A debt of $52000 with interest at 9.6% compounded quarterly is to be repaid by equal payments at the end of everythree months for five years. Calculate the size of the monthly payments,total amount paid and cost of financing. PV = $1/YC/Y = n = PMT = $2 d. p. AMOUNT PAID $2 d. p. COST OF FINANCING = $2d.p.

The objective of the question is to calculate the size of the quarterly payments, total amount paid…

Answered: A debt of $52000 with interest at 9.6%…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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.
An amount of $6,880 is deposited into an account earning 3% interest compounded quarterly. How much will be in the account in 11 years and 6 months? Round the answer to the nearest cent. P/Y = 4 C/Y = 4 IY = %3D PV = 6880 PMT = 0 FV = %3D Submit Question
A debt of P120,000 is to be amortized by equal payments at the end of every quarter for 2 years. If the interest charged is 12% compounded semi-annually, find the outstanding principal after each payment is made. Construct an amortization schedule.
An 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 =
A 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?
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.
a 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?
onsider 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.)
A debt of $1908 with interest at 6.3% compounded annually is to be repaid by equal payments at the end of each year for 4 years. 1. What is the balance remaining (BAL) after the first payment? 2. What is the principal repaid (PRN) in the first period? 3. What is the interest paid (INT) in the first period?
Find the payment necessary to amortize a 12% loan of $2300 compounded quarterly, with 12 quarterly payments. The payment size is $ (Round to the nearest cent.)
To pay off a 100 000 00 loan, it is required that 20 semiannual payments that increase by 500.00 be made. determine the amount of the first payment if it due six months after the loan is made and interest if 7% compounded semi annuanly. draw the cash flow tnx.
A debt of $9445.01 is repaid by payments of $1025.67 in 4 months, $843.04 in 13 months, and a final payment in 35 months. If interest was 9% compounded quarterly, what was the amount of the final payment?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS