Questions from Business Mathematics

Q: Golden Dragon Restaurant obtained a $9000 loan at 9% compounded

Golden Dragon Restaurant obtained a $9000 loan at 9% compounded annually to replace some kitchen equipment. Prepare a complete amortization schedule if the loan is repaid by semiannual payments over a...

Q: A $40,000 loan at 6.6% compounded

A $40,000 loan at 6.6% compounded monthly will be repaid by monthly payments over ten years. 1. Calculate the interest component of Payment 35. 2. Calculate the principal component of Payment 63. 3. C...

Q: Quarterly payments of $3000 are required on an $80,

Quarterly payments of $3000 are required on an $80,000 loan at 8.0% compounded quarterly. 1. Calculate the interest component of Payment 30. 2. Calculate the principal component of Payment 9. 3. Calcu...

Q: The interest rate on a $100,000 loan is 7

The interest rate on a $100,000 loan is 7.2% compounded semiannually. The monthly payments on the loan are $700. 1. Calculate the interest component of Payment 221. 2. Calculate the principal componen...

Q: Evaluate expression for the given values of the variables. Calculate the

Evaluate expression for the given values of the variables. Calculate the result accurate to the nearest cent. R [ ( 1 + i ) n − 1 i ] for R = $550, i = 0.085, n = 3

Q: A $30,000 loan at 6.7% compounded

A $30,000 loan at 6.7% compounded annually requires monthly payments of $450. 1. Calculate the interest component of Payment 29. 2. Calculate the principal component of Payment 65. 3. Calculate the fi...

Q: A $37,000 loan at 8.2% compounded

A $37,000 loan at 8.2% compounded semiannually is to be repaid by equal semiannual payments over 10 years. 1. What will be the principal component of the sixth payment? 2. What will be the interest co...

Q: A 10-year annuity providing a rate of return of 5

A 10-year annuity providing a rate of return of 5.6% compounded quarterly was purchased for $25,000. The annuity makes payments at the end of each quarter. 1. How much of the 25th payment is interest?...

Q: A $37,000 loan at 8.2% compounded

A $37,000 loan at 8.2% compounded semiannually is to be repaid by semiannual payments of $2500 (except for a smaller final payment). 1. What will be the principal component of the 16th payment? 2. Wha...

Q: An annuity providing a rate of return of 5.6%

An annuity providing a rate of return of 5.6% compounded quarterly was purchased for $27,000. The annuity pays $800 at the end of each quarter (except for a smaller final payment). 1. How much of the...