A $3,000 loan at 7.5% was repaid by two equal payments made 30 days and 60 days after the date of the loan. Determine the amount of each payment. Use the loan date as the focal date. Use 365 days a year.
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Loan payments of S700 due three months ago and of S1000 due today are to be paid by a payment of $800 in two months and a final payment in five months. 19% interest is allowed, and the focal date is five months from now, what is the amount of the final payment? The amount of each payment is $ (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed)...
Suppose that a loan is being repaid with 60 equal monthly payments, the first coming a month after the loan is made. If the rate of interest is 7.5 percent convertible monthly, and the amount of principal in the 22nd payment is 210, how much interest is in the 44th payment?
can somebody help me with 37,38 and (most needed) 40 please??? 200 The theory of interest 36. A loan is being repaid with 10 payments. The first payment is 10, the second 9, d so forth with the tenth payment being 1. Show that the amount of interest in te sixth payment is 5- ag- 37. A loan is repaid with payments which start at $200 the first year and increase by $0 per year until a payment of $1000...
Un July 1, a man borrowed $2000 at 6% simple interest. He paid $500 on August 30 and $600 on September 29. Find the balance on October 29 of the same year. A man owes $100, due in two months, and $400, due in eight months. His creditors have agreed to settle his debts by two equal payments in four months and ten months, respectively. Find the size of each payment if the rate of interest is 6% and the...
1.Shen took out a loan for 292 days and was charged simple interest at an annual rate of 2.5%. The total interest he paid on the loan was $146. How much money did Shen borrow? Assume that there are 365 days in a year, and do not round any intermediate computations. 2. To purchase $12,600 worth of lab equipment for her business, Isabel made a down payment of $1900 and took out a business loan for the rest. After 2...
This is an accounting project for my class. Can I please have the answers for each question and formulas? Not specific. Just the general formulas used for an annual payment, total interest payment, percentage of the total interest paid after 27 have been made. Thank you. Use the following check digits: Sum Total Cash flow = Sum interest paid Owe at end = $0 Sum Principal repaid = amount borrowed Sum Total Payment = Sum Interest paid + Sum principal...
Krista borrowed $10,119. The loan is to be repaid by three equal payments due in 65, 122, and 250 days from now respectively. Determine the size of the equal payments at an interest rate of 10% with a focal date of today.
15. A loan payment of $4200 was due 80 days ago, and another payment of $1800 is due in 40 days from now. What single payment 70 days from now will pay off the two obligations if interest is to be 8% and the agreed focal date is 70 days from now? 16. When Danny borrowed $2400, he agreed to repay the loan in two equal payments, to be made 90 days and 130 days from the day the money...
You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, each payment is part principal part interest) Loan Interest Rate Life (years) Date of Loan $902,000 12.80% 49 January 1, 2019 Use the installment method-not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. a) What is the annual payment? b) What are the total interest payments? c) After 29 payments have been made, what percentage...
Adelai Inc. loans you $32,000 for five years to buy a car. The loan must be repaid in 60 equal monthly payments. The annual interest rate on the loan is 8gercent. What is your monthly payment? Round to two decimal places. 7. 8. Your company has received a $50,000 loan from an industrial finance company. The annual payments are $6,202.70. If the company is paying 9 percent interest per year, how many loan payments must the company make? Round to...