You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest)
Loan amount $670,000
Interest Rate 11.4%
Life 54 years
Date of Loan January 1, 2021
Use the installment method - not straight line
Do NOT round any interrmediate numbers.
Do NOT turn this into a monthly problem.
Do NOT put in minus signs, answer all positive numbers.
Required:
1. What is the annual payment (round to the nearest $)?
$
2. What are the total interest payments (round to the nearest $)?
$
3. After 34 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?
%
4. After 34 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?
%
Redo the problem if the interest rate is 2%
(for a well designed spreadsheet this should take 30 seconds)
Required:
5. What is the annual payment (round to the nearest $)?
$
6. What are the total interest payments (round to the nearest $)?
$
7. After 34 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?
%
8. After 34 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?
%
Answers: 3
Business, 22.06.2019 11:30
Which of the following is not an example of one of the four mail advantages of prices on a free market economy
Answers: 1
Business, 22.06.2019 15:40
Colter steel has $5,550,000 in assets. temporary current assets $ 3,100,000 permanent current assets 1,605,000 fixed assets 845,000 total assets $ 5,550,000 assume the term structure of interest rates becomes inverted, with short-term rates going to 10 percent and long-term rates 2 percentage points lower than short-term rates. earnings before interest and taxes are $1,170,000. the tax rate is 40 percent earnings after taxes = ?
Answers: 1
Business, 22.06.2019 20:30
Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)
Answers: 3
You borrow money on a self liquidating installment loan (equal payments at the end of each year, eac...
Mathematics, 15.07.2019 23:30
Mathematics, 15.07.2019 23:30
History, 15.07.2019 23:30
History, 15.07.2019 23:30
Health, 15.07.2019 23:30
Biology, 15.07.2019 23:30
Health, 15.07.2019 23:30
English, 15.07.2019 23:30