User Account

All Pages

What is the monthly payment for this loan

Assignment Help Accounting Basics
Reference no: EM13993186

You find that a small business loan in the amount of 50,000 is the amount you need to purchase the restaurant location. After researching banks to find the best interest rate, you find that banks for small businesses offer the best interest rate of 9% interest that compounds monthly for 7 years.

1. What is the monthly payment for this loan?

2. Show the formula that you used and the values used for each variable to calculate the monthly payment.

3. What is the unpaid balance of the loan at the end of the 1st year?

4. Show the formula that you used and the values used for each variable to calculate the unpaid balance at the end of the 1st year.

Reference no: EM13993186

Questions Cloud

Does it appear that the realty business can pay it is debts : Identify the personal items given in the proceeding facts that would not be reported on the balance sheet of the business.
Create at least six screens representing various states : Make the purpose small and achievable. For example, imagine an application that constantly keeps you updated on what is happening in the class, with classmates posting and commenting on your work and assignments. Be sure to explain the purpose of ..
What is the value of the resistance of the circuit : What is Imax, the amplitude of the current oscillations in the circuit? What is R, the value of the resistance of the circuit? What is C, the value of the capacitance of the circuit?
What is the magnitude of the maximum voltage across inductor : What is VL,max, the magnitude of the maximum voltage across the inductor? What is VL = Vb - Vc, the voltage across the inductor, at time t = 0? Note that VL is a signed number.
What is the monthly payment for this loan : What is the unpaid balance of the loan at the end of the 1st year? What is the monthly payment for this loan?
Determining the mean and variance of the amount : If we assume that the three random variables involved are independent and uniformly distributed, compute the mean and variance of the amount to be received.
How could using a mean difference test help : When are differences between average or actual results important and how can you or your department decide whether or not the observed differences over time are important?
Determine the correlation coefficient : Let X and Y be random variables such that var (X) = 4, var ( Y) = 2, and var (X + 2Y) = 15. Determine the correlation coefficient of X and Y.
Why do you think this instruction is necessary : Why do you think this instruction is necessary? What does it tell you about the relationship between law and ethics?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Clear water is considering introducing a water filtration

clear water is considering introducing a water filtration device for its 20-ounce water bottles. market research

  A companys beginning work in process inventory consisted of

a companys beginning work in process inventory consisted of 36000 units that were 15 complete with respect to direct

  Prepare the income statement for that month

Prepare the income statement for that month and what is the Cost of Goods Available for Sale

  Euipment costing 76000 was purchased by spence inc at the

equipment costing 76000 was purchased by spence inc. at the beginning of the current year. the company will depreciate

  Taxable income of 2013

Andrea, who is 28 and single, has adjusted gross income of $50,000 and itemized deductions of $5,500. In 2013, Andrea will have a taxable income of:

  Ray seo has 5000 to invest in a small business venture his

ray seo has 5000 to invest in a small business venture. his partner has promised to pay him back 8200 in five years.

  Factoring accounts receivable-journal entry

On May 1, Battery, Inc. factored $800,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Battery was to handle disputes concerning service, and Quick Finance was to make the collections

  Primary bond portfolio management strategies

There are 5 primary bond portfolio management strategies: passive; laddering; indexing; immunization; and, active. Select one of these strategies and explain how it is used to effectively manage all or part of the portfolio.

  Classify the following items as a deferred expense prepaid

classify the following items as a deferred expense prepaid expense b deferred revenue unearned revenue c accrued

  Santa company has 39 per unit in variable costs and

santa company has 39 per unit in variable costs and 1900000 per year in fixed costs. demand is estimated to be 138000

  Information about the operations for rim and tip

Does not include TIP results.  Includes cost of goods sold1.     Compute operating income for RIM and TIP, separately, and the total operating income for both.2.     If the results in part 1 for TIP are typical, why do you believe RIM decided to sell..

  Percentage-of-completion method in accounting for long-term

UMUC contracted to build a new hotel for $800,000 that will take 3 years to complete. The following information pertains to the contract. UMUC uses the percentage-of-completion method in accounting for long-term contracts.

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