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
Stolb23 [73]
3 years ago
10

janie curtis borrowed $22,000 from a bank at an interest rate of 9% compounded monthly. this loan is to be repaid in 36 equal mo

nthly installments over three years. immediately after her 20th payment, janie desires to pay the remainder of the loan in a single payment. compute the total amount she must pay at that time.
Business
1 answer:
Margaret [11]3 years ago
8 0

Answer:

Explanation:

Given:

  • PV = $22,000
  • r = 9% /12 = 0.09/12 compounded monthly
  • n = 36

we need to find the payment per month:

= \frac{rPV}{1 - (1+r)^{-n} }

= \frac{0.0075*22000}{1 - (1+0.0075)^{-36} }  

= $ 699,59

Hence, after 20th payment, she already paid:

$699,59 * 20 = $13,991.8

After we find out the Future value:

FV = PV (1+i)^{n}

=$22,000((1+0.0075) ^{36}

= $28,790.20  

At the end, the total amount she must pay at that time is:

FV - The amount she has already paid

= $28,790.20   - $13,991.8

=$14,794.4

Hope it will find you well.

You might be interested in
The student-run newspaper asks students to visit a web page and respond to questions regarding a proposed tuition increase. Only
disa [49]

Answer:

C) both anonymous and confidential

Explanation:

  • As the student-run, the new paper and ask other students to visit a link firm the new paper and respond to those questions and the responses for only those questions were recorded.  
  • This indicates that the newspaper survey is anonymous and confidential as the ant student can fill the survey and the information that is confidential as none outside the newspaper has access to those responses.
6 0
3 years ago
If you visited a doctor and the total cost of the visit was $50, but you had a $15
Vinvika [58]

Answer: $15

Explanation:

A copayment or copay simply refers to a fixed amount that is paid by a patient for a covered service, before the patient will receive service. It is an insurance policy which someone who's insured will pay whenever he or she access a medical service.

In this case, since the patient has a copay of $15, then the patient will have to pay $15.

7 0
3 years ago
At December 31, 2011 the accounting records of Gordon, Inc. contain the following items: If the Notes Payable is $10,000, the De
Vadim26 [7]

The question is incomplete. The complete question is as follows,

At December 31, 2011 the accounting records of Gordon, Inc. contain the following items:

Accounts Payable 2500

Land 30000

Building 31250

Notes Payable ?

Retained earnings 125000

Accounts Receivable 18750

Cash ?

Equipment 40000

Capital Stock 12500

If the Notes Payable is $10,000, the December 31, 2011 cash balance is:

Answer:

Cash = $30000

Explanation:

The accounting equation states that the sum of total assets is always equal to the sum of total liabilities plus total equity. We can state the equation as follows,

Total Assets = Total Liabilities + Total Equity

So,

(30000 + 31250 + 18750 + 40000 + Cash) = (2500 + 10000) + (125000 + 12500)

120000 + Cash = 12500 + 137500

Cash = 150000 - 120000

Cash = $30000

6 0
3 years ago
What is one way to determine the credibility of a website?
Snezhnost [94]
Check if the website is biased or not
6 0
3 years ago
In a five-year time period, Jonah's organization has grown from a one-man motorcycle repair shop to a custom bike manufacturing/
kifflom [539]

Answer: centralized organization

Explanation:

Since Jonah makes almost all business and design/technical decisions, then the business is a centralized organization.

A centralized organization simply refers to an organization whereby the decisions are handled at the top level. In this case, since Jonah owns the company, he handles every decision, therefore it's a centralized organization as it's hierarchical.

4 0
3 years ago
Other questions:
  • Miss Kitty's Chocolate Corral is located in an out-of-the-way small shopping center. However, the company enjoys outstanding bus
    12·1 answer
  • All of the following are considered benefits of free trade EXCEPT A) quota reduction. B) growth of trade. Reactivate C) protecti
    5·1 answer
  • What do you think about the value of trend watching for supporting marketing decision-making? Would it be relevant in your busin
    7·1 answer
  • Burj khalifa's location
    7·1 answer
  • 2018
    10·1 answer
  • pidgins can best be described as a second language used for restrictive purposes such as trade. True False
    6·1 answer
  • Which type of budget indicates more expenses than income?
    6·1 answer
  • you have calculated the pro forma net income for a new project to be 45,930. the incremental taxes are 22,260 and incremental de
    9·1 answer
  • Ginocera Inc. is a designer, manufacturer, and distributor of low­cost, high­quality stain­ less steel kitchen knives. A new kit
    5·1 answer
  • As an economic concept, scarcity applies
    15·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!