Big Brothers, Inc. borrows $424,186 from the bank at 9.51 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 6 years. How much will each annual payment be? Round the answer to two decimal places.
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- Olfert Inc. is repaying a loan of $52500.00 by making payments of $4700.00 at the end of every six months. If interest is 7.5% compounded semi-annually, the outstanding balance after the first, second, third payment will be respectively: O 49268.75, 47565.08 and 43995.14 O 49768.75, 45015.08 and 42105.48 49768.75, 46935.08 and 43995.14 O48425.12, 45238.21 and 42355.23 Mrs. Robinson madeWhat is the amount of each payment if Plascote Industries borrows $32,600, at an annual interest of 6.35 percent compounded monthly for 5 years and the first monthly payment is due today?JPY Inc borrowed $705,000 for 30 years at a rate of 4.68% APR compounded monthly, with first payment due one-month from today. What is the equal monthly payment on this loan? A) 3697.98 B) 3673.85 C) 3647.93 D) 3620.19
- A loan of $2766 borrowed today is to be repaid in three equal installments due in two years, three years, and six years, respectively. What is the size of the equal installments if money is worth 7.7% compounded annually? The payments are each $ ☐ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)An amount of $15,000 is borrowed from the bank at an annual interest rate of 12%. Solve, a. Calculate the equal end-of-year payments required to completely pay off the loan in four years. b. Calculate the repayment amounts if the loan ($15,000) will be repaid in two equal installments of $7,500 each, paid at the end of second and fourth years respectively. Interest will be paid each year.You have borrowed $28,000 at an interest rate of 12% compounded annually. Equal payments will be made over a four-year period, with each payment made at the end of the corresponding year? What is the interest payment for the second year?(a) $1,800(b)$2,251(c) $1,089(d)$2,657
- Bank A pays 6% simple interest annually on its investment accounts. If Bank B pays interest on its account compounded semiannually, what is the annual percentage rate (APR) should the bank set if it wants to match Bank A over an investment horizon of 10 years?You have taken a loan of $92,000.00 for 35 years at a 4.9% annual interest rate, with interest compounded quarterly. Fill in the amortization table below to show how the payments will be applied to interest and principal: (Round all answers to 2 decimal places. Please note the order of the headings in the table - make sure you put the answers in the appropriate columns as layed out below.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) $ LA tA +A LA $ Balance $92,000.00 tA LAD K Dan borrowed $906.00 today and is to repay the loan in two equal payments. The first payment is in three months, and the second payment is in nine months. If interest is 5% per annum on the loan, what is the size of the equal payments? Use today as the focal date. The size of the equal payments is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
- An amount of $14,000 is borrowed from the bank at an annual interest rate of 11%. a. Calculate the equal end-of-year payments required to completely pay off the loan in 4 years. b. Calculate the repayment amounts if the loan ($14,000) will be repaid in two equal installments of $7,000 each, paid at the end of second and fourth respectively. Interest will be paid each year. years Click the icon to view the interest and annuity table for discrete compounding when i= 11% per year. a. The equal end-of-year payments required to pay off the loan in 4 years are $ per year. (Round to the nearest dollar.)A loan of $36,999.85 is to be repaid by payments at the end of each quarter for eight years. Each payment is 5% higher than its predecessor. The loan is made at a nominal rate of discount of 4% payable quarterly. Find the balance just after the 20th payment, the amount of interest in the twentieth payment, and the amount of principal in the twentieth payment. (Round your answers to the nearest cent.) balance after 20th payment amount of interest in 20th payment amount of principal in 20th paymentA 161,781 loan is being repaid with monthly payments for 8 years. The first payment is 800 and is made one month from today. Each subsequent payment increases by X (dollars, not percent). The annual effective rate is 6%. Determine X.