Question

For how long will Sarah have to make payments of ​$147.00 at the end of every...

For how long will Sarah have to make payments of ​$147.00 at the end of every three months to repay a loan of ​$3347.00 if interest is 5​% compounded quarterly​? State your answer in years and months​ from 0 to 11​ months

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hence it will take 6 years 9 months (26.96/4=6.74 means 6 years 9 months (0.74*12))

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A loan is repaid by making payments of $2000.00 at the end of every six months...
A loan is repaid by making payments of $2000.00 at the end of every six months for twelve years. If interest on the loan is 10% compounded quarterly, what was the principal of the loan?
Glenn has made contributions of​ $250 at the end of every three months into an RRSP...
Glenn has made contributions of​ $250 at the end of every three months into an RRSP for ten years. Interest for the first four years was​ 4% compounded quarterly. Since then the interest rate has been​ 5% compounded quarterly. How much will Glenn have in his RRSP three years after the last​ contribution?
A mortgage of $200,000 requires payments of $1395.40 per month at 5.7% compounded quarterly. How long...
A mortgage of $200,000 requires payments of $1395.40 per month at 5.7% compounded quarterly. How long will it take to repay the loan? What amount of interest does the purchase pay
You plan to make five deposits of $1,000 each, one every 6 months, with the first...
You plan to make five deposits of $1,000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. If the bank pays 7% nominal interest, compounded semiannually, how much will be in your account after 3 years? Round your answer to the nearest cent. $   One year from today you must make a payment of $11,000. To prepare for this payment, you plan to make two equal quarterly deposits...
You plan to make five deposits of $1,000 each, one every 6 months, with the first...
You plan to make five deposits of $1,000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. If the bank pays 7% nominal interest, compounded semiannually, how much will be in your account after 3 years? Do not round intermediate calculations. Round your answer to the nearest cent.   One year from today you must make a payment of $6,000. To prepare for this payment, you plan to make...
TGG Ltd currently has a bank loan outstanding that requires it to make annual payments of...
TGG Ltd currently has a bank loan outstanding that requires it to make annual payments of $1,000,000 at the end of each of the next three years. The bank has offered to allow TGG Ltd to skip making the next two payments and instead make one large payment at the end of the loan’s term in three years. If the interest rate on the loan is 6% p.a., compounded quarterly, the final payment that will make TGG Ltd indifferent between...
Section 13.2 10. Sarah Ling has saved $85 000. If she decides to withdraw $3000 at...
Section 13.2 10. Sarah Ling has saved $85 000. If she decides to withdraw $3000 at the beginning of every three months and interest is 6.125% compounded annually, for how long can she make withdrawals?  
Jane's daughter Sarah will start College in exactly16 years. The price of her target College is...
Jane's daughter Sarah will start College in exactly16 years. The price of her target College is expected to be $32,000 every six months. This payment is due every six months beginning the day Sarah starts College, and since Sarah is expected to graduate after four years of College, will total 8 payments. Jane and her husband George currently have $14,000 saved for Sarah's College. They wish to begin a regular monthly savings program starting today and ending one month prior...
Andrew borrowed $7,000 at 5% interest compounded annually for 3 years. He did not need to...
Andrew borrowed $7,000 at 5% interest compounded annually for 3 years. He did not need to make payments but instead would repay the entire loan with interest at the end of 3 years. Being a responsible bloke, Andrew decided to set up a sinking fund to ensure he had the money ready to repay this loan. On the day Andrew borrowed money he also found a bank offering 4% interest compounded quarterly. How much must he deposit at the end...
A loan is to be repaid in end of quarter payments of $1,000 each, with there...
A loan is to be repaid in end of quarter payments of $1,000 each, with there being 20 end of quarter payments total. The interest rate for the first two years is 6% convertible quarterly, and the interest rate for the last three years is 8% convertible quarterly. Find the outstanding loan balance right after the 6th payment. Please show/explain your work, I'd like to learn how to do it without excel
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT