3 years ago

Describe an example of an equity investment that can also produce income. (1-3 sentences)

1 answer:

4 0

We can take an example of an equity income<span> that can also produce income</span> is the profit paid by the organizations of which you have offers of stocks. Organizations pay yearly profits to its investors. Or another example is that you could lease or rent a house and get month to month rent from the renter.

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You plan to borrow $40,000 at a 6% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year pay

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Answer:

Interest for second year $2,114.08

Explanation:

given data

loan Amount = $40,000.00

Interest rate r = 6.00%

time period t = 7

solution

we get here first Equal Monthly Payment EMI that is express as

EMI = $\frac{P \times r \times (1+r)^t}{(1+r)^t-1}$ ................1

here P is Loan Amount and r is rate and t is time period

put here value and we get

EMI = $\frac{40000 \times 0.06 \times (1+0.06)^7}{(1+0.06)^7-1}$

EMI = $7165.40

now

we get here interest for second year that is

Closing balance at year 1 = opening balance + Interest - EMI Payment

Closing balance at year 1 = $40,000 + $2400 - $7165.40

Closing balance at year 1 = $35234.60

so Interest for second year $2,114.08

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