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
nikdorinn [45]
3 years ago
11

arren has a loan with an effective interest rate of 5 percent per annum. He makes payments at the end of each year for 10 years.

The first payment is 200, and each subsequent payment increases by 10 per year. Calculate the interest portion in the fifth payment.
Business
1 answer:
Bond [772]3 years ago
6 0

Answer:

interest portion of fifth payment = $66.89 ≈ $67

Explanation:

effective interest rate = 5% yearly

first payment = $200

second payment = $210

third payment = $220

fourth payment = $230

fifth payment = $240

sixth payment = $250

seventh payment = $260

eighth payment = $270

ninth payment = $280

tenth = $290

using a financial calculator, I determined the present value (principal) of the loan = $1,860.87

then I prepared an amortization schedule:

interest portion of fifth payment = $66.89 ≈ $67

Download pdf
You might be interested in
If elodea is an aquatic plant, you can conclude that it releases which has into its environment as a result of photosynthesis?
Andre45 [30]

An Aquatic plant also is like other plants which produce photosynthesis. So it releases Oxygen to the environment

3 0
3 years ago
Rowe Furniture Corporation is a Virginia-based manufacturer of furniture. In a recent quarter, it reported the following activit
Zina [86]

Answer:

$5,857; $1,105

Explanation:

Cash flows from investing activities:

= Proceeds from sale of property and equipment + Sale of investments - Purchase of property, plant, and equipment

= $6,594 + $134 - $871

= $5,857

Therefore, the net cash provided by the investing activities is $5,857.

Cash flows from Financing activities:

= Borrowings under line of credit (bank) + Proceeds from issuance of stock - Payments to reduce long-term debt - Dividends paid

= $1,417 + $11 - $46 - $277

= $1,105

Therefore, the net cash provided by the investing activities is $1,105.

6 0
3 years ago
Your Godmother left you an inheritance of ​$100,000​, payable to you when you turn 26 years old. You are now 21.​ Currently, the
KIM [24]

Answer:

The offer should be accepted

Explanation:

It is known that the amount $100,000 will be paid to someone when he turns 26 years. The current age is 21 years.

the 5-years bond is given 3.1 percent of interest rate.

another option for the person is offered $103,021.02 right away which is the present value.

The present value of the $100,000 that is going to be received after 5 years is calculated as follows;

Present value =  Amount to be received /(1+interest rate/100)^t

                        = 100,000/(1+ 3.1/100)⁵

                         = 100,000/ 1.031⁵

                         = $85,843.35

Therefore, the present value is $85,843.35 for the amount $100,000 to be receive after five years.

Since the amount  $103,012.02 he was offered is greater than the present value of his inheritance after 5-years, the person should accept the offer  and forget about the inheritance of $100,000.

6 0
3 years ago
Which of the following contracts would not be governed by the UCC? a. a contract for dentures b. a contract for the purchase of
Drupady [299]

Answer:A contract for debentures.

Explanation:UCC( uniform commercial code) is code system which governs commercial activities in the United States of America. It was established in the year 1957,this code has been adopted by all the States,the district of Columbia and all the territories of the United States of America. It is aimed at Ensuring harmony in practice of sales,contracts and other trade and commercial activities with the United States of America.

The contract for debentures are not governed by UCC.

3 0
3 years ago
how would you handle a situation in which the supervisor of another department approaches you with a strong complaint about one
djyliett [7]

Answer:

i would ask for more proof and check on that employee

Explanation:

4 0
4 years ago
Other questions:
  • Lako Systems studied the performance of 15 line workers who attended a training program and compared their performance with a co
    15·1 answer
  • When defining the issue for which a decision has to be made, framing the issue in a positive way _____. a. Allows everyone to fe
    12·2 answers
  • What type of cost is the cost of goods or services sold? A. Salaried B. Markup C. Variable D. Fixed
    6·2 answers
  • A corporation has issued 50,000,000 shares of common stock at $.50 par. The corporation has 10,000,000 shares of Treasury Stock
    8·1 answer
  • BioScience Inc. will pay a common stock dividend of $4.60 at the end of the year (D1). The required return on common stock (Ke)
    10·1 answer
  • The ledger of Columbia, Inc. on March 31, 2014, includes the following selected accounts before adjusting entries.
    12·1 answer
  • What is the best brand of pillar candles?
    12·1 answer
  • A group of young patrons come into the venue after a sports event. They are loud and excited, celebrating a win for their team.
    6·1 answer
  • You are taking a $5000 loan. You will pay it back in four equal amounts, paid every 6 months starting 5 years from now. The inte
    8·1 answer
  • The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop.The standard l
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!