ZuoTi.Pro
Question

Hugh Curtin borrowed $30,000 on July 1, 2017. This amount plus accrued interest at 4% compounded...

Hugh Curtin borrowed $30,000 on July 1, 2017. This amount plus accrued interest at 4% compounded annually is to be repaid on July 1, 2022.

Click here to view the factor table.

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

How much will Hugh have to repay on July 1, 2022? (Round answer to 2 decimal places, e.g. 25.25.)

Amount to be repaid on July 1, 2022
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Amount to be repaid = $36,499.50

Working

Amount borrowed (A) Future value factor @4% (B) Amount to be repaid on July 1, 2022 (A x B)
$      30,000.00 1.21665 $      36,499.50
1 0
Add a comment
Know the answer?
Add Answer to:
Hugh Curtin borrowed $30,000 on July 1, 2017. This amount plus accrued interest at 4% compounded...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Hugh Curtin borrowed $31,500 on July 1, 2017. This amount plus accrued interest at 11% compounded...

    Hugh Curtin borrowed $31,500 on July 1, 2017. This amount plus accrued interest at 11% compounded annually is to be repaid on July 1, 2022. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much will Hugh have to repay on July 1, 2022? (Round answer to 2 decimal places, e.g. 25.25.) Amount to be repaid on July 1, 2022 $ tA

  • Brief Exercise G-6 Hugh Curtin borrowed $32,900 on July 1, 2017. This amount plus accrued interest...

    Brief Exercise G-6 Hugh Curtin borrowed $32,900 on July 1, 2017. This amount plus accrued interest at 8% compounded annually is to be repaid on July 1, 2022. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much will Hugh have to repay on July 1, 2022? (Round answer to 2 decimal places, e.g. 25.25.) Amount to be repaid on July 1, 2022

  • Brief Exercise G-1 Jozy Altidore invested $7,500 at 8% annual interest, and left the money invested...

    Brief Exercise G-1 Jozy Altidore invested $7,500 at 8% annual interest, and left the money invested without withdrawing any of the interest for 11 years. At the end of the 11 years, Jozy withdrew the accumulated amount of money. Click here to view the factor table (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) What amount did Jozy withdraw, assuming the investment earns simple interest? Accumulated amount (b) What amount did Jozy withdraw,...

  • Wingate Company borrowed $90,000 on January 2, 2019. This amount plus accrued interest of 6% compounded...

    Wingate Company borrowed $90,000 on January 2, 2019. This amount plus accrued interest of 6% compounded annually will be repaid at the end of 3 years. What amount will Wingate repay at the end of the third year? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 2 decimal places, e.g. 52.75.) Amount $

  • Alan Fowler borrowed 96,970 on March 1, 2018. This amount plus accrued interest at 10% compounded...

    Alan Fowler borrowed 96,970 on March 1, 2018. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1, 2028. To retire this debtAlan plans to contribute to a debt retirement five equal amounts starting on March 1 2023. and for the next years. The tund is expected to earn 9% per annum Click here to view factor tables How much must be contributed each year by Alan Fowler to provide a fund sufficient to retire...

  • Steve Fowler borrowed $91,850 on March 1, 2018. This amount plus accrued interest at 12% compounded...

    Steve Fowler borrowed $91,850 on March 1, 2018. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2028. To retire this debt, Steve plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2023, and for the next 4 years. The fund is expected to earn 11% per annum. Click here to view factor tables How much must be contributed each year by Steve Fowler to provide a fund...

  • Chris Fowler borrowed $94,680 on March 1, 2018. This amount plus accrued interest at 10% compounded...

    Chris Fowler borrowed $94,680 on March 1, 2018. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1, 2028. To retire this debt, Chris plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2023, and for the next 4 years. The fund is expected to earn 9% per annum. How much must be contributed each year by Chris Fowler to provide a fund sufficient to retire the debt on...

  • BLANK borrowed $97,320 on March 1, 2015. This amount plus accrued interest at 6% compounded semiannually...

    BLANK borrowed $97,320 on March 1, 2015. This amount plus accrued interest at 6% compounded semiannually is to be repaid March 1, 2025. To retire this debt, BLANK plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2020, and for the next 4 years. The fund is expected to earn 5% per annum. How much must be contributed each year by BLANK to provide a fund sufficient to retire the debt on March 1,...

  • Jose Reynolds deposited $10,000 in an account paying interest of 4% compounded annually. What amount will...

    Jose Reynolds deposited $10,000 in an account paying interest of 4% compounded annually. What amount will be in the account at the end of 4 years? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 2 decimal places, e.g. 52.75.) Amount $

  • 1. Steve Fowler borrowed $94,900 on March 1, 2018. This amount plus accrued interest at 6%...

    1. Steve Fowler borrowed $94,900 on March 1, 2018. This amount plus accrued interest at 6% compounded semiannually is to be repaid March 1, 2028. To retire this debt, Steve plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2023, and for the next 4 years. The fund is expected to earn 5% per annum. How much must be contributed each year by Steve Fowler to provide a fund sufficient to retire the debt...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT