Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. billy is borrowing $250,000 for 15 years at an apr

Billy is borrowing $250,000 for 15 years at an APR of 8.5 percent. The loan...

50.1K

Verified Solution

Question

Finance

Billy is borrowing $250,000 for 15 years at an APR of 8.5 percent. The loan will be repaid in equal annual payments at the end of each year. The loan would be fully paid off at the end of the term. What is the total loan balance in year 3 of this loan?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Solve the following system of equations using the method of elimination. Eliminate the variable x...

Algebra
Q

Why do the pole cells (the primordial germ cells which give rise to the gametes) form...

Biology
Q

Identify several interventions used in the treatment of sex offenders from psychological, medical, and physical perspectives.

Psychology
Q

1. NASA tested a power generation system that involves connecting a small satellite to the space...

Physics
Q

Convert the angle 477 to radians. Give the exact value. This means there should be...

Algebra
Q

Mr. Fran Finalize, office managing partner of Finalize & Associates Inc. has asked you to...

Accounting
Q

Wallen Corporation is considering eliminating a department that has an annual contribution margin of $80,000...

Accounting
Q

Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: Your answer:...

Accounting
Q

Based on your reading and understanding of the allowance for bad debts and bad debt...

Accounting
Q

Elmwood, Inc. currently sells 14,000 units of its product per year for $120 each. Variable...

Accounting
Q

Tiene un terreno que se puede utilizar para cultivo o para desarrollar un campo de...

Accounting
Q

Market research carried out by the company indicates that at a price of 50 demandwould...

Finance