Question

4. Ms. Klein borrowed $2,000 from a bank on annuity for 2 years at 10% annual...

4. Ms. Klein borrowed $2,000 from a bank on annuity for 2 years at 10% annual interest compounded and payable semiannually (every six months). Calculate the semiannual payments and provide a table that shows semiannual payment, balance, interest payment, payment to principal for each payment as well as total amount which Ms. Klein will pay to the bank for the borrowed amount including interest and principal payments in the entire period of two years.

Homework Answers

Answer #1

The given data is executed in an excel:

The excel calculation and formula used are shown below:


Please don't forget to rate the answer if its helpful, thank you.

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
4. Ms. Klein borrowed $2,000 from a bank on annuity for 2 years at 10% annual...
4. Ms. Klein borrowed $2,000 from a bank on annuity for 2 years at 10% annual interest compounded and payable semiannually (every six months). Calculate the semiannual payments and provide a table that shows semiannual payment, balance, interest payment, payment to principal for each payment as well as total amount which Ms. Klein will pay to the bank for the borrowed amount including interest and principal payments in the entire period of two years.   
Ms. Klein borrowed $2,000 from a bank on annuity for 2 years at 10% annual interest...
Ms. Klein borrowed $2,000 from a bank on annuity for 2 years at 10% annual interest compounded and payable semiannually (every six months). Calculate the semiannual payments and provide a table that shows semiannual payment, balance, interest payment, payment to principal for each payment as well as total amount which Ms. Klein will pay to the bank for the borrowed amount including interest and principal payments in the entire period of two years.
5. Mr. Smart borrowed $25,000 from a bank on annuity for 2 years at 10% annual...
5. Mr. Smart borrowed $25,000 from a bank on annuity for 2 years at 10% annual interest compounded and payable semiannually (every six months). Calculate the semiannual payments and provide a table that shows periodic payment, balance, interest payment, payment to principal for each payment as well as total amount which Mr. Smart will pay to the bank for the borrowed amount including interest and principal payments in the entire period of two years.
Kirk, Klein & Co. requires $104,000 fifteen years from now to retire a debt. A sinking...
Kirk, Klein & Co. requires $104,000 fifteen years from now to retire a debt. A sinking fund is established into which equal payments are made at the end of every 3 months. Interest is 10 % compounded quarterly. (a) What is the size of the quarterly payment? (b) What is the balance in the sinking fund after two years? (c) How much interest will be earned by the fund in the 20th payment interval? (d) By how much will the...
Q2) An engineer borrowed $3000 from the bank, payable in six equal end-of-year payments at 8%....
Q2) An engineer borrowed $3000 from the bank, payable in six equal end-of-year payments at 8%. The bank agreed to reduce the interest on the loan if interest rates declined in the United States before the loan was fully repaid. At the end of 3 years, at the time of the third payment, the bank agreed to reduce the interest rate from 8% to 7% on the remaining debt. What was the amount of the equal annual end-of-year payments for...
On January 1, 2024, ABC Company borrowed $187,000 from the bank. The loan requires annual payments...
On January 1, 2024, ABC Company borrowed $187,000 from the bank. The loan requires annual payments of $40,600 every December 31, beginning December 31, 2024. Assume the loan has an interest rate of 10% compounded annually. Calculate the amount of the note payable at December 31, 2025 that would be classified as a current liability.
On January 1, 2024, ABC Company borrowed $182,000 from the bank. The loan requires annual payments...
On January 1, 2024, ABC Company borrowed $182,000 from the bank. The loan requires annual payments of $25,200 every December 31, beginning December 31, 2024. Assume the loan has an interest rate of 10% compounded annually. Calculate the amount of the note payable at December 31, 2025 that would be classified as a current liability.
On January 1, 2024, ABC Company borrowed $215,000 from the bank. The loan requires annual payments...
On January 1, 2024, ABC Company borrowed $215,000 from the bank. The loan requires annual payments of $29,100 every December 31, beginning December 31, 2024. Assume the loan has an interest rate of 10% compounded annually. Calculate the amount of the note payable at December 31, 2025 that would be classified as a current liability.
On January 1, 2020, ABC Company borrowed $200,000 from the bank. The loan is a 10-year...
On January 1, 2020, ABC Company borrowed $200,000 from the bank. The loan is a 10-year note payable that requires semi-annual payments of $24,000 every June 30 and December 31, beginning June 30, 2020. Assume the loan has a 20% interest rate, compounded semi-annually. Calculate the amount of the note payable at December 31, 2020 that would be classified as a long-term liability.
a) "Clay borrowed $32,000 from a bank at an interest rate of 11.16% compounded monthly. The...
a) "Clay borrowed $32,000 from a bank at an interest rate of 11.16% compounded monthly. The loan will be repaid in 72 monthly installments over 6 years. Immediately after his 48th payment, Clay desires to pay the remainder of the loan in a single payment. Compute the total amount he must pay." b) "Suppose that $5,000 is placed in a bank account at the end of each quarter over the next 7 years. What is the future worth at the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT