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
alex41 [277]
3 years ago
14

Suppose that you have just borrowed $200,000 using a 20-year loan with an annual interest rate of 10% arxl monthlypaymentsandmon

thlycompounding. Howmuchofyourfirstpaymentwillconsistofinterest?
Business
1 answer:
lapo4ka [179]3 years ago
4 0

Answer: $1666.67

Explanation:

Given from the question

Principal (P) = $200,000

Rate= 10%

Time= 20years

The interest (I) on the first payment is the extra money that is to be paid in addition to the principal borrowed.

The interest for the first year has the formula:

I = (P×R) ÷ 100

I= (200000×10) ÷100

I = $20,000

Therefore the extra amount to be paid on the loan of $200,000 that increases at a rate of 10% for the first year would be $20,000.

The interest compounds monthly therefore, the payment on the first month would be

First Month Interest= 20,000÷12

=$1666.67

Therefore the part of the first payment that would be interest is $1666.67.

You might be interested in
why did aig get bailed out while lehman brothers did not? group of answer choices it had a stronger balance sheet lehman brother
GarryVolchara [31]

Because all other big financial corporations would have failed due to the prospect of systemic risk, aig received bailout money while Lehman Brothers did not.

The process of raising money or capital for any form of spending is referred to as finance. It involves directing different sources of funding, such as credit, loans, and investment money, to the businesses that can use them most effectively. The definition of finances according to Finance Box is "The money that people, businesses, or national economies earn and spend." Risk is the potential for bad things to happen, to put it simply. Risk refers to uncertainty on how a certain action will affect or have implications for a human value (such as one's health, well-being, wealth, property, or the environment), frequently focused on unfavourable outcomes.

Learn more about Risk  here

brainly.com/question/17284407

#SPJ4

3 0
1 year ago
What are three common types of federal taxes?
anastassius [24]

three common types of federal taxes are :

1. income tax

2. Property tax

3.Sales tax

5 0
3 years ago
Aflak Corporation, an Omani firm, is currently planning goods market in India. Aflak Corporation will most likely discover that_
Diano4ka-milaya [45]

The correct answer is B) traditional.

Aflak Corporation, an Omani firm, is currently planning goods market in India. Aflak Corporation will most likely discover that traditional beliefs and values are more open to change in India.

When a multinational company is planning on initiating operations in another country, it has to be very sensible of the traditional values of that country. The company is getting into a new market and people could have different belief systems, different culture, traditions, and customs, that need to be carefully assessed by the multinational company if they are about to be successful in the new country.

This is the case of India, which has always have very strict traditional values, although younger generations are relaxing those values in recent years.

8 0
3 years ago
Jacob has taken an suv on lease from free cruisers inc. for a period of four years. jacob does not need to pay any extra amount,
Alinara [238K]

What Jacob will have is a lose ended lease. It is because the close ended lease has been provided to him because he needs to surrender or to turn in his car, specifically the SUV, which is at the end of the term of the lease.

6 0
3 years ago
All of a company's depreciation, property taxes, and insurance premiums are considered manufacturing overhead.
Irina18 [472]

All of a company's depreciation, property taxes and insurance premiums are considered manufacturing overhead (MOH) ----- False.

What is considered manufacturing overhead?

Manufacturing overhead (MOH) cost is the sum of all the indirect costs which are incurred while manufacturing a product. It is added to the cost of the final product along with the direct material and direct labor costs.

What does manufacturing overhead include?

Manufacturing overhead includes indirect materials, indirect labor, depreciation on factory buildings and machines, and insurance, taxes, and maintenance on factory facilities. Costs that are a necessary and integral part of producing the finished product.

. Direct labor :

Is the cost of the workers who make the product. The cost of supervisory personnel, management, and factory maintenance workers, although they are needed to operate the factory, are classified as indirect labor because these workers do not use the direct materials to build the product.

Learn more about company's depreciation :

brainly.com/question/1055905

#SPJ4

7 0
1 year ago
Other questions:
  • You put up $40 at the beginning of the year for an investment. The value of the investment grows 5% and you earn a dividend of $
    14·1 answer
  • A building acquired at the beginning of the year at a cost of $1,375,000 has an estimated residual value of $250,000 and an esti
    15·1 answer
  • Emily purchased a building to store inventory for her business. The purchase price was $760,000. Emily also paid legal fees of $
    15·1 answer
  • Which of the following are not directly involved in the revenue cycle?
    14·1 answer
  • Sox Corporation purchased a 30% interest in Hack Corporation for $ 1,725,000 on January 1, 2018. On November 1, 2018, Hack decla
    12·1 answer
  • True or False<br><br> To start a corporation, you need to have a partnership agreement.
    8·1 answer
  • The entire business cycle normally takes ____ years
    5·1 answer
  • Powell Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. Dur
    6·1 answer
  • Value a Constant Growth Stock Financial analysts forecast Best Buy Company (BBY) growth for the future to be 14.00 percent. Thei
    14·1 answer
  • Adkins Bakery uses the modified half-month convention to calculate depreciation expense in the year an asset is purchased or sol
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!