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
UkoKoshka [18]
3 years ago
15

A 100,000 loan is being repaid in 360 monthly installments at a 9% nominal annual interest rate compounded monthly. The first pa

yment is due at the end of the first month. Determine which payment is the first where the amount of principal repaid exceeds the amount of interest paid.
Business
2 answers:
skad [1K]3 years ago
6 0

Answer:

The payment after 1 year will be

F=P(1+i)^n

n=1 year

P=100,000

F=100000(1+0.09)

F=109000 after 1 year

interest=9/100*100000=90000

exceeded payment=109000-90000=19000

ale4655 [162]3 years ago
4 0

Answer: The 269th

Explanation:

payment= 100000×(9%/12)/(1-1/(1+9%/12)^360)

=804.6226169

Note that,

payment equal to the sum of principal and interest.

Payment= Principal + interest.

principal>interest

payment - interest >interest

interest<payment/2

Therefore,

Interest <804.6226169/2

Interest<402.3113085

The oustanding loan at the beginning of the month<402.3113085 × 12/9%

The loan oustanding at the beginning of the month < 53641.5078

So, the first month will be month after the month where loan oustanding after the monthly payment is less than 53641.5078

Time taken for the balance to reach less than 53641.5078 is NPER(9%/12,-804.6226169,100000,-53641.5078)=267.234234 or 268 months

Hence, first month is 268+1=269

You might be interested in
Sherry owns a car business. She just received a shipment of Volkswagen SUVs. She paid $60,000 for each vehicle and wants to make
densk [106]

The selling price of the price that is offered to the buyer of the goods. The selling price of the car should be $<u><em>75,000</em></u>.

<h3>What is the selling price?</h3>

The selling price is the ultimate value of the goods the seller is willing to offer to the buyer at the time of sale. It is determined by adding up the profit margin to the actual cost of the goods.

The computation of the selling price of the car:

Given,

  • Cost price =$60,000
  • Margin =25%

\begin{aligned}\text{Selling Price}&=\text{Cost Price}+\text{Margin}\\&=\$60,000+(\$60,000\times25\%)\\&=\$60,000+\$15,000\\&=\$75,000\end{aligned}

Therefore, if Sherry wants to make 25% on the sale of each car then the car must be sold at $75,000 each.

Learn more about selling price, here:

brainly.com/question/3798799

5 0
2 years ago
When using a __________ strategy, there is no change in either the basic product line or the markets served. Instead, increased
Dima020 [189]

Answer: market development

Explanation: In simple words,market development refers to the strategy in which a firm tries to cover new market or increase its sales in the existing market through promotion or product development etc.

These strategies are usually used by the multinational corporations that are going to start their business in some new foreign country.

Hence from the above we can conclude that the correct option is B.

6 0
3 years ago
What are the approaches for learning Economics effectively?
mixer [17]
the linear stages of growth model, theories and patterns of structural change, the international dependency revolution, and the neoclassical theories. The term economic development is a term that economists, politicians, and others have used frequently.
7 0
3 years ago
In two or three sentences, write a brief ending you might use in an interview to be courteous and positive about following up.
AleksandrR [38]
Thank you for your time with me, I eagerly await your response (email)

Thank you for your time, would you be available again soon to follow up on these matters? (in person)
8 0
3 years ago
Read 2 more answers
When the price of hot dogs decreases, what happens in the market for the complementary good of hot dog buns?.
NikAS [45]
I’m pretty sure it’s that the market for complementary goods increase
7 0
1 year ago
Other questions:
  • Explain why the basic economic problem will even affect Bill Gates (Founder and Chairman of Microsoft and one of the world’s wea
    7·1 answer
  • Barbara wants to reconcile her bank statement. She needs to calculate beforehand and look for when she gets her statement.
    7·1 answer
  • Instructions<br><br> Question:<br><br> State the usefulness of correction signs.<br><br> ‌
    14·1 answer
  • The newly discovered island of Mogran is in the process of setting up a new country and establishing a monetary system. The Mogr
    9·1 answer
  • When a manager decides to give a sales rep a bonus at the end of the fiscal year for a job well done, what type of reward is thi
    13·1 answer
  • Other things the same, if the interest rate falls, then a. firms will want to borrow more, which increases the quantity of loana
    6·1 answer
  • Suppose that investment demand increases by $300 billion in a closed and private economy (no government or foreign trade). Assum
    8·1 answer
  • From a business perspective, ___________ taxes are analogous to the personal property taxes paid by individuals.
    8·1 answer
  • Free xp for the first people to awnser
    15·2 answers
  • Jose 25 kg is father is 5 kg less than 3 times jose's weight what is the weight of jose father​
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!