Dustin obtained a business loan of $220,000 at 5.21% compounded semi-annually.a. What was the size of the semi-annual payments to be made over 30 years in order to pay off the loan?$0.00Round to the nearest centb. Calculate the interest paid on the loan. Calculate the accumulated amount of end-of-month payments of $1,500 made at 7.26% compounded quarterly for 3 years. How many more payments would be required to be able to accumulate at least $54,000 by saving $1,650 at the beginning of every month instead of $1,650 at the end of every 6 months? Assume an interest rate of 4.73% compounded semi-annually.
Dustin obtained a business loan of $220,000 at 5.21% compounded semi-annually.a. What was the size of the semi-annual payments to be made over 30 years in order to pay off the loan?$0.00Round to the nearest centb. Calculate the interest paid on the loan. Calculate the accumulated amount of end-of-month payments of $1,500 made at 7.26% compounded quarterly for 3 years. How many more payments would be required to be able to accumulate at least $54,000 by saving $1,650 at the beginning of every month instead of $1,650 at the end of every 6 months? Assume an interest rate of 4.73% compounded semi-annually.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Dustin obtained a business loan of $220,000 at 5.21% compounded semi-annually.
a. What was the size of the semi-annual payments to be made over 30 years in order to pay off the loan?
$0.00
Round to the nearest cent
b. Calculate the interest paid on the loan.
Calculate the accumulated amount of end-of-month payments of $1,500 made at 7.26% compounded quarterly for 3 years.
How many more payments would be required to be able to accumulate at least $54,000 by saving $1,650 at the beginning of every month instead of $1,650 at the end of every 6 months? Assume an interest rate of 4.73% compounded semi-annually.
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