Paws and Claws Pet Supplies borrowed $85,000 to build a new warehouse. The company borrowed the money for 15 years at an interest rate of 10% per year, and the monthly payments are $915.46. When the company makes the first payment at the end of the first month of the loan, by how much will the payment reduce the principal of the loan?
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- Falco Inc. financed the purchase of a machine with a loan at 3.50% compounded semi-annually. This loan will be settled by making payments of $9,100 at the end of every six months for 8 years. a. What was the principal balance of the loan? b. What was the total amount of interest charged?Lush Gardens Co. bought a new truck for $66,000. It paid $6,600 of this amount as a down payment and financed the balance at 4.50% compounded semi-annually. If the company makes payments of $2,200 at the end of every month, how long will it take to settle the loan? years months Katherine obtained a business loan of $245,000 at 5.09% compounded semi-annually. a. What was the size of the semi-annual payments to be made over 25 years in order to pay off the loan? b. Calculate the interest paid on the loan. How long would it take to save at least $13,500.00 by making deposits of $800.00 at the end of every 6 months in a savings account that earns 3.63% compounded quarterly? years monthsFalco Inc. financed the purchase of a machine with a loan at 3.34% compounded semi-annually. This loan will be settled by making payments of $7, 100 at the end of every six months for 7 years. a. What was the principal balance of the loan? b. What was the total amount of interest charged?
- A trucking firm purchased two B-train trucks for $325 000. It paid 20% as a down paymentand obtained a bank loan for the rest. The loan has a nominal interest rate of 10.5% compoundedmonthly with a 10-year amortization period. The loan term is 10 years. What are the firm's monthlypayments to the bank?RKI Instruments borrowed $4,850,000 from a private equity firm for expansion of its facility for manufacturing carbon monoxide monitors. The company repaid the loan after 1 year with a single payment of $5,300,000. What was the interest rate on the loan? The interest rate on the loan was % per year.An auto repair shop borrowed $15,000 to be repaid by semi-annual payments over 8 years. Interest on the loan is 12% compounded semi-annually. (a) What is the size of the periodic payment? (b) What is the outstanding principal after payment 10? (c) What is the interest paid on payment 11? (d) How much principal is repaid in payment 11?
- A company financed the purchase of a machine with a loan at 2.5% compounded monthly. This loan would be settled by making payments of $9,400 at the end of every month for 5 years. a. What was the principal balance of the loan? $0.00 Round to the nearest cent b. What was the total amount of interest charged on the loan? $0.00 Round to the nearest centIn order to purchase another truck, Beatty Transport recently obtained a $125,000 loan for five years at 7.8% compounded semiannually. a. What are the monthly payments on the loan? b. The company is considering selling the truck at the end of 3 years and paying off the balance of the loan. What should the monthly payments be so that the value of loan at the end of the first 3 years is $55,000?Sampson Company just purchased a piece of equipment with a value of $53,300. Sampson financed this purchase with a loan from the bank and must make annual loan payments of $13,000 at the end of each year for the next five years. Interest is compounded annually on the loan. What is the interest rate on the bank loan? Round your answer to the nearest whole number.fill in the blank 1 % 2. Simon Company needs to accumulate $200,000 to repay bonds due in six years. Simon estimates it can save $13,300 at the end of each semiannual period at a local bank offering an annual interest rate of 8% compounded semiannually. Calculate the amount accumulated at the end of six years. Round your answer to the nearest whole dollar.$fill in the blank 2 Will Simon have enough money saved at the end of six years to repay the bonds?
- Sheridan Service has a line of credit loan with the bank. The initial loan balance was $7000.00. Payments of $2500.00 and $3000.00 were made after five months and nine months respectively. At the end of one year, Sheridan Service borrowed an additional $4000.00. Ten months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage loan if the line of credit interest was 7% compounded monthly? The amount of the loan is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)Falco Inc. financed the purchase of a machine with a loan at 2.82% compounded quarterly. This loan will be settled by making payments of $8,000 at the end of every quarter for 5 years. a. What was the principal balance of the loan? Round to the nearest cent b. What was the total amount of interest charged? Laura invested $650 at the end of every month in an investment fund that was earning interest at a rate of 4.44% compounded monthly. She stopped making regular deposits at the end of 5 years when the interest rate changed to 6.66% compounded quarterly. However, she let the money grow in this investment fund for the next 2 years. a. Calculate the accumulated balance in her investment fund at the end of 5 years. Round to the nearest cent b. Calculate the accumulated balance in her investment fund at the end of 7 years. Round to the nearest cent c. Calculate the total interest earned over the 7-year period.General Computers Inc. Purchased a computer server for $72,000. It paid 30.00% of the value as a down payment and received a loan for the balance at 7.50 compounded semi annually. It made payments of $2,650.32 at the end of every quarter to settle the loan. A. How many payments are required to settle the loan? compounded
