Biggles bank requires equal monthly repayments

Assignment Help Business Management
Reference no: EM131639305

Ron and Robin Reid wish to borrow $540,000 to buy a home. The loan from Biggles Bank requires equal monthly repayments over 20 years, and carries.an interest rate of 7.8% per annum, compounded monthly. The first repayment is due at the end of the first month.

Calculate the amount of $X, if Biggles Bank agrees that Ron and Robin will repay the loan by paying the bank $3,300 per month for the first 12 months, then $3,750 a month for the next 12 months, and after that $X per month for the balance of the 20 year term.

Reference no: EM131639305

Questions Cloud

Specific sections of sarbanes-oxley : What are the specific sections of Sarbanes-Oxley and who does it apply to? Cite any references
Discuss drugs or stimulants on the nervous system : What are the affects of illegal drugs or stimulants on the nervous system, All sources should be referenced with citations included
Crimes code and choose your favorite crime against property : Using the Pennsylvania Statutes, look over the Crimes Code and choose your "favorite" crime against property.
What is the amount of the monthly payments : The annual interest rate on the loan is 18.58 percent of the unpaid balance. What is the amount of the monthly payments?
Biggles bank requires equal monthly repayments : Ron and Robin Reid wish to borrow $540,000 to buy a home. The loan from Biggles Bank requires equal monthly repayments over 20 years
Organizational charts- utilized in healthcare organizations : Organizational charts are utilized in many healthcare organizations. Share one advantage and one disadvantage
What are possible numbers of beetles after three generations : Make a tree diagram for the female descendants of one beetle through three generations. The second generation, for example, can have 0, 1, or 2 females.
Determining the diminishing value rate : A two-year project has been evaluated and has an NPV on an after tax basis of -$2000.
How much will each annual payment be : This loan is to be repaid in equal annual installments at the end of each year over the next 5 years. How much will each annual payment be?

Reviews

Write a Review

Business Management Questions & Answers

  Conduct qualitative rather than quantitative research

1. What circumstances might you need to conduct qualitative market research data on behalf of your organisation or an organisation for which you consult? 2. Why would you choose to conduct qualitative rather than quantitative research?

  Highlight the critical leadership in organizations elements

Select an article and provide the link to this article. Summarize the article and highlight the critical Leadership in Organizations elements that apply to you. Relate the article to at least three learning outcomes.

  Analyze adequacy of the banks current loan loss provisions

In a bank valuation, the amount of current loan loss provision is not deducted from the DCF result. Why is it then important to analyze the adequacy of the bank's current loan loss provisions?

  Bankruptcy is a good solution for company

As an advisor to Paul, you must (1) explain to him how to dissolve the business (what steps he must take); and (2) give him advice.

  Conduct research across the lifespan-involving youths

What are the key issues nurse scientists who conduct research across the lifespan-involving youths, adolescents, adults and elders-need to pay attention.

  Four leadership modelstheoriessubmit a paper comparing and

four leadership modelstheoriessubmit a paper comparing and contrasting four leadership models or

  Explain market structures in different contexts

Demonstrate understanding of how a firm uses any specific business strategy using different parts of the value chain and of the risks entailed, and design a blue ocean strategy for a firm using four actions and value canvas tools.

  Organizations have integrated corporate goals into

organizations have integrated corporate goals into performance appraisal processexplain how organizations have

  Explain franchises also provide a variety of other goods

There are many examples of franchise systems. Most people think of fast-food franchises, such as McDonald's and Burger King, but many franchises also provide a variety of other goods and services including auto repair

  Explain how internal drivers will benefit your chosen topic

Compare and contrast external and internal drivers on quality and explain how they will benefit your chosen topic by reviewing positive and negative impact. You will discuss the impact of internal and external drivers for hospitals and providers.

  How did the aztecs unite mexico

How did the Aztecs unite Mexico? What significance did the astrolabe have on navigation?

  Identify by name and location the component parts of product

Identify the mode of transportation used between each stage in the channel. Identify by name and location the component parts of the product if any.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd