Suppose you take out a loan for 180 days in the amount of $15,500 at 14% ordinary interest. After 40 days, you make a partial payment of $1,000. What is the final amountdue on the loan? (Round to the nearest cent.)$14,826.11O $15,543.68O$15,772.99O$15,832.06

answer Principal amount = $15,500 rate of interest = 14% partly payment after 40days partly…

Answered: on the loan? (Round to the nearest…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

Borrowed $5,000 at a simple interest rate of 10% p.a. and charged interest of $600. What is the time period of the loan? | = P x r x t STEP-BY-STEP Isolate t ...... time period = years Round your final answer to two decimal places.
ANSWER ASAP THE SUBQUESTIONS
a)loan of £16,000 is repaid by annual payments of £1,500 each at the end of the year. How long does it take to repay the loan on the basis of an interest rate of 4% p.a.? b)Suppose the payment at t=14 is increased to repay the loan (a balloon payment). What is the value of the payment at t=14? Enter an answer correct to 2 decimal places c)Alternatively, the loan may be repaid via a payment at t=15�=15 (a drop payment). What is the value of the payment at t=15? Enter an answer correct to 2 decimal places
You are looking at a one-year loan of $10,000. The interest rate on a one-year loan is quoted as 13 percent plus 3 points. What is the EAR? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Effective annual rate Is your answer affected by the loan amount? O Affected 16.79 % Not affected
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PayDay Loans is offering a special on one- year loans. The company will loan you $5, 000 today in exchange for one payment of $5, 900 one year from now. What is the APR on this loan? (a) 10.63 percent (b) 11.20 percent (c) 11.63 percent (d) 17.93 percent (e) 18.00 percent
Calculate the amount of interest to be paid on a $50,000 loan over the next 28 months if money earns 8.6% p.a simple interest. Select one: O a. $120,400 O b. $10,033.34 c. $836.12
A BANK CHARGES 15% SIMPLE INTEREST ON A P500.00 LOAN. HOW MUCH WILL BE REPAID IF THE LOAN IS PAID BACK IN ONE LUMP SUM (FUTURE AMOUNT) AFTER THREE YEARS? O a. P572.00 O b. P752.00 O c. P725.00 O d. P275.00
A $42,000 loan is repay with semi annual payment of $5000. What is the size of the final payment of money is borrowed at 6% Compounded semi annually? A. $4125.09 B. 4227.79 C. 4004.94 D 4114.35 E 3090.00
1. Based on the information, determine the value of each "? " in the following table Loan principal = &10,000 Interest rate 6% / yr Duration of loan = 3 yrs 66 66 %3D EOY Interest Paid Principal Payment 1 $600 ? 2 $411.54 $3,329.46 3 ? ?
Find the future value of this loan. $16,916 at 6.8% for 18 months The future value of the loan is $ (Round to the nearest cent as needed.)
The interest on a loan of R2 000 to be repaid

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on the loan? (Round to the nearest cent.) $14,826.11