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Hitman42 [59]
3 years ago
9

A $200,000 loan amortized over 13 years at an interest rate of 10% per year requires payments of $21,215.85 to completely remove

the loan when interest is charged on the unrecovered balance of the principal. If interest is charged on the original principal instead of the unrecovered balance, what is the loan balance after 13 years provided the same $21,215.85 payments are made each year
Business
1 answer:
kvasek [131]3 years ago
3 0

Answer:

Loan amount = $184,193.95

Explanation:

Interest will remain same each year. Interest per year = 200,000*10% = $20,000

Installment                   $21,215.85

Less: Interest               <u>$20,000</u>

Payment to Principal <u>$1,215.85</u>

Total principal repaid in 13 years = $1,215.85 * 13 years = $15,806.05

So, the principal left = $200,000 - $15,806.05 = $184,193.95

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The current ratio will remain the same as 1 only

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Sabbatical

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Which of the following most accurately explains why even if you won $1 million in a lottery, you still would not escape the scar
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All Individuals, whether rich or poor,are dissatisfied with their material well-being and would like more.

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Individuals wanting more and not being satisfied with their material well being goes back to the fundamental problem of economics-unlimited human wants. Economists argue that human wants are unlimited and insatiable irrespective of their economic class. Whether rich or poor, no man is satisfied with his material well-being. Every man still feel something is lacking after acquiring so much or so little. He still has the scarcity problem.

This never-ending desire is embedded in the physiological make up of a man. When a man gets food, then he wants house. When he gets house, he wants car. When he gets a car, he wants to buy a private jet. In short, the more he gets, the more he wants more.

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Answer:

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