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Damm [24]
3 years ago
7

Damien McCoy has loaned money to his brother at an interest rate of 5.85 percent. He expects to receive $987, $1,012, $1,062, an

d $1,162 at the end of the next four years as complete repayment of the loan with interest. How much did he loan out to his brother? (Round to the nearest dollar.)
Business
1 answer:
yKpoI14uk [10]3 years ago
3 0

Answer:

The answer is: $3,657

Explanation:

To determine the amount of the loan we have to calculate the present value of the future payments discounting the interest rate of 5.85%.

PV loan =   <u>$987   </u>   +   <u>   $1,012   </u>    +     <u>  $1,062   </u>    +      <u>  $1,162   </u>

                  1.0585         1.0585^2            1.0585^3             1.0585^4

PV loan = $932.45 + 903.23 + 895.47 + 925.64

PV loan = $3,656.80

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<u>Because despite not being an official standard, it is an informal rule that the company tends to follow because it gives good results, and is backed by the organizational culture of the company.</u>

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3 years ago
Gambrinus is a large company that owns and operates the breweries that produce Moosehead Lager, Bridgeport Ale, Pete's Wicked Al
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Answer:

The answer is departmentalization by product.

Explanation:

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7 0
3 years ago
Which following statement about FAFSA process are TRUE?
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3 0
3 years ago
Anastasia was trying to decide which investment plan would be best over 10 years. Bank A was offering 8.5% simple interest on he
mario62 [17]

Answer: Bank B is the better investment. In 10 years, her $2,000 will grow to $4,317.85, and with bank A, her $2,000 will grow to $3,700.

Explanation:

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8 0
3 years ago
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If a bond's coupon rate exceeds its yield to maturity, the bond is selling at ____________.
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