Reference no: EM132065335
During four years of college, Nolan MacGregor's student loans are $4000, $3500, $4400, and $5000 for freshman year through senior year, respectively. Each loan amount gathers interest of 1.9%, compounded quarterly, while Nolan is in school and 3%, compounded quarterly, during a 6-month grace period after graduation.
(a) What is the loan balance after the grace period? Assume the freshman year loan earns 1.9% interest for 3/4 year during the first year, then for 3 full years until graduation. Make similar assumptions for the loans for the other years. (Round your answer to the nearest cent.) the answer is not 17652.96 or 17.67 or 21828.40/ 17951.9
(b) After the grace period, the loan is amortized over the next 10 years at 3%, compounded quarterly. Find the quarterly payment. (Round your answer to the nearest cent.) $ the answer is not 21421.39 or 1,054 or 442.12 or 521.15
(c) If Nolan decides to pay an additional $70 per payment, how many payments will amortize the debt? (Round your answer up to the next whole number.) the RIGHT answer is 35 quarters!! not 33
(d) How much will Nolan save by paying the extra $70 with the number of payments from part (c)? (Round your answer to the nearest cent.) $ the answer is not 784.84 or 1124 or 5270 or 124.84. or 746.9.
|
Calculate the company contribution margin ratio
: If the company increases its unit sales volume by 5% without increasing its fixed expenses, what would the company's net operating income be
|
|
Discuss the factors leading to concentration in product
: Divide them into categories: technical, government, and business. List and discuss at least two factors in each category.
|
|
Define contextual factors and behavioral channels
: Design a table using three (3) of the six (6) contextual factors (e.g., environmental uncertainty, task uncertainty, error criticality, task structure.
|
|
How would this item appear in the income statement
: Apex reported income from continuing operations of $128,387. All items are taxed at 30%. How would this item appear in the income statement
|
|
What is the loan balance after the grace period
: What is the loan balance after the grace period? Assume the freshman year loan earns 1.9% interest for 3/4 year during the first year,
|
|
Compute the amount of retained earnings
: The following information is reported for Kinney Corporation at the end of 2013. Compute the amount of retained earnings at the end of 2013
|
|
What has the leader done differently
: Choose an industry with a clear leader, and then examine the differences between the leader and one or two of the other competitors in the indus- try.
|
|
What should be market price of moriband stock
: If investors in stocks of companies like Moriband require a rate of return of 15.5 percent, what should be the market price of Moriband stock?
|
|
What the cost per equivalent unit for conversion costs
: A total of $428,250 in conversion costs were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs
|