Monthly payment = $1774.71
Effective annual rate = 7.02%
The equation for a loan payment is
P = r(PV)/(1-(1+r)^(-n))
where
P = Payment per period
PV = Present value
r = interest rate per period
n = number of periods
Since the 6.8% interest rate is APR, we need to divide by 12 to get the interest per month. So in the above equation r = 0.068/12 = 0.005666667, the number of periods is 48 and the Present Value is 74400. Let's plug in the numbers and calculate.
P = r(PV)/(1-(1+r)^(-n))
P = 0.00566666666666667(74400)/(1-(1+0.00566666666666667)^(-48))
P = 421.6/(1-(1.00566666666666667)^(-48))
P = 421.6/(1-0.762439412691304)
P = 421.6/0.237560587308696
P = 1774.70516
So the month payment rounded to 2 decimal places is $1774.71
The effective interest rate is
ER = (1 + r/12)^12 - 1
Let's plug in the numbers and calculate.
ER = (1 + 0.068/12)^12 - 1
ER = (1 + 0.00566666666666667)^12 - 1
ER = (1.00566666666666667)^12 - 1
ER = 1.07015988024972 - 1
ER = 0.07015988024972 = 7.015988024972%
So after rounding, the effective interest rate is 7.02%
Answer:
$340,000
Explanation:
Revenue target for September is $30,000 larger than its revenue target for June, since there are 3 months between June and September, its revenue target grew by $10,000 each month (= $30,000 / 3).
If the company's revenue target is $310,000 for December, and it continues to grow at the same rate, t will be $320,000 for January, $330,000 for February and finally $340,000 for March.
Changes in key characteristics like sex, age, or status can change the Demographic Trend of an area
Answer:
Times interest earned ratio = Net operating income/Interest expense
= $551,000/$512,000
= 1.08 times
Explanation:
Times interest earned is the ratio of net operating income to interest income. Net operating income = $551,000 and interest expense = $512,000. The division of net operating income by interest expense gives times interest earned ratio.
The sample of the population would be 'all students who attend one middle school and one high school in Atlanta, GA.'
