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
dezoksy [38]
3 years ago
6

BUS 320 Cal Lury owes $21,000 now. A lender will carry the debt for five more years at 6 percent interest. That is, in this part

icular case, the amount owed will go up by 6 percent per year for five years. The lender then will require that Cal pay off the loan over the next 13 years at 9 percent interest. What will his annual payment be
Business
1 answer:
Ipatiy [6.2K]3 years ago
4 0

Answer:

$3,753.59

Explanation:

Value of debt at end of 5 years = $21,000 * (1 + 6%)^5

Value of debt at end of 5 years = $21,000 * 1.3382255776

Value of debt at end of 5 years = $28102.7371296

Value of debt at end of 5 years = $28,102.74

Let x be the annual payments:

x*[1 - (1 + 9%)^-13] / 9% = $28,102.74

x * [1-0.32617864688] / 0.09 = $28,102.74

x * 7.486904 = $28,102.74

x = $28,102.74 / 7.486904

x = 3753.58626

x = $3,753.59

You might be interested in
Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation
Zolol [24]

Answer:

Tv = 1772

Remote = 144

Installation = 144

Explanation:

To calculate stand-alone selling price we need to calculate the percentage of Fair market value first and then allocate the Entire package price in the products according to the percentage of fair market value.

Percentage of the fair market value of each product

Product             Fair Value               Percentage

TV                         $1830                      86%    

Remote                 $140                        7%

Installation            $140                         7%

Total                      $2,110                      100%

Stand-alone selling price

Product            % of fair market value            Stand-alone selling price

TV                                    86%                                   1772

Remote                             7%                                     144

Installation                       7%                                      144

Total                               100%                                   2,060                              

7 0
3 years ago
Economists define "programmed spending behavior" as being spending that is frequent and is done with relatively little thought.
Alexandra [31]

Answer: D) buying coffee in the morning

3 0
3 years ago
Read 2 more answers
Que presion ejerce el deposito sobre el piso?​
Kitty [74]

Answer:

You exert less pressure lying down because you spread the force of your weight over a larger area, thus exerting less pressure.

Explanation:

3 0
2 years ago
Why should you spend a large amount of time thinking about a big decision before you make it? need asap
Liula [17]

<u><em>You should spend a large amount of time thinking about a big decision before you make it because it could have a huge impact in your life. You need to be able to decide if it is the right or wrong choice or if there is any consequences.</em></u>

4 0
3 years ago
Read 2 more answers
A firm is productively efficient when:__________.
inna [77]

Answer:

Its is A

Explanation:

7 0
3 years ago
Other questions:
  • Choose all that apply.
    8·2 answers
  • Help me please!
    12·2 answers
  • The purchase of capital equipment by a company, which would likely be quite an involved process, is an example of a _____ situat
    14·1 answer
  • Requirement 3. How much manufacturing overhead was incurred during the​ year? Is manufacturing overhead underallocated or overal
    15·1 answer
  • Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. On December 31, 2018, the company's board of di
    13·1 answer
  • It is best to receive a completed ________ before paying an invoice
    15·1 answer
  • Miguel woke up one morning in a strange hotel in detroit. he has no memory of how he got there and cannot remember his name or w
    5·1 answer
  • The amount by which federal spending exceeds revenue in a given year is known as ap gov multiple choice
    14·1 answer
  • The great baseball player Ty Cobb was known for being very thrifty. Near the end of his life he was interviewed by a reporter wh
    5·1 answer
  • Marcus can afford a monthly mortgage payment of $900. If he is eligible for a 30-year, 5% mortgage (where the mortgage factor is
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!