Josef Company borrowed money that must be repaid in 15 years. The company wants to make sure the loan will be repaid at the endof year 15. So it invests $11,600 at the end of each year at 10% interest compounded annually. What was the amount of the originalloan? (Use Table 13.1) (Do not round intermediate calculations. Round your answer to the nearest cent.)................Loan amount TABLE13-1Ordinary annuity table: Compound sum of an annuity of $1Period 2%3%4%5%6%7%8%9%10%11%12%13%11.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00002.02002.03002.04002.05002.06002.07002.08002.09002.10002.11002.12002.13003.06043.09093.12163.15253.18363.21493.24643.27813.31003.34213.37443.406944.12164.18364.24654.31014.37464.43994.50614.57314.64104.70974.77934.84985.20405.30915.41635.52565.63715.75075.86665.98476.10516.22786.35286.48036.30816.46846.63306.80196.97537.15337.33597.52337.71567.91298.11528.322777.43437.66257.89838.14208.39388.65408.92289.20049.48729.783310.089010.40478.8.58298.89239.21429.54919.897510.259810.636611.028511.435911.859412.299712.75739.754610.159110.582811.026511.491311.978012.487613.021013.579514.164014.775715.415710 10.949711.463912.006112.577913.180813.816414.486615.192915.937416.722017.548718.419711 12.168712.807813.486314.206814.971615.783616.645517.560318.531219.561420.654621.814312 13.412014.192015.025815.917116.869917.888418.977120.140721.384322.713224.133125.650213 14.680315.617816.626817.712918.882120.140621.495322.953424.522726.21 1628.029129.984714 15.973917.086318.291919.598621.015022.550524.214926.019227.975030.094932.392634.882715 17.293418.598920.023621.578523.275925.129027.152129.360931.772534.405437.279740.417416 18.6392 20.156921.824523.657425.672527.888030.324333.003435.949739.189942.753346.67 1717 20.0120 21.761623.697525.840328.212830.840233.750336.973740.544744.500848.883753.739018 21.4122 23.414425.645428.132330.905633.999037.450341.301445.599250.395955.749761.725119 22.840525.116927.67 1230.538933.759937.378941.446346.018551.159156.939563.439770.749420 24.297326.870429.778133.065936.785540.995445.762051.160257.275064.202872.052480.946825 32.0302 36.459341.645947.727054.864463.248973.106084.701098.3471114.4133133.3338155.619430 40.5679 47.575456.084966.438679.058094.4606 113.2833 136.3077164.4941199.0209241.3327293.198940 60.401775.401295.0254 120.7993 154.7616 199.6346 259.0569 337.8831442.5928 581.8260767.0913 1013.703050 84.5790 112.7968 152.6669 209.3470 290.3351 406.5277 573.7711 815.0853 1163.9090 1668.77 10 2400.0180 3459.50 10Note: This is only a sampling of tables avallable. The Business Math Handbook shows tables from % to 15%.

Given: Loan Repaid Period = 15 years Invest Amount = $11,600 Rate = 10%

sef Company borrowed money that must be repaid in 15 years. The company wants to make sure the loan will b year 15. So it invests $11,600 at the end of each year at 10% interest compounded annually. What was the amour n? (Use Table 13.1) (Do not round intermediate calculations. Round your answer to the nearest cent.)

sef Company borrowed money that must be repaid in 15 years. The company wants to make sure the loan will b year 15. So it invests $11,600 at the end of each year at 10% interest compounded annually. What was the amour n? (Use Table 13.1) (Do not round intermediate calculations. Round your answer to the nearest cent.)

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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