Review Problem 9 #30 algo (LO6)Three equal payments were made one, two, and three years after thedate on which a $17,200 loan was granted at 10.5% compoundedmonthly. If the balance immediately after the third payment was$6,056.94, what was the amount of each payment? (Do not roundintermediate calculations and round your final answer to 2 decimalplaces.)Each payment$

Loans are paid by equal payment and these payments carry the payment for interest and as well as…

Answered: Three equal payments were made one,…

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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A loan of $2766 borrowed today is to be repaid in three equal installments due in two years, three years, and six years, respectively. What is the size of the equal installments if money is worth 7.7% compounded annually? The payments are each $ ☐ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
How long will it take $800 to double if it earns the following rates? Compounding occurs once a year. Round your answers to two decimal places. 6%. year(s) 11%. year(s) 17%. year(s) 100%. year(s)
Payments of $1800 and $2400 were made on a $10,000 variable-rate loan 18 and 30 months after the date of the loan. The interest rate was 11.5% compounded semiannually for the first two years and 10.74% compounded monthly thereafter. What amount was owed on the loan after three years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Amount owed after 3 years
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The interest rate on a $15,300 loan is 9.7% compounded semiannually. Semiannual payments will pay off the loan in nine years. (Do not round intermediate calculations. Round the PMT and final answers to 2 decimal places.) a. Calculate the interest component of Payment 12. $ b. Calculate the principal component of Payment 5. Principal c. Calculate the interest paid in Year 8. Interest paid d. How much do Payments 5 to 8 inclusive reduce the principal balance? Principal reduction Interest
Find the compound amount and the amount of interest earned by the following deposit. $3,000 at 4.77% compounded continuously for 9 years. What is the compound amount? (Round to the nearest cent.)
Find the final amount of money in an account if $500 is deposited at 7% interest compounded quarterly (every 3 months) and the money is left for 8 years. The final amount is $ . Round answer to 2 decimal places
A loan of $1980 can be repaid in 145 days by paying the principal sum borrowed plus $55 interest. What was the rate of interest charged? The interest rate is%. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
Determine the amount of the ordinary annuity at the end of the given period. (Round your final answer to two decimal places.) $100 deposited per month at 2% per month for 24 months
Krista borrowed $17,432. The loan is to be repaid by three equal payments due in 80, 154, and 263 days from now respectively Determine the size of the equal payments at an interest rate of 7% with a focal date of today The size of the equal payments is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)

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