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
adelina 88 [10]
3 years ago
15

Upon graduation from​ college, Warren Roberge was able to defer payment on his ​$33 comma 000 student loan for 9 months. Since t

he interest will no longer be paid on his​ behalf, it will be added to the principal until payments begin. If the interest is 4.55​% compounded monthly​, what will the principal amount be when he must begin repaying his​ loan?
Business
2 answers:
inn [45]3 years ago
4 0

Answer:

The principal when he begins repaying the loan will be $34,143.45¢

Explanation:

To calculate what the principal amount will be by the time he commences repayment of his loan (nine months later), we would attempt using the compound interest formula. The formula for calculating compound interest:-

Fv = Pv × [1 + (r/n)]^(n×t)

Where Fv = future value

Pv = present value

r = rate of interest

n = number of times of compounding in a year.

With respect to the question:

Pv = 33,000

r = 4.55% = 0.0455

t = 9 months = 3/4 years/0.75years.

n = 12 (since compounding is monthly)

Substituting appropriately:-

Fv = 33,000 × [1 + (0.0455/12)]^(12×0.75)

Fv = 33,000 × (1 + 0.003792)^9

Fv = 33,000 × [(1.003792)^9]

Fv = 33,000 × 1.03465

Fv = $34,143.45¢(new principal)

The interest that would have accrued during that period is $34,143.45 - $33,000 = $1,143.45¢.

Since this interest will be added to the initial amount Warren borrowed, then the resulting principal by the time he begins repayment of the loan after deferring it for nine months will be $34,143.45¢

Vedmedyk [2.9K]3 years ago
3 0

Answer: $ 34143.356

Explanation:

Solution

Compound interest A = P ( 1 + i )^ 9

Where i is the rate

Future value of the loan after 9 months

P = 33000, i = 4.55/100 = 0.0455÷12

n = 9

Substitute the values into the above formular

A = 33000 ( 1 + 0.0455/12)^9

A = $ 34143.356

You might be interested in
Winchell wrote a contract that involves two separate performance obligations. Winchell cannot estimate the stand-alone selling p
Semenov [28]

Given :

Stand alone price of product B = $100

Price of the combined product = $120

To Find :

Stand alone price of product A

Solution :

Now,

Stand alone price of Product A = 120 - 100 = $20

The allocation ration for the product A and B =

<u>Stand alone price of product A</u>

Stand alone price of product B

<u> </u><u> </u><u>20</u><u> </u><u> </u> = 1:5

100

Allocated to the performance obligation for delivering product A =

$120 x <u> </u><u> </u><u>1</u><u> </u><u> </u><u> </u>

1+6

$17.1

So the answer is $ 17.1

Learn more about Transaction Price here:

brainly.com/question/25899244

#SPJ2

5 0
2 years ago
Which of the following is important in determining the extent of competition in an industry?
diamong [38]
The answer is c

i hope that helped
5 0
2 years ago
If nominal gdp is $12 trillion and real gdp is $10 trillion, then the gdp deflator is
Juli2301 [7.4K]
<span>If nominal gdp is $12 trillion and real gdp is $10 trillion, then the gdp deflator is: </span><span>120, and this indicates that the price level has increased by 20 percent since the base year.</span>
<span>
GDP deflator reflect the effects of new prices to the product that produced domestically. 
It calculated with this equation:

GDP Deflator = GDP Nominal/Real GDP x 100

= 12 Trllion /10 Trillion   x 100
= 120</span>
6 0
2 years ago
The entry to record a purchase of $5,000 on account, terms of 2/10, n/30, would include a
Nezavi [6.7K]

Calculate, from the following information accumulated by Bob​ Verna, the adjusted cash balance at the end of July.

Bank statement ending cash balance​ $6,000

General ledger cash balance ending​ 8,500

Bank monthly service charge 90

Deposits in transit​ 5,000

Outstanding cheques​ 3,000

NSF cheque returned with bank statement 410


4 0
3 years ago
Read 2 more answers
Does anyone have a copy of the spreadsheet assignment for career prep b
daser333 [38]

Answer:

030

Explanation:

030

6 0
2 years ago
Other questions:
  • Discuss the venture capital process
    12·1 answer
  • Estee Lauder Co.now sells most of its flagship products directly online. This choice, made around 2000, resulted in substantial
    8·1 answer
  • A consumer lives on a diet of solely steak and potatoes. Her budget is ​$30 for every 10 days and she must buy enough potatoes t
    13·1 answer
  • Your auto insurance policy has a $200 monthly premium and $700 deductible. What is the maximum amount you will have to pay out-o
    12·2 answers
  • The PCAOB has the power to
    7·1 answer
  • The nation of Tazia exports agricultural products and in turn imports products that it does not produce such as computers and el
    13·1 answer
  • Sau khi thực hiện kiểm toán, KTV xác định là:
    12·1 answer
  • Assume that your total cost per unit to make a snack is $4.50. Your company is using a cost-plus pricing strategy and would like
    7·1 answer
  • A jacket potato vendor charges $3.92 per potato sold. The variable cost of each potato served is $1.21. The stall has a fixed co
    13·1 answer
  • “Marketing is Significant for Both Profit and Non-Profit Organizations”Do you agree with this statement? Explain​
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!