Royal Bank issued a loan of $90,000 at 6.94% compounded semi-annually. The loan wasrepaid by payments of $3,350 at the end of every quarter.a. How many payments were required to pay off the loan?(Enter a whole number)b. What was the total principal repaid in the 5th year?(Enter starting and ending periods as P1 and P2 and the totalprincipal repaid as a positive value to the nearest cent.)P1 =P2=Total principal repaid in the 5th year-$c. What was the size of the final payment?(Enter a positive value to the nearest cent)

The periodic payment is the regular and equal repayment of the loan amount over the period of the…

Answered: Royal Bank issued a loan of $90,000 at…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Some recent financial statements for Smolira Golf, Inc., follow. SMOLIRA GOLF, INC.Balance Sheets as of December 31, 2018 and 2019 2018 2019 2018 2019 Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 3,211 $ 3,307 Accounts payable $ 2,153 $ 2,600 Accounts receivable 4,767 5,781 Notes payable 1,750 2,116 Inventory 12,478 13,782 Other 90 107 Total $ 20,456 $ 22,870 Total $ 3,993 $ 4,823 Long-term debt $ 13,400 $ 16,160 Owners’ equity Common stock and paid-in surplus $ 38,000 $ 38,000 Fixed assets Accumulated retained earnings 15,654 39,112 Net plant and equipment $ 50,591 $ 75,225…
A company has borrowed £776,600 from a bank. The loan is to be repaid by level instalments, payable annually in arrears for 18 years from the date the loan is made. The annual repayments are calculated at an effective rate of interest of 6.7% per annum for the first 8 years and 4. 6% per annum thereafter. Calculate, to 2 decimal places, the following: (i) The level annual payments of interest and capital: (ii) The total amount of capital repaid to the bank immediately after the 12th payment: Hint: This is the opposite of the loan outstanding. (iii) The total amount of interest paid to the bank during the first 12 years: Hint: Considering all of the payments made during the first 12 years.
TD Canada Trust issued a loan of $61,000 at 6.14% compounded semi-annually. The loan was repaid by payments of $810 at the end of every month. How many payments were required to pay off the loan? (Enter a whole number) interest paid as a positive value to the nearest cent.) P 1 = What was the total interest paid in the 6th year? (Enter starting and ending periods as P1 and P2 and the total P2 = Total interest paid in the 6th year = $ What was the size of the final payment? (Enter a positive value
A bank charges Cash Inc. an interest rate of 4.5% compounded quarterly on its line of credit. If 0.5% was added to the effective interest rate, calculate the new interest rate compounded quarterly. % Round to two decimal places
A debt of $30,000 is repaid over 12 years with payments occurring quarterly. Interest is 9% 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 debt of $6436.51 is repaid by payments of $1707.02 in 3 months, $1233.91 in 13 months, and a final payment in 23 months. If interest was 8% compounded semi-annually, what was the amount of the final payment?
8. An amount of P 5000 is deposited in a bank paying an annual interest rate of 3.1% compounded continuously. Find the balance after 3 years. A. P 8754.31 B. P 4857.31 C. P 7584.31 D. P 5487.31
(1)
You have taken a loan of $6,000.00 for 3 years at 2.9% compounded monthly. Fill in the table below: (Round all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest Balance 0) $6,000.00 1) $ 2) 3) $ $
3. A loan of $6000 was repaid by quarterly payments of $450. If interest was 12% compounded monthly, how long did it take to pay back the loan?
A loan of 25,000 is being repaid with annual payments of 2,243 at the end of the year. The interest rate on the loan 7.5%. Calculate the interest in the 5th payment (rounded to nearest tens).
A series of 10 end-of-year deposits is made that begins with $7,000 at the end of year 1 and decreases at the rate of $300 per year with 10% interest.a. What amount could be withdrawn at t = 10 b. What uniform annual series of deposits (n = 10) would result in the same accumulated balance at the end of year 10.

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