Reference no: EM133068043
Questions -
Q1) Miguel purchased a machine for $27,500 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 5.42% compounded monthly. She paid $1,125 at the end of every month to settle the loan.
a. What was the principal portion of payment number 4?
b. What was the interest portion of payment number 4?
Q2) A lease of $8,100 had to be repaid with payments of $325 at the beginning of every quarter. The interest rate charged was 5.50% compounded quarterly.
a. How many payments are required to repay the debt?
b. What is the size of the final payment?
Q3) Taylor had a loan of $101,000 and made payments of $2,500 at the end of every month to settle it. If he received the loan at 3.62% compounded monthly, what was the balance on the loan at the end of two years?
Q4) Heather received a loan of $13,000 at 5.75% compounded quarterly. She had to make payments at the end of every quarter for a period of 1 year to settle the loan. Calculate the size of payments.
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What is the cost of the nil paid rights
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