How much interest did jane pay on the loan

Assignment Help Financial Management
Reference no: EM133674218

Question

To purchase $11,600 worth of machinery for her business, Jane made a down payment of $1700 and took out a business loan for the rest. After 2 years of paying a monthly payment of $438.78, she finally paid off the loan.

1. What was the total amount Jane ended up paying for the machinery (including the down payment and monthly payments)?

2. How much interest did Jane pay on the loan?

Reference no: EM133674218

Questions Cloud

Skateboards sales are expected to increase : Broussard Skateboard's sales are expected to increase by 25% from $7.0 million in 2019 to $8.75 million in 2020. Its assets totaled $3 million at the end of 201
Company industry average : Analyze the equity section of Target Corp's balance sheet as compared to your company's industry average.
Risk-free rate of interest : Suppose that the risk-free rate of interest is 0.04 and the expected rate of return on the market portfolio is 0.16.
Free cash flow to equity model : Ralph Smith, CFA, has been directed to determine the value of ChipTech's stock using the Free Cash Flow to Equity (FCFE) model.
How much interest did jane pay on the loan : What was the total amount Jane ended up paying for the machinery. How much interest did Jane pay on the loan?
How much interest did jane pay on the loan : What was the total amount Jane ended up paying for the machinery. How much interest did Jane pay on the loan?
What are debentures : What are debentures? How are debentures different from shares? What are the types of debentures?
How much long-term debt must company have paid off : During 2020, the company raised $702 in new long-term debt. How much long-term debt must the company have paid off during the year?
Analyze possibilities for the next financial crisis : Discern and analyze possibilities for the next financial crisis and make a correspondingly appropriate investment recommendation using fixed income instruments

Reviews

Write a Review

Financial Management Questions & Answers

  Explain relevant saving and insurance plans

Explain relevant saving and insurance plans discussed in class. What are factors affecting individual saving plans? What are determinants

  Standard deviation and the measurement of stock volatility

Because there are a number of risk measures that investors and financial managers can utilize to make decisions, what are your thoughts about the accuracy of standard deviation and the measurement of stock volatility? Is this a good assessor of total..

  What kind of management decisions does it help us make

Why should we (managers) learn calculations involving the time value of money? What kind of management decisions does it help us make?

  How long will it take you to pay off this debt assuming

Today, you borrowed $1100 on your credit card to purchase some furniture. The interest rate is 24 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payme..

  Competitive analysis and strategic assessment

Prepare a competitive analysis, differentiation strategy, and risk assessment for this venture. Analyze the financial planning process for a new venture.

  Effective rate of interest on this issue of commercial paper

The HTR Bank is planning on raising $750 million in a new offering of commercial paper through its holding company. It plans on using $725 million of it to fund new loans. The current interest rate for similar commercial paper is 7.15% and it expects..

  What will population of this country be in six years

Suppose a country has a population of 10 million and projects growth rate of 5% per year for next 20 years. What will population of this country be in 6 years?

  Determine the irr using interpolation

Determine the IRR using interpolation. With a cost of capital of 16 percent, should the machine be purchased?

  Pay the loan off by making your planned monthly payments

How much faster could you pay the loan off by making your planned monthly payments of $250 with the new card?

  What is the bonds default risk premium

A corporation's 10-year bonds have an equilibrium rate of return of 7 percent. For all securities, the inflation risk premium is 1.50 percent and the real interest rate is 3.0 percent. The security's liquidity risk premium is 0.15 percent and maturit..

  What you are going to do to change for the better

At the end of the form, conclude with one paragraph stating what you are going to do to change for the better at this time in regards to your finances.

  What could you do in a long-term period of time

What could you do in a short-term period of time to remedy the situation? What could you do in a long-term period of time? Develop a plan for each.

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