Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. calculate the average amount of interest paid on a

Calculate the average amount of interest paid on all three loans. You borrow 15000 and...

70.2K

Verified Solution

Question

Accounting

Calculate the average amount of interest paid on all three loans. You borrow 15000 and replay the loan over 8 years. At the end of each year, you make interest payment to the lender at an annual effective rate of 9% and also make level payments to a sinking fund which accumulates to 15000 after 8 years. If your total annual payment is 2876.65 what effective annual rate is earned by the sinking fund?

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1) Sort the phrases pertaining to pure substances and mixtures as either true or false. Note:...

Chemistry
Q

The weight of a chunk of moist soil sample is 77.6 lb. The volume of the soil chunk...

Civil Engineering
Q

Question 3: (a) What norms govern the expression of emotions in your roles of student? Note, to...

Psychology
Q

IN 200 WORDS OR MORE Differentiate between metrics and statistical analysis of information. When may each of...

General Management
Q

Given the following histogram decide if the data is skewed or symmetrical Frequency 300 250...

Statistics
Q

Remember that showing your work in arriving at solutions is required for all problems Find...

Calculus
Q

A model used for the yield Y of an agricultural crop as a function of...

Calculus
Q

Use row reduction to evaluate the determinant of the matrix Do not use cofactors 3...

Algebra
Q

If the materials quantity variance was $20,235 unfavorable,...

Accounting
Q

BANK RECONCILIATION Prepare the bank reconciliation for Donna's Day Care using the following...

Accounting
Q

Match #1 (5 points) Match five of the terms (a-h) with the definitions...

Accounting
Q

NANCE INC Index rule? (4 points) the project's discounted payback period. What does payback tell...

Finance