1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Genrish500 [490]
3 years ago
5

Total interest paid on a 30-year straight note was $230,000 during the term of the loan. The annual interest rate was 6.6%. What

was the loan amount?
Business
1 answer:
dsp733 years ago
3 0

Answer:

$116,161.616

Explanation:

Given that,

Total interest paid = $230,000

Time period = 30 year

Annual interest rate = 6.6%

Total interest on loan = Loan amount × Interest rate × Time period

$230,000 = Loan amount × 6.6% × 30 years

Loan amount:

=\frac{230,000}{0.066\times 30}

=\frac{230,000}{1.98}

      = $116,161.616

Therefore, the loan amount is $116,161.616.

You might be interested in
The residuals are observations of the error variable . Consequently, the minimized sum of squared deviations is called the sum o
kenny6666 [7]

The statement in the question is True.

<u>Explanation:</u>

In statistics, the residual sum of squares (RSS), otherwise called the sum of squared residuals (SSR) or the total of squared estimate of errors (SSE), is the aggregate of the squares of residuals (deviations anticipated from real observational estimations of information). It is a proportion of the error between the information and an estimation model.

A little RSS demonstrates a tight attack of the model to the information. It is utilized as an optimality standard in parameter determination and model choice.

6 0
3 years ago
Which of the following is false? Group of answer choices Lateness in any of the activities located on the critical path would re
Vlad1618 [11]

Answer:

If an activity has a slack value greater than zero, it needs to be a critical activity

Explanation:

The false statement in the group of answer choices is If an activity has a slack value greater than zero, it needs to be a critical activity this is because for an activity to be considered a critical activity its slack value has to be equal to zero and not greater than zero,

activities with critical value greater than zero are considered just activities and not critical activities because there is time range given to the activity

5 0
3 years ago
Often, through​ government-supported programs, students may obtain​ "bargain" interest rates such as​ 6% or​ 8% to attend colleg
ehidna [41]

Answer:

amount of interest due after 6 month is $1344

Explanation:

given data

borrowed P =  ​$42,000

interest rate = 6.4​% = 0.064

time period = 6 month  = 0.5 year

solution

we get here interest amount on 6 month that is express as

interest = principal ×  rate × time   ..........1

put her value and we get

interest  = 42,000 × 0.064  × 0.5

interest  = $1344

so amount of interest due after 6 month is $1344

5 0
3 years ago
How much do paranormal investigators make yearly?
aleksandr82 [10.1K]
They make around  $40,000.

Hope this helps !

Photon
6 0
3 years ago
Read 2 more answers
Activity-based costing uses a number of activity cost pools, each of which is allocated to products on the basis of direct labor
Gemiola [76]

F. False

Activity based costing uses a number of cost-activity pools, each of which could have a different allocation base.

4 0
3 years ago
Other questions:
  • Which one of the following would NOT result in incremental cash flows and thus should NOT be included in the capital budgeting a
    14·1 answer
  • Heavy Metal Corporation is expected to generate the following free cash flows over the next five years.
    11·1 answer
  • 2) If a country, like the US, can produce all of the goods and services needed by
    14·1 answer
  • In a market economy, those who are willing and able to buy what is produced
    12·1 answer
  • One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $500 per
    6·1 answer
  • The Martins' home has potentially unsafe levels of radon, but they have no idea because it is odorless and they have not been fe
    5·1 answer
  • Donovan and Keith both work as line employees at the Widget Corporation plant. They are both big fans of the San Francisco Forty
    14·1 answer
  • Anurag receives an annuity that pays $1,000 at the end of each month. He wishes to replace it with an annuity that has the same
    11·1 answer
  • A company bought a parcel of land twenty years ago. The land is currently worth $575,000. The yearly appreciation rate has been
    6·1 answer
  • What is a traditional career?
    5·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!