Blackstone Company purchased a new software system costing $35,000. To finance the purchase, Blackstone signed a contract agreeing to pay the cost over the next 8 years, with a payment due every six months; the first payment will be made six months from the date of purchase. Blackstone's usual interest rate is 10%. What is the amount of the payment required (rounded to the nearest dollar)? 's usual 096, What is the amount of the Select one: O a. 16,030 O b. 6,560 O c. 3,229 d. 2,575 e. None of the above
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- General Computers Inc. purchased a computer server for $60,500. It paid 45.00% of the value as a down payment and received a loan for the balance at 9.00% compounded semi-annually. It made payments of $2,100.12 at the end of every quarter to settle the loan. a. How many payments are required to settle the loan? Round up to the next paymentLEW Company purchased a machine at a price of $100,000 by signing a note payable, which requires a single payment of $123,210 in 2 years. Assuming annual compounding of interest, what rate of interest is being paid on the loan?The Planet Express spaceship was retrofitted with a new dark matter drive for $4,500,000. The company paid 20% down and financed the remaining amount 5 years at 6% APR. The monthly loan payment is exactly $69,600. At the end-of-month 2, the interest portion of the payment is |and the principal portion is The remaining loan balance at end-of-month 2 is Express all values to the penny.
- We will use Excel PMT function to calculate the payment Rand then create an amortization schedule for the problem below: The Turners have purchased a house for $250,000. They made an initial down payment of $50,000 and secured a mortgage with interest charged at the rate of 6%/year on the unpaid balance . Interest computations are made at the end of each month . Assume that the loan is amortized over 15 years . Determine the size of each installment such that the loan is amortized at the end of the term Type the raw data of P, r, m, t into cells Calculate i by its definition Calculate n by its definition Calculate R by Excel function PMT. Note : please reference in PMT What will be their total interest payment ?General Computers Inc. Purchased a computer server for $72,000. It paid 30.00% of the value as a down payment and received a loan for the balance at 7.50 compounded semi annually. It made payments of $2,650.32 at the end of every quarter to settle the loan. A. How many payments are required to settle the loan? compoundedGeneral Computers Inc. purchased a computer server for $70,000. It paid 35.00% of the value as a down payment and received a loan for the balance at 4.50% compounded semi-annually. It made payments of $2,850.75 at the end of every quarter to settle the loan. a. How many payments are required to settle the loan? payments Round up to the next payment b. Fill in the partial amortization schedule for the loan, rounding your answers to two Question 3 of 7 b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number 0 1 2 Payment Interest Portion Principal Portion Principal Balance $45,500.00 11
- A company buys a machine for $18,000, which it agrees to pay for in five equal annual payments, beginning one year after the date of purchase, at an annual interest rate of 7%. Immediately after the second payment, the terms of the agreement are changed to allow the balance due to be paid off in a single payment the next year. What is the final single payment? Solution: 1. Draw the CFD by yourself; 2. First, calculate annual payment amount for the first 2 years: O A= + 7%, • )=18000x =$ o The final payment is the • worth of the : unpaid payments. 3. Second, Calculate the single payment amount due at the end of the 3rd year: F=SA provider of cell phone service leases the rights to use 25 cell towers and makes payments of $200,000 at the beginning of each month for 5 years at an interest rate of 3.25% compounded monthly. Find the present value (in dollars) of the payments. (Round your answer to the nearest cent. See Example 6 in this section.)A firm purchased heavy cable and 4 inch conduit on credit and agreed to pay 10% interest rate per annum. Purchases are made in October for cable costing $756.80 and in December for conduit costing $1,325.25. If full payment is made by March 1st of the following year, how much is paid? (Charge interest for the full month of purchase)
- General Computers Inc. purchased a computer server for $57,500. It paid 35.00% of the value as a down payment and received a loan for the balance at 10.50% compounded semi-annually. It made payments of $2,450.35 at the end of every quarter to settle the loan. a. How many payments are required to settle the loan? 0 payments Round up to the next payment b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number Payment Interest Portion Principal Portion Principal Balance 0 $37,375.00 1 $0.00 $0.00 $0.00 $0.00 2 $0.00 $0.00 $0.00 $0.00 : : : : : :Valles Galactic Industries is Equipment is financing some equipment purchases. They anticipate a life of 10 years with monthly payments. The arrangement with the vendor worked out is as below. The interest rate is % % per month for the first 48 payments and for the remainder of the loan the interest rate would be 1 % per month. The equipment cost $500,000. What is the monthly payment for the first 48 months?A contractor’s price for a new building was $96,000. You decide to buy the building, making a payment of $12,000 down and financing the balance by making equal payments at the end of every 6 months for 12 years. Interest is 7.3% compounded semi-annually. B) For the first payment period, how much interest is paid, how much of the principal is repaid, and what is the loan balance at the end of first installment? how much interest is paid how much of the principal is repaid what is the loan balance? C) For the fifteen payment period, how much interest is paid, how much of the principal is repaid, and what is the loan balance at the end of first installment? how much interest is paid how much of the principal is repaid what is the loan balance?