2. Costa farms borrowed $6,100 6 years ago to purchase a new automated fertilizer. They have made no payments and now owe $10,045 6 years later. what is the interest on the loan? Margin of error .003 Enter your answer as a decimal not a percent. So if the interest calculate is 7.34 % you should enter 0.0743 You deposit and withdraw the amounts shownbelow into a savings account that earns 6.63%every year. What is the value of the account atthe end of the 6th period?Remember: Unless otherwise stated the numberon a cash flow diagram represents the end of theperiod. So the $250 arrow on the #3 is depositedat the end of the third year.Margin of error $3$2001$600$400 $400$350ILH$2002$250$350$2503 4 5 6 7 8 9 10$400

The concept of time value of money will be used in this case. We are provided with present value,…

2. Costa farms borrowed $6,100 6 years ago to purchase a new automated fertilizer. They have made no payments and now owe $10,045 6 years later. what is the interest on the loan? Margin of error .003 Enter your answer as a decimal not a percent. So if the interest calculate is 7.34 % you should enter 0.0743

2. Costa farms borrowed $6,100 6 years ago to purchase a new automated fertilizer. They have made no payments and now owe $10,045 6 years later. what is the interest on the loan? Margin of error .003 Enter your answer as a decimal not a percent. So if the interest calculate is 7.34 % you should enter 0.0743

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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TABLE 14.2 Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan) Terms in months 6 12 18 24 30 36 42 48 54 60 7.50% $ 170.34 86.76 58.92 45.00 36.66 31.11 27.15 24.18 21.88 20.04 8.00% $ 170.58 86.99 59.15 45.23 36.89 31.34 27.38 24.42 22.12 20.28 8.50% 9.00% $ 170.83 $ 171.20 87.22 87.46 59.37 59.60 45.46 45.69 37.12 37.35 31.57 31.80 27.62 27.85 24.65 24.77 22.36 22.59 20.52 20.76 10.00% $ 171.56 87.92 60.06 46.14 37.81 32.27 28.32 25.36 23.07 21.25 10.50% $ 171.81 88.15 60.29 46.38 38.04 32.50 28.55 25.60 23.32 21.49 11.00% $ 172.05 88.38 60.52 46.61 38.28 32.74 28.79 25.85 23.56 21.74 11.50% $ 172.30 88.62 60.75 46.84 38.51 32.98 29.03 26.09 23.81 21.99 12.00% $ 172.55 88.85 60.98 47.07 38.75 33.21 29.28 26.33 24.06 22.24 12.50% $ 172.80 89.08 61.21 47.31 38.98 33.45 29.52 26.58 24.31 22.50 13.00% $ 173.04 89.32 61.45 47.54 39.22 33.69 29.76 26.83 24.56 22.75 13.50% $ 173.29 89.55 61.68 47.78 39.46 33.94 30.01 27.08 24.81 23.01…
Cc. 204.
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None
I keep getting EAR wrong
JUVE ANG 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 interest of .09 per year, how many loan payments must the company make? (Hint: Calculating by hand is difficult, try using a calculator/excel/etc.) Instruction: Round to the nearest whole number. E.g., if your answer is 77.77, you should type ONLY the number 78, neither 77.77, nor 77.8. Otherwise, Blackboard will treat it as a wrong answer.
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