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ololo11 [35]
3 years ago
15

g Jack and Jill borrow $21,000 at 7.2% amortized over 6 years to drill a well and renovate their kitchen and bathrooms. Assuming

that the monthly principal and interest payments are made as agreed, what is the loan balance at the end of 3 years
Business
1 answer:
leonid [27]3 years ago
6 0

Answer:

The loan balance at the end of 3 years is $11,626.26.

Explanation:

Prepare an Amortization Table to determine the loan balance at end of year 3

First, enter the following data in Financial Calculator to find the PMT, payment per month:

Pv = $21,000

r = 7.2%

n = 6 × 12 = 72

P/yr = 12

Fv = $0

PMT = ? - $360.0493

Thus the payment PMT per month is $360.0493.

Year 3

The following are balances extracted from Amortization schedule for Year 3.

Note : 36 months would have expired at end of year 3.

Principle = $ 3,619.94

Interest   = $1,060.70

Balance  = $11,626.26

Conclusion :

The loan balance at the end of 3 years is $11,626.26

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Based on writing standards, the inquiry letter for purchase should begin with the sender's address and be written like a formal letter.

<h3>Structures of Letter of Inquiry.</h3>
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4 0
2 years ago
Gail K. Company manufactures waterproof cell phone covers. During the current month, the purchasing manager purchased $26,700 of
Marianna [84]

Answer:

D : $88,800

Explanation:

<u>Cost of goods manufactured :</u>

Direct Material used in production                         $ 21,300

Indirect Material used in production                       $  3,700

Direct Labour                                                           $ 34,100

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Total Manufacturing cost                                        $ 75100

Add:Beginning Work in process inventory            $7,200

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= 1,250,000 - (20%*1,000,000)

= $1,050,000

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