TMI Systems, a company that customizes software for construction cost estimates, repaid a loan obtained 5 years ago at 11% per year simple interest. If the amount that TMI repaid was $290,000, calculate the principal of the loan. The principal of the loan is $ .
TMI Systems, a company that customizes software for construction cost estimates, repaid a loan obtained 5...
tmi systems, a company that customizes software for construction cost estimates, repaid a loan obtained 7 years ago at 10% per year simple interest. if the amount that tmi repaid was $180,000. calculate the principal of the loan?
4. If $6,000 is obtained from a loan at 8% interest, to be repaid with a single payment in 5 years, what is the total amount to be repaid?
A publicly traded construction company reported that it just paid off a loan that it received 1 year earlier. If the total amount of money the company paid was $1.8 million and the interest rate on the loan was 11% per year, how much money did the company borrow 1 year ago? The amount of money that the company borrowed 1 year ago is $----
A construction company signed a loan contract at 4.18% compounded annually, with the provision to pay $455 at the end of each month for three years. (a) What is amount of the loan? (b) How much will be owed at the end of twenty months? (c) How much of the principal will be repaid within the first twenty months? (d) How much interest is paid during the first twenty months?
Problem 5 - Varying Payments and Equal Principal Repaid McKenna has a loan to be repaid by 17 annual payments at an effective annual interest rate of 3%. Payments 1-11 are $600 each, payments 12-15 are $340 each, and the last 2 payments are $570 each. Calculate the interest portion in McKenna's 14 th payment. I14=
A construction company signed a loan contract at 4.62% compounded semi-annually, with the provision to pay $725 at the end of each month for three years. (a) What is amount of the loan? (b) How much will be owed at the end of sixteen months? (c) How much of the principal will be repaid within the first sixteen months? (d) How much interest is paid during the first sixteen months?
A construction company signed a loan contract at 4.55% compounded semi-annually, with the provision to pay $460 at the end of each month for four years. (a) What is amount of the loan? (b) How much will be owed at the end of sixteen months? (c) How much of the principal will be repaid within the first sixteen months? (d) How much interest is paid during the first sixteen months?
A 5-year loan in the amount of $48,000 is to be repaid in equal annual payments. What is the remaining principal balance after the third payment if the interest rate is 5 percent, compounded annually?
On January 1, 2021, the company obtained a $3 million loan with a 11% interest rate. The building was completed on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 $ 1,290,000 March 1, 2021 780,000 June 30, 2021 240,000 October 1, 2021 690,000 January 31, 2022 1,080,000 April 30, 2022 1,395,000 August 31, 2022 2,520,000 On January 1, 2021, the company obtained a $3 million construction loan with a 11% interest rate. Assume the $3...
On January 1, 2021, the company obtained a $3 million loan with a 11% interest rate. The building was completed on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 $ 1,200,000 March 1, 2021 660,000 June 30, 2021 520,000 October 1, 2021 620,000 January 31, 2022 360,000 April 30, 2022 675,000 August 31, 2022 1,080,000 On January 1, 2021, the company obtained a $3 million construction loan with a 11% interest rate. Assume the $3...