Only Q14Help me fast so that I will give good rating. 14. A loan of $17,000 is made at 4.99% simple discount interest for 180 days.a. What are the proceeds?b. What is the effective rate of the loan (APY)?15. On May 5, Drew took out a loan for $44,000 at 5.8% simple interest to upgrade the security system in hiscompany's warehouse. On June 5, Drew made a payment of $18,000.a. Use the Actuarial Method to determine the new balance of the loan on June 5?b. What is the payoff amount on July 5?16. If $2940 is invested at 3.2% compounded quarterly, how much is in the account after 8 years?17. Find the length of the loan if an investment of $5109 grows to $10,776 at a rate of 9% compounded daily.Give your answer in years.18. Find the amount that must be invested at 8.5% compounded monthly to have $20,000 for a house downpayment in 6 years.19. What is the total interest earned if $200 is deposited at the beginning of each month for 10 years if theinvestment earns 7.8% compounded monthly?20. What is the monthly payment on a mortgage of $125,000 at 4.25% compounded monthly if payments aremade at the end of the month for 30 years?21. A retirement account has $210,000 today. How much can be withdrawn at the end of each month if theaccount needs to last for 15 years and it earns 4.9% compounded monthly?

Face Value of Loan= $17000 Bank Discount Rate= 4.99% Duration of loan= 180 days

Answered: 14. A loan of $17,000 is made at 4.99%…

14. A loan of $17,000 is made at 4.99% simple discount interest for 180 days. a. What are the proceeds? b. What is the effective rate of the loan (APY)?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Question

Only Q14

Help me fast so that I will give good rating.

14. A loan of $17,000 is made at 4.99% simple discount interest for 180 days.
a. What are the proceeds?
b. What is the effective rate of the loan (APY)?
15. On May 5, Drew took out a loan for $44,000 at 5.8% simple interest to upgrade the security system in his
company's warehouse. On June 5, Drew made a payment of $18,000.
a. Use the Actuarial Method to determine the new balance of the loan on June 5?
b. What is the payoff amount on July 5?
16. If $2940 is invested at 3.2% compounded quarterly, how much is in the account after 8 years?
17. Find the length of the loan if an investment of $5109 grows to $10,776 at a rate of 9% compounded daily.
Give your answer in years.
18. Find the amount that must be invested at 8.5% compounded monthly to have $20,000 for a house down
payment in 6 years.
19. What is the total interest earned if $200 is deposited at the beginning of each month for 10 years if the
investment earns 7.8% compounded monthly?
20. What is the monthly payment on a mortgage of $125,000 at 4.25% compounded monthly if payments are
made at the end of the month for 30 years?
21. A retirement account has $210,000 today. How much can be withdrawn at the end of each month if the
account needs to last for 15 years and it earns 4.9% compounded monthly?

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