We are given the following information:
PMT | $ 1,500.00 |
r | 10.20% |
frequency | 1 |
PV | $12,000.00 |
We need to solve the following equation of PV of an ordinary
annuity to arrive at the required n or the number of years
So it will take 17.43 years to pay off the loan
Repaying a Loan While Mary Corens was a student at the University of Tennessee, she borrowed...
While Mary Corens was a student at the University of Tennessee, she borrowed $12,000 in student loans at an annual interest rate of 8.20%. If Mary repays $1,500 per year, how long (rounded up to the nearest year) will it take her to repay the loan?
While Mary Corens was a student at the University of Tennessee, she borrowed $12,000 in student loans at an annual interest rate of 9.20%. If Mary repays $1,500 per year, how long (rounded up to the nearest year) will it take her to repay the loan?
please do numbers 3 and 4 with a formula. idk how to do
it
ng Urdinary annuities: a. $400 per year for ten years at 10% FV ( tr) b. $200 per year for 5 years at 5% = 200 (21. 10) = 16,374.90 c. $400 per year for 5 years at 0% 8 No heresy ooxs = (2,000 a. $6,374.96; $1,105.12; $2000 rate - 200cc.es). 1-14.105.12 3. While Mary Corens was a student at Loyola Marymount University, she borrowed...
answer those 4 please Fatima just borrowed 83,364 dollars. She plans to repay this loan by making a special payment of 29,387 dollars in 7 years and by making regular annual payments of 13,147 dollars per year until the loan is paid off. If the interest rate on the loan is 17.93 percent per year and she makes her first regular annual payment of 13,147 dollars immediately, then how many regular annual payments of 13,147 dollars must Fatima make? Round...
This fall Melissa finally repaid her student loan. She originally borrowed the money to pay tuition several years ago when she attended the State University(a qualified educational institution). This year Melissa paid a total of $2,400 of interest on the loan. If Melissa files single and report $70,000 of income and no other items of income or expense how much of the interest can she deduct? A. Melissa can take $1,400 as a credit. B. Melissa can deduct $1,600 for...
Angel Hall borrowed $82,000 for her granddaughter's college education. She must repay the loan at the end of nine years with 99% interest. What is the maturity value Angel must repay? (Round your answer to the nearest cent.)
Problem 3-9 Current and Quick Ratios The Nelson Company has $1,755,000 in current assets and $650,000 in current liabilities. Its initial inventory level is $325,000, and it will raise funds as additional notes payable and use them to increase inventory. How much can Nelson's short-term debt (notes payable) increase without pushing its current ratio below 2.1? Round your answer to the nearest cent. What will be the firm's quick ratio after Nelson has raised the maximum amount of short-term funds?...
Ann Hopkins borrowed $60,000 for her child's education. She must repay the loan at the end of 8 years in one payment with 5% interest. What is the maturity value Ann must repay? (Round your answer to the nearest cent.) Maturity value eBook
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...