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Jonathan Grant has agreed to borrow $10,000 from First Bank, a Florida Bank, with an interest rate of 25%. Payments on the loan will begin on November 1, 2015 in the amount of $250.00. The payments will continue to be made on the 1st of each month at any First Bank branch office. If the borrower is more than 10 days late on the loan, he will have to pay a late fee of $25.00. If the borrower is more than 60 days late on the loan, First Bank may demand the entire amount due plus interest. In the event of a default, the will have to cover any collection fees, attorney's fees or court costs associated with collection of the debt. This agreement cannot be modified or transferred.
With being mindful of contractual elements and the sufficiency of the terms of the agreement, what things should be included and covered in the promissory note?
Sanders Jeans stock currently sells for $15.00 per share. It just paid a dividend of $1.00 per share. The dividend is expected to grow at a constant rate of 4% per year. What stock price is expected a year from now? What is the required rate of retur..
This is a classic retirement problem. A time line will help in solving it. Your friend is celebrating her 35th birthday today and wants to start saving for her anticipated retirement at age 65. She wants to be able to withdraw $105,000 from her savin..
You purchase a bond with a coupon rate of 9.31 percent and a clean price of $1039.13. If the next semiannual coupon payment is due in 3 months, what is the invoice price?
Maximization of shareholder wealth
Hollywood Tabloid needs a new state-of-the-art camera to produce its monthly magazine. The company is looking at two cameras that are both capable of doing the job and has determined the following: Camera 1 costs $4,000. It should last for eight year..
Financial theory says that the choice of how to pay for a merger is really irrelevant because, although it may affect the firm's capital structure, it will not affect its overall required rate of return. The basic rationale for any financial merger i..
Sanders Enterprises, Inc., has been considering the purchase of a new manufacturing facility for $284,000. The facility is to be fully depreciated on a straight-line basis over seven years. It is expected to have no resale value after the seven years..
Universal Utilities (U2) applies the low regular dividend plus extras policy when determining how much of its income will be paid out as dividends each year. The firm currently has 100,000 shares of stock outstanding. What will be the dividend per sh..
Mitchell Auto Parts Inc. has estimated the probability distribution of its annual net cash flows as follows: Compute the expected annual cash flow. Compute the standard deviation of annual cash flows. Compute the coefficient of variation of annual ca..
The Strik-it-Rich Gold Mining Company is contemplating expanding its operations. To do so it will need to purchase land that its geologists believe is rich in gold. Strik-it-Rich’s management believes that the expansion will allow it to mine and sell..
You want to invest in five-year U.S. Treasury notes. Unfortunately, you believe that yields will decline and prices will rise for five-year Treasury notes. Review futures in Treasury notes and set up a strategy so you can benefit from the rise in Tre..
The Smith family has a gross income of $85,000 a year and they pay the following bills:- Calculate their Debt limit.
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