Accurate Answer? You borrow $80,000. You make monthlyrepayments over the next three years at a monthlyinterest rate of 3%. What is the amount of eachmonthly repayment?a. $3,664.30b. $28,282.43c. $2,326.50d. $26,800.11

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Answered: You borrow $80,000. You make monthly…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 25E

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If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?
Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
You borrow $80,000. You make monthly repayments over the next three years at a monthly interest rate of 3%. What is the amount of each monthly repayment? a. $3,664.30 b. $28,282.43 c. $2,326.50 d. $26,800.11
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Your client deposits $5 million in a savings account that pays 5 percent per year compounded quarterly. What will be the value of this deposit after 2.5 years? A. $5.625 million. b. $5.649 million. c. $5.661 million
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You borrow $80,000. You make monthly repayments over the next three years at a monthly interest rate of 3%. What is the amount of each monthly repayment? a. $3,664.30 b. $28,282.43 c. $2,326.50 d. $26,800.11