Question

The owner of a small business borrowed $137548 with an agreement to repay the loan with...

The owner of a small business borrowed $137548 with an agreement to repay the loan with quarterly payments over a 5 year time period. If the interest rate is 12% per year compounded quarterly, his loan payment each quarter is equal to:

Homework Answers

Answer #1

the quarterly payment is $9245

--------

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. Holly just borrowed 68,157 dollars from the bank. She plans to repay this loan by...
1. Holly just borrowed 68,157 dollars from the bank. She plans to repay this loan by making equal quarterly payments for 10 years. If the interest rate on the loan is 10.96 percent per year and she makes her first quarterly payment in 3 months from today, then how much must Holly pay to the bank each quarter?
Celeste just borrowed 31,500 dollars. She plans to repay this loan by making equal quarterly payments...
Celeste just borrowed 31,500 dollars. She plans to repay this loan by making equal quarterly payments of 1718.3 dollars for 24 quarters. If she makes her first quarterly payment later today, then what is the quarterly interest rate on the loan? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.
Emily borrowed a loan worth $1000, which she has to repay at the end of 5...
Emily borrowed a loan worth $1000, which she has to repay at the end of 5 years. The loan has a nominal interest rate of 4% (compounded twice a year) for the first 2 years, and a nominal interest rate of 6% (compounded 4 times a year) for the last 3 years. i) Calculate the loan's original amount ii) Calculate the EAR that was charged over the 5-year period
39. Celeste just borrowed 34,200 dollars. She plans to repay this loan by making equal quarterly...
39. Celeste just borrowed 34,200 dollars. She plans to repay this loan by making equal quarterly payments of 1,897.65 dollars for 24 quarters. If she makes her first quarterly payment later today, then what is the quarterly interest rate on the loan? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.
Kyra borrowed $9,500 for 3 ½ years from a family member to finance her small business....
Kyra borrowed $9,500 for 3 ½ years from a family member to finance her small business. The loan carries interest at 6% compounded quarterly for the first 1 ½ years, increasing to 8% compounded quarterly for the subsequent 2 years. What amount will be required to fully repay the debt if no payments were made before the expiry of the 3 ½ year term? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
Six years ago, you borrowed $200,000 for a ten-year period from BOB Bank at a stated...
Six years ago, you borrowed $200,000 for a ten-year period from BOB Bank at a stated interest rate of 10% p.a. with interest compounded quarterly. You have been making equal, quarterly payments on the loan during this time and now wish to repay the loan in full. The amount that you need to repay the bank today is closest to: Group of answer choices $142,494. $72,524. $104,012. $187,678.
You borrow $100,000 today. You will repay the loan with 20 equal annual payments starting in...
You borrow $100,000 today. You will repay the loan with 20 equal annual payments starting in year 3 If the interest rate on the loan is 5% APR, compounded annually, how big is each payment?
A small business owner visits his bank to ask for a loan. The owner states that...
A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $3,000 per month for the next three years and then $2,000 per month for two years after that. If the bank is charging customers 9.75 percent APR, how much would it be willing to lend the business owner? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Problem A small business owner visits his bank to ask for a loan. the owner can...
Problem A small business owner visits his bank to ask for a loan. the owner can repay the loan at $2800 a month for 3 years, then $1800 a month for 2 years. The bank is charging 9.25% How much would the bank lend this business?
Allysha just borrowed 39,900 dollars. She plans to repay this loan by making a special payment...
Allysha just borrowed 39,900 dollars. She plans to repay this loan by making a special payment of 5,000 dollars in 5 years and by making regular annual payments of 7,900 dollars per year until the loan is paid off. If the interest rate on the loan is 4.79 percent per year and she makes her first regular annual payment of 7,900 dollars in one year, then how many regular annual payments of 7,900 dollars must Allysha make? Round your answer...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT