The Superior Tool Company is repaying a debt of $16,000 by payments of $1000 (a) How many payments are needed to repay the debt? (b) What is the size of the final payment? (a) The number of payments to be made is (Round up to the nearest whole number.) (b) The amount of the last payment is $ (Round to the nearest cent as needed.)
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- A loan of $6,000 is repaid by payments of $544 at the end of every three months. Interest is 7% compounded quarterly. (a) How many payments are required to repay the debt? (b) What is the size of the final payment? (a) The number of payments is (Round up to the nearest whole number.) (b) The size of the final payment is S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)Suppose $154 is deposited at the end of every year into an account earning 5.5% per annum compounded semi-annually. If the balance in the account is to be $14,700, how many deposits are needed? The number of deposits needed isThe Superior Tool Company is repaying a debt of $16,000 by payments of $1000 made at the end of every three months. Interest is 7.5% compounded monthly. (a) How many payments are needed to repay the debt? (b) What is the size of the final payment? (a) The number of payments to be made is (Round up to the nearest whole number.)
- A loan of $12,000 is repaid by payments of $571 at the end of every three months. Interest is 9% compounded quarterly (a) How many payments are required to repay the debt? (b) What is the size of the final payment?General Computers Inc. purchased a computer server for $60,500. It paid 45.00% of the value as a down payment and received a loan for the balance at 9.00% compounded semi-annually. It made payments of $2,100.12 at the end of every quarter to settle the loan. a. How many payments are required to settle the loan? Round up to the next paymentA loan of $7000.00 is repaid by payments of $450 at the end of every three months. Interest is 6% compounded quarterly. a) The number of payments is ________. b) The size of the final payment is $__________. (round answer to nearest cent)
- A company financed the purchase of a machine with a loan at 2.5% compounded monthly. This loan would be settled by making payments of $9,400 at the end of every month for 5 years. a. What was the principal balance of the loan? $0.00 Round to the nearest cent b. What was the total amount of interest charged on the loan? $0.00 Round to the nearest centYour company borrows $500,000 from a bank to finance the purchase of a new machine. The nominal annual Interest rate Is 8%. The loan is to be fully amortized over 2 years, with equal payments made at the end of each 6-month perlod. 1. What will be the total amount of loan principal repald during the entire first year? 2. What will be the total amount of Interest pald during the entire second year? (Note: For each question, please show detalled explanations as to how you proceed to your answer along with detailed calculations).A loan of $28,500 is repaid by payments of $725 at the end of every month. Interest is 3.4% compounded monthly. What is the size of the final payment?
- A company financed the purchase of a machine with a loan at 4.5% compounded semi-annually. This loan would be settled by making payments of $9,100 at the end of every six months for 6 years. a. What was the principal balance of the loan? $0.00 Round to the nearest cent b. What was the total amount of interest charged on the loan?To finance the development of a new product, a company borrowed $29000 at 4% compounded monthly. If the loan is to be repaid in equal annually payments over nine years and the first payment is due one year after the date of the loan , what is the size of the annual payment?Lush Gardens Co. bought a new truck for $52,000. It paid $5,720 of this amount as a down payment and financed the balance at 4.08% compounded semi-annually. If the company makes payments of $1,700 at the end of every month, how long will it take to settle the loan? a. How many deposits will the company have to make to settle the loan? Round up to the next whole number b. How long will it take to settle the loan? years months E Express the answer in years and months, rounded to the next payment period