Course Answers

BUSINESS
COMPUTER SCIENCE
OTHER COURSES
My Profile

Solved: 1. To Expand Your Business Selling Collectibles On The Internet, You Need A Loan Of $5,000. Your Banker Loans You The Money At A 12% Annual Interest Rate, Which You Agree To Pay Back In Three

By |

1. To expand your business selling collectibles on the Internet, you need a loan of $5,000. Your banker loans
you the money at a 12% annual interest rate, which you agree to pay back in three equal monthly
installments of $1,700.12.
(a) Construct an amortization schedule for this loan
(b) If the outstanding principal is not exactly $0 after the last payment, how will you modify the
respective row in order to zeroize the outstanding balance?



Answer Preview

a)At the end of the first month, you have borrowed $5,000 for 1 month at a 1% monthly interest rate. So using the simple interest formula, the interest that you owe the bank is$5,000 * 0.01

Get Answer Now


Buy (USD $9.00)

Get Answer Now

Answered
Buy @ USD $9.00
Related Questions

OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES