User Account

All Pages

Percent prepayment penalty

Assignment Help Finance Basics
Reference no: EM132545962

On September 1, 2013, Susan Chao bought a motorcycle for $20,000. She paid $1,200 down and financed the balance with a five-year loan at an APR of 6.2 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan.

If the bank charges her a 1 percent prepayment penalty based on the loan balance, how much must she pay the bank on November 1, 2015?

Reference no: EM132545962

Questions Cloud

Which business do you think engages in personal service : Which business do you think engages in personal service and which one engages on competitive prices? Give reasons for your answer
Why oreo cookies are co-branded with different brands : Describe how, and explain why Oreo cookies are co-branded with different brands from their brand portfolio across the globe according
What is the present value of the cash flows : What is the present value of the cash flows from your lottery winnings?
Describe how you went about collecting the information : Use relevant charts and graphs to support the information you collected. Identify the sources of your information and describe how you went about collecting.
Percent prepayment penalty : If the bank charges her a 1 percent prepayment penalty based on the loan balance, how much must she pay the bank on November 1, 2015?
How does the business measure quality : How does the business measure quality? How does the business measure customer satisfaction? What do you think the business can do in order to improve
Identify the effect implications of the theory could have : After your graduation, you will be in an academic or clinical field. Depending on your field choice, discuss one nursing theory and identify the effect.
Explain the role of intuition in decision making : Explain the role of intuition in decision making from an organizational and managerial perspective. From the research discuss the benefits of intuitive decision
Write description of your proposed capstone project topic : Write a 500-750 word description of your proposed capstone project topic. Include the following: The problem or issue, intervention, quality initiative.

Reviews

Write a Review

Finance Basics Questions & Answers

  Firm balance sheet after payment of the cash? dividend

What would happen to the? firm's balance sheet after payment of the cash? dividend?

  What is the apr on loan

Suppose that you have a mortgage on your house. You make monthly payments. Your rate of return per month is 1.5%. What is the APR on your loan?

  Determine what you would do in the situation

From where you are at this point in your life, how long can your funds last? Explain Following the 5-step critical thinking problem solving process, determine what you would do in the situation outlined above

  Calculate the present value of the salary

Suppose today is August 1, 2006. Charles is thirty years old and has a Bachelor of Science degree in computer science. He is currently employed as a Tier 1 field service representative for a telephone corporation and earns $38,000 a year that he anti..

  Define the maintenance concept for the new system

Define the basic operational requirements for the new system.

  Negotiate geographical location of the job

How does debt influences my career considerations in the following areas, Salary, Determining what I choose to negotiate Geographical location of the job.

  Calculate the indicated ratios for barry

Data for Barry Computer Company and its industry averages follow. a. Calculate the indicated ratios for Barry. b. Construct the extended Du Pont equation for both Barry and the industry. Outline Barry's strengths and weaknesses as revealed by your an..

  How interest rates and inflation affect market performance

Analyze how interest rates and inflation affect market performance, using real-world examples from different economic periods to support your answer.

  What coupon rate is being paid on debt for a firm

What coupon rate is being paid on debt for a firm with an after-tax cost of debt of 7.5% and a tax rate of 40%?

  Internal audit and risk management in terms

Compare the roles and responsibilities between internal audit and risk management in terms of the three lines of defence.

  How are equity investments measured

Record the following transactions which occurred consecutively (show all calculations). Construct the equity section incorporating all the above information.

  Currency value change of the aud in terms of usd

Suppose inflation rates in the USA and Australia are expected to be 3% and 5.5%, respectively. If the spot rate is AUD 1.331 = USD 1 and exchange rate one year

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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