7. What lump-sum amount of interest will be paid on a 10,000 loan that was madeon August 1, 2012, and repaid on November 1, 2021, with ordinary simpleinterest at 10% per year.

Given:- Principal Amount (P) =$10,000. Time period (T) = 9 years 3 months = 9.25 years (August 1,…

Answered: 7. What lump-sum amount of interest…

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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You are loaned $300 at the end of years 1, 2, and 3. You pay this loan back with payments of X at the end of year 5, and $300 at the end of years 4, 6, and 7. Find X if the effective annual interest rate i = .07
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Consider a loan of $2.5 million that is paid quarterly over a period of 10 years. Calculate the dollar amount of interest and loan principal repaid corresponding to each payment if the interest rate is 9% per year, compounded quarterly. What is the 5th Quarter Interest and also the 5th Quarter Principal Repayment respectively O a $157,274.15 and $232,276.07 O b. $97,158.12 and $95,032.24 O c. $46,919.62 and $32,752.85 O d. $52,601.74 and $42,841.70

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7. What lump-sum amount of interest will be paid on a 10,000 loan that was made on August 1, 2012, and repaid on November 1, 2021, with ordinary simple interest at 10% per year.