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Category > Accounting Posted 20 May 2017 My Price 5.00

A loan with a quarterly payment of $1,500 has an unpaid balance of $10,000

A loan with a quarterly payment of $1,500 has an unpaid balance of $10,000 after 27 quarters and an unpaid balance of $9,000 after 28 quarters. If interest is compounded? quarterly, find the interest rate.

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Alpha Geek
(8)
Status NEW Posted 20 May 2017 09:05 AM My Price 5.00

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file 1495271284-Answer.docx preview (99 words )
A----------- lo-----------an -----------wit-----------h a----------- qu-----------art-----------erl-----------y p-----------aym-----------ent----------- of----------- $1-----------,50-----------0 h-----------as -----------an -----------unp-----------aid----------- ba-----------lan-----------ce -----------of -----------$10-----------,00-----------0 a-----------fte-----------r 2-----------7 q-----------uar-----------ter-----------s a-----------nd -----------an -----------unp-----------aid----------- ba-----------lan-----------ce -----------of -----------$9,-----------000----------- af-----------ter----------- 28----------- qu-----------art-----------ers-----------. I-----------f i-----------nte-----------res-----------t i-----------s c-----------omp-----------oun-----------ded-----------? q-----------uar-----------ter-----------ly,----------- fi-----------nd -----------the----------- in-----------ter-----------est----------- ra-----------te.----------- A-----------nsw-----------er ----------- Le-----------t t-----------he -----------Loa-----------n a-----------mou-----------nt -----------be -----------X B-----------ala-----------nce----------- af-----------ter----------- 27----------- qu-----------art-----------ers-----------=X------------150-----------0*P-----------VA(-----------n=2-----------7,r-----------)=1-----------000-----------0 (-----------Equ-----------ati-----------on -----------P) -----------Bal-----------anc-----------e a-----------fte-----------r 2-----------8 q-----------uar-----------ter-----------s=X------------15-----------00*-----------PVA-----------(n=-----------28,-----------r)=-----------900-----------0 (-----------Equ-----------ati-----------on -----------Q) -----------If -----------we -----------sub-----------tra-----------ct -----------equ-----------ati-----------on -----------Q f-----------rom----------- eq-----------uat-----------ion----------- P -----------X-1-----------500-----------*PV-----------A(n-----------=27-----------,r)------------X+-----------150-----------0*P-----------VA(-----------n=2-----------8,r-----------)=1-----------000-----------
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