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Teaching Since: Apr 2017
Last Sign in: 363 Weeks Ago, 6 Days Ago
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  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 08 May 2017 My Price 9.00

Emily Wang financed her office furniture from a furniture dealer.

Emily Wang financed her office furniture from a furniture dealer. The dealer’s terms allowed her to defer payments (including interest) for six months and to make 36 equal end-of-month payments thereafter. The original note was for $15,000, with interest at 9% compounded monthly. After 26 monthly payments, Emily found herself in a financial bind and went to a loan company for assistance. The loan company offered to pay her debts in one lump sum if she would pay the company $186 per month for the next 30 months.

 

(a) Determine the original monthly payment made to the furniture store.

 

(b) Determine the lump-sum payoff amount the loan company will make.

 

(c) What monthly rate of interest is the loan company charging on this loan?

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Status NEW Posted 08 May 2017 11:05 AM My Price 9.00

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