(Answered) You decide to take out an ordinary interest loan of 8375 at

Statistics

You decide to take out an ordinary interest loan of $8,375 at 7.4%, on a 90-day note.

a) In 45 days, you decide to make a payment of $4,375 on the loan. What is your new principal? Explain how you got the answer.

b) How much did you pay at the end of the loan, overall? How does this differ from how much you would have paid, overall, had you not made a payment of $4,375 after 45 days?

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M92774743
Price:- $20

Verified Expert

Priced at $40 Now at $20, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

Suppose the chance of selecting a female adult at random in

Suppose the chance of selecting a female adult at random in the population is exactly π= 0.5 (ie: 50%). What is the probability that I choose 10 adults at random and I get the number of females in the sample to be betwee ...

A gambler plans to play the casino dice game called craps

A gambler plans to play the casino dice game called craps, and he plans to place a bet on the "pass line." Let A be the event of winning. Based on the rules used in almost all casinos, P(A) = 244/495. Describe the event ...

Many raleigh north carolinians owns one or more tvs below

Many Raleigh, north Carolinian's owns one or more TVs. Below is a distribution of the number of TVs per house hold in Raleigh. Fill in the missing probability to make a valid discrete probability distribution or explain ...

1 suppose that a company selects two people who work

1. Suppose that a company selects two people who work independently inspecting two-by-four timbers. Their job is to identify low-quality timbers. Suppose that the probability that an inspector does not identify a low-qua ...

Your company is considering a new project that will require

Your Company is considering a new project that will require $18,000 of new equipment at the start of the project. The equipment will have a depreciable life of 5 years and will be depreciated to a book value of $3,000 us ...

Jeremy needs to start paying back his student loan the

Jeremy needs to start paying back his student loan. The amount he owes is $14,069.80 with an APR of 6.94%. Assuming he will take 10 years, how much will his monthly payment be?

Dr garcia has a dream to complete a ironman triathlon the

Dr. Garcia has a dream to complete a Ironman triathlon. The race consists of a 2.4 mile swim, a 112 mile bike ride, and a marathon run of 26.2 miles. In training, Dr. Garcia estimates that he can swim at an average pace ...

Kevin knows that the beta of his portfolio is equal to 1

Kevin knows that the beta of his portfolio is equal to 1, but he does not know the risk-free rate of return or the market risk premium. He also knows that the expected return on the market is 8.25 percent. What is the ex ...

What is the maximum dollar amount that you would be willing

What is the maximum dollar amount that you would be willing to pay for an investment that pays $10,000 every second year forever if the 1st payment occurs four years from today (the 2nd payment will occur in six years et ...

Based on land minerals and natural resources labor and

Based on land, minerals and natural resources, labor and entrepreneurial innovation, which country do you feel has the greatest long-term potential China or Russia.

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert