lopes R Us needs to borrow $140,000 to increase its inventory of ski equipment for the upcoming season. The owner is confident that she will sell most, if not all, of the new inventory during the winter, so she wishes to borrow the money for only five months. Her bank has offered her a simple interest amortized loan at 8 7/8 % interest. (Round your answers to the nearest cent.) (a) Find the size of the monthly bank payment. $ (b) Prepare an amortization schedule for all five months of the loan. Payment Number Principal Portion Interest Portion Total Payment Amount Due after Payment 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ 5 $ $ $ $
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
lopes R Us needs to borrow $140,000 to increase its inventory of ski equipment for the upcoming season. The owner is confident that she will sell most, if not all, of the new inventory during the winter, so she wishes to borrow the money for only five months. Her bank has offered her a simple interest amortized loan at
%
interest. (Round your answers to the nearest cent.)
$
(b) Prepare an amortization schedule for all five months of the loan.
| Payment Number |
Principal Portion |
Interest Portion |
Total Payment |
Amount Due after Payment |
|---|---|---|---|---|
| 0 | $ | |||
| 1 | $ | $ | $ | $ |
| 2 | $ | $ | $ | $ |
| 3 | $ | $ | $ | $ |
| 4 | $ | $ | $ | $ |
| 5 | $ | $ | $ | $ |
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