FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- A debt of $6434is to be settled by two equal payments due in 1 month and 7 months respectively. Determine the amount of the equal payments if money is worht 6% compounded monthly and the focal date is today.arrow_forwardAn amount of $8,430 is deposited into an account earning 7% interest compounded quarterly. How much will be in the account in 5 years and 9 months? Round the answer to the nearest cent. P/Y = C/Y = N = I/Y = PV = PMT = FV =arrow_forwardA debt of $6436.51 is repaid by payments of $1707.02 in 3 months, $1233.91 in 13 months, and a final payment in 23 months. If interest was 8% compounded semi-annually, what was the amount of the final payment?arrow_forward
- A debt of $52000 with interest at 9.6% compounded quarterly is to be repaid by equal payments at the end of every three months for five years. Calculate the size of the monthly payments,total amount paid and cost of financing. PV =$ I/Y= C/Y= i= n = PMT=$ AMOUNT PAID =$ COST OF FINANCING=$ 2 d.p. 2 d.p. 2 d.p.arrow_forwarda demand loan of 7000$is repaid by payments of 3500$ after two years, 3500$ after four years and a funal payment after seven years. interfest rate is 9% compunded quarterly for the first two years, 10% compoiunded annuannly for the next two years, and 10% compounded mointhly thereafter. what is the size of the final payment?arrow_forwardonsider the following loan. Complete parts (a)-(c) below. n individual borrowed $65,000 at an APR of 5%, which will be paid off with monthly payments of $442 for 19 years. ... a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ 65000, the annual interest rate is 5%, the number of payments per year is 12, the loan term is 19 years, and the payment amount is $ 442. b. How many total payments does the loan require? What is the total amount paid over the full term of the loan? There are 228 payments toward the loan and the total amount paid is $ 100776 c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest? The percentage paid toward the principal is% and the percentage paid for interest is%. (Round to the nearest tenth as needed.)arrow_forward
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