Knottworth Gedding Consulting leased machinery from Red Inc. on July 1, 2021. The lease was recorded as a finance lease. The pre
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Answer:
The annual scholarship payment = $5,693.25
Explanation:
Data Given:
In this question, we are required to calculate the future value up till 9th year and then
Donating Amount = $100,000
Time period = 9 years
Note: Here in this question, interest rate is not given without which this question is incomplete. However, I have found similar question on the internet and will be using its interest rate to solve this question for the sake of understanding and concept.
So, the interest we use will be = 4%
Formula for the future value:
FV = Present Value
Present value = $100,000
n = 9 years
r = 4% = 0.04
FV = 100,000
FV = 100,000 x 1.4233118
FV = Future Value = $142,331.18
The annual scholarship payment = FV * r
The annual scholarship payment = 142,331.18 * 0.04
The annual scholarship payment = 5,693.247
The annual scholarship payment = $5,693.25
Answer:
financing 62,400 dollars
Monthly Payment $ 465.48
Total Interest 21,386.4
Rounding to nearest $ 100
Additional $$ 34.52
We save up to 16 payments and $2,136.4 in interest.
By-weekly payment $232.60
Total Interest saved $ 194.4
Explanation:
78,000 less 20% down-payment: 62,400
Monthly Payment
PV $62,400.00
time 180
rate 0.0034375
C $ 465.484
Total Interest
quota times time less principal
$ 465.48 x 180 - 62,400 = 21,386.4
$ 500 - $ 465.48 = $ 34.52
C $500.00
time n
rate 0.0034375
PV $62,400.0000
We now use logaritmics properties to solve for n
-163.2956066
180 - 164 = 16 payments
Total Interst 500 x 163.30 - 62,400 = 19,250
Interest savings 21,386.4 - 19,250 = 2,136.4
If payment are bi-weekly:
then payments will be:
PV $62,400.00
time 360
rate 0.00171875
C $ 232.598
And total Interest:
232.2 x 360 - 62,400 = 21,192
Difference 21,386.4 - 21,192 = $ 194.4