All categories

2 years ago

Perry Mazza wants to borrow $40,000 from the bank. The interest rate is 7% and the term is for 5 years.

1 answer:

8 0

The yearly payment amount for a loan of $40,000 at 7% interest and for 5 years that Perry Mazza borrowed is $9,755.63.

<h3>How to calculate the annual payments?</h3>

The annual payments can be computed using an online finance calculator as below.

The results show that a total interest of $8,778.15 will be paid by Perry Mazza.

<h3>Data and Calculations:</h3>

N (# of periods) = 5 years

I/Y (Interest per year) = 7%

PV (Present Value) = $40,000

FV (Future Value) = $0

<u>Results:</u>

PMT = $9,755.63

Sum of all periodic payments = $48,778.15 ($9,755.63 x 5)

Total Interest $8,778.15

Thus, the yearly payment amount for a loan of $40,000 at 7% interest and for 5 years that Perry Mazza borrowed is $9,755.63.

Learn more about computing annual payments at brainly.com/question/24576997

You might be interested in

A recent study found that the death rate for people who sleep 6 to 7 hours per night is lower than the death rate for people who

vaieri [72.5K]

Type of employment, indicator for chronic illness, drug, or alcohol use these variables are likely useful to add to the regression to control for important omitted variables.

What is sleep pattern?

The word sleep pattern, commonly referred to as a sleep-wake pattern, refers to a person's schedule for going to bed and getting up as well as their napping habits. The frequency and length of sleep disruptions may also be part of the sleep pattern.

Type of employment, Chronic illness and drug/alcohol use they ought to be included in regression since they disturb sleep patterns.

As a result, option (a) Type of employment. (b) Indicator for chronic illness. (c) Drug or alcohol use is correct.

Learn more about on sleep pattern, here:

brainly.com/question/25287169

#SPJ1

3 0

2 years ago

After a large hotel chain discovered that their computer systems had been hacked and customer credit card information had been a

Gnesinka [82]

The hotel's quick action in response to a serious situation was likely due to CYBER SECURITY BREACH. It is a threat not only to the customers but to the hotel business as well because with this breach, customers will find it hard to trust said hotel again.

Because confidential data like credit card information were stolen, they need to immediately inform their customers to ensure that the customers will take the necessary steps in protecting themselves from having their identity stolen and from having their credit cards used in purchasing items they are not aware off.

4 0

3 years ago

Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X2.

VARVARA [1.3K]

Answer:

here for points

Explanation:

3 0

3 years ago

Tierney Company begins operations on April 1. Information from job cost sheets shows the following.

a_sh-v [17]

Answer:

April 30 Work in Process Inventory $11,200

May 31 Work in Process Inventory $22,300

June 30 Work in Process Inventory $11,100

Explanation:

Calculation for the balance in Work in Process Inventory at the end of each month

April 30 Work in Process Inventory=$6,200+$5,000

April 30 Work in Process Inventory=$11,200

May 31 Work in Process Inventory =$5,000+$ 4,700+$5,600+$7,000

May 31 Work in Process Inventory =$22,300

June 30 Work in Process Inventory= $7,000 + $4,100

June 30 Work in Process Inventory= $11,100

Therefore the balance in Work in Process Inventory at the end of each month will be :

April 30 Work in Process Inventory $11,200

May 31 Work in Process Inventory $22,300

June 30 Work in Process Inventory $11,100

6 0

3 years ago

All societies face a trade-off between equality and efficiency.

Sedaia [141]

Answer: decrease in efficiency / increase in equality

Explanation: Efficiency and Equality are two economic terms used to define the distribution of a countries wealth or resources. Efficiency describes how a country aims to manage its resources in other to attain maximum output while equality describes equal distribution of a nation's wealth. In the scenario above, if the country raises income taxes on the wealthiest Americans while increasing welfare payment to the poorest, this shows an idea of redistribution of wealth so that income from the wealthy is transferred to the poor by reducing the profit of the wealthy and raising the income of the poor. Now, these has an effect on the efficiency of the economy, with increased incentive and payment being offered to the poor and a decrease in the profit made by the wealthy due to increased taxes. The desire to put maximum effort to work reduces on the path of both, hence leading to a decrease in production of goods and services hence, decrease in efficiency

3 0

3 years ago