Suppose you take out a loan for 160 days in the amount of $14,000 at 7% ordinary interest. After 40 days, you make a partial payment of $1,500. After another 60 days, you make a second partial payment of $2,000. What is the final amount (in $) due on the loan? (Round your answer to the nearest cent.) $11850.22

Suppose you take out a loan for 160 days in the amount of $14,000 at 7% ordinary interest. After 40 days, you make a partial payment of $1,500. After another 60 days, you make a second partial payment of $2,000. What is the final amount (in $) due on the loan? (Round your answer to the nearest cent.) $11850.22

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

See similar textbooks

Similar questions

Please help and not handwritten, concept also pls
For a $26,000 student loan with a 6% APR, how much of the payment will go toward the principal and how much will go toward paying interest for each of the first six payments? Assume this is a 10-year loan with monthly payments. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Payment Interest Number Paid 1 2 3 4 5 LO 6 6 $ LA LA LA LA LA LA $ $ $ $ $ Principal Paid $ पीपीपीपीपीपी LA LA LA LA LA LA $ $ $ $ $
Choose the closest ancwer below. A. $744.52 B. $751.97 C. $867.00 D. $890.00 E. $667.33
Unsubsidized Student Loans Step 1 You receive a 10-year unsubsidized student loan of $33,000 at an annual Interest rate of 5.8%. Use simple interest to find your new total loan amount after you graduate in 4 years. (Round your answer to the nearest cent.) $7656 x 40656.00 Step 2 Your new total loan amount is $40656.00. What are your monthly loan payments for this loan? (Round your answer to the nearest cent.) %24 |x Submit Skip (you cannot come back)
Find the amount (in $) of interest on the loan. Principal $90,000 Rate (%) Need Help? Submit Answer 53³3 Read It Time 9 months S Interest
Suppose you take out a loan for 180 days in the amount of $15,500 at 13% ordinary interest. After 40 days, you make a partial payment of $1,000. What is the final amount due on the loan? (R to the nearest cent.) O $14,731.39 O $15,468.26 O $15,680.94 O $15,731.88
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
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 amount due on the loan? (Round to the nearest cent.) $14,826.11 O $15,543.68 O$15,772.99 O$15,832.06
How much is the loan amount if you need to borrow $350,000 for one year with 9% single payment interest and a 15% compensating balance. * O 326086.96 O 315000 O 3750000 O 411764.71 O 24000
ath Advanced MathQ&A LibraryYou borrow Ksh 1.2million to buy a new car. The lender charges 5% p.a. compounded at the end of each month. You intend to pay the loan off in 5 years. i. How much interest will you pay on the loanii. If the interest is compounded once a year instead of monthly, how much interest would you pay iii. What is the effective interest rate for the loan iv. How would the effective interest rate change if interest was compounded fortnightly instead of monthly? v. Generate a table to show how the Loan of 1million to 2million should be paid over 1 yr, 2yrs and 3yrs in successive quantums of 100,000 to enable any borrower to see what best fits their capability of repayment Formulae A = P(1 +i)n B =P(1+ i/m)mn C =(1+i/m)m- 1 You borrow Ksh 1.2million to buy a new car. The lender charges 5% p.a. compounded at the end of each month. You intend to pay the loan off in 5 years. i. How much interest will you pay on the loanii. If the interest is compounded once a year…
You have asked Raider Bank for a $20,000 signature loan, where you will be charged 1% per month informs you that the terms of the loan requires you to make monthly payments. What is the Excel F your daily payments that will be drawn from your account automatically? 200/12 PUNTO 145 and 200001
If you lend $3000 to a friend for 15 months at 8% annual simple interest, find the future value of the loan. $ Need Help? Read It Master It 4