is the rate of interest that is charged on the borrowed amount by the…

Q: Note: Round all answers to the nearest cent when necessary. Calculate the amount financed, the…

A: When funds are financed from outside, they carry a finance charge which is the cost of using those…

Q: The required end of month payment on a 3-year loan bearing interest at 8.5% compounded monthly is…

A: The original amount of loan is calculated as present value of monthly payments

Q: What is the monthly interest expense for the following open-end credit loan? Loan balance of…

A: The open ended credit loan you have to pay interest on balance amount used and calculation are done…

Q: The following loan was paid in full before its due date a) Find the value of h using an appropriate…

A: Given:APR = 7.2%Regular Monthly Payment = $247Number of payments after Payoff (n) =8

Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

A: Solution Rate (in %) for the loan = Interest / principal amount * 360/ days of loan

Q: Given the annual interest rate and a line of an amortization schedule for that loan, complete the…

A: Annual interest rate = 5.4% Monthly interest rate = 5.4%/12 = 0.45% Closing balance = $ 4,464.20…

Q: se MV=P(1+RT) to find the maturity value (in$) of the loan. principal: $730,000 rate: 13.35%…

A: Maturity value means the value which is received on the maturity of the investment or end of its…

Q: Prepare an amortization schedule for the first 2 payments of a $99,000 mortgage at 3% for 20 years.…

A: The question is based on the concept of Financial Accounting.

Q: Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using…

A: Finance Charge is the total interest paid during the time period of the project. Finance charge is…

Q: Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days.…

A: Principal amount The actual amount borrowed by the borrower or lent by the financial institution is…

Q: a. Complete an amortization schedule for a $19,000 loan to be repaid in equal installments at the…

A: The amortization schedule represents how the principal balance on the loan will be repaid over the…

Q: A loan of $10,000 at a fixed annual effective interest is being repaid by level annual payments. The…

A: Data given: Outstanding balance immediately after the 9th payment = $6,665.29 Outstanding balance…

Q: Calculate the missing information for the loan. Round percents to the nearest tenth and days to the…

A: The loan is an agreement between the two parties, In which one party is a loan provider and the…

Q: The portion of the payment that is applied to interest in year 1-4 is

A: Simple interest is a method of calculating the charge on a loan. Simple interest is calculated for…

Q: Find the APR (true annual interest rate), to the nearest half percent, for the following loan.…

A: The Annual Percentage Rate (APR) represents the yearly cost of borrowing money through loans or…

Q: Calculate the missing information for the loan. Round percents to the nearest tenth and days to the…

A: We need to use simple/ordinary/exact interest formula to solve this problem Simple interest(exact)…

Q: Calculate the missing information for the loan. Round percents to the nearest tenth and days to the…

A: In contrasts to a fee that the borrower may pay the lender or another party, interest is a payment…

Q: Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using…

A: Rate can be calculated using Rate function in excel. =RATE(nper, pmt, pv, [fv], [type], [guess])…

Q: Use the amortization table to determine how much interest is paid in the first 4 months of the loan.…

A: whenever the lender makes the loan advance to the borrower, then he levies interest on the principal…

Q: Use this table to find the monthly mortgage payments, when necessary. Tanyarita has a mortgage of…

A: Mortgage amount = $52,500 Interest rate = 7.5% Time duration (n) = 20 years. Property tax = $2,600…

Q: Note: Round all answers to the nearest cent when necessary. Calculate the amount financed, the…

A: A finance charge is an interest payment that is over & above the principal payment.

Q: Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the…

A: Exact interest: Interest = Principal * Interest rate Interest = $136,000*7.30%*64/365 Interest =…

Q: Maturity Value (in $) Rate Time Interest rincipal Interest (%) (days) Method $3,500 168 Exact $220…

A: Solution: Maturity value = principal + interest = 3500 + 220 = $3,720

Question

Compute the size of the final payment for the following loan.
Periodic
Payment $
590
Payment Payment
Period Made at:
6 months
beginning
Principal $
9100
Interest Rate Compounding
Period
semi-annually
%
9
The size of the final payment is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as
needed.)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Calculations and analysis

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 9 6 months $1,575
The principal P is borrowed at simple interest rate r for a period of time t. Find the loan's future value, A, or the total amount due at time t. Round answer to the nearest cent. P=$900, r=6%, t=2 months
Calculate the present value (principal) and the compound interest (in $). Use Table 11-2. Round your answers to the nearest cent. CompoundAmount Term ofInvestment NominalRate (%) InterestCompounded PresentValue CompoundInterest $28,500 18 months 4 semiannually $ $
The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r. P = $2300, A = $2722, t = 6 months.
Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash proceeds received and available to use for the 60-day period is RO19600 what is the actual interest rate on this note? a. 12.24% b. 12.00% c. 10.00% d. 12.45%
Using this table as needed, calculate the required information for the mortgage. Number Table Monthly Payment (in $) Term Total Amount Interest of $1,000s Financed of Loan Factor Interest Financed Rate (years) (in $) (in $) $74,500 8.00% 30 %24
The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $445.22 Remaining Number of Scheduled Payments after Payoff 6 APR 11.0% Click the icon to view the annual percentage rate table. (a) h=$ (b) The unearned interest is $ (c) The payoff amount is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)
Determine the maturity date and compute interest for each note. Days to be used per year 360 days Note 1 2 3 Required: Note Contract Date HN3 1-Mar 15-May 20-Oct Principal Contract Date $10,000 15,000 8,000 (Use cells A5 to F8 from the given information to complete this question.) Maturity Date Interest Expense Interest Rate 6% 8% 4% Period of Note (Term) 60 days 90 days 45 days
Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,400 10.4 days $222
The loan below was paid in full before its due date: (a). Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $494.14 APR 4.0% Remaining Number of Scheduled Payments after Payo!! 12 Click the icon to view the annual percentage rate table. (b) The unearned interest is (Round to the nearest cent as needed) (c) The payoff amount is $(Round to the nearest cent as needed)
Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 8 6 months $1,800