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Homework answers / question archive / When Dan signed a three-year contract as a manager, the company allowed reimbursement of $480 at the end of every month for his car expenses
When Dan signed a three-year contract as a manager, the company allowed reimbursement of $480 at the end of every month for his car expenses. At the time the contract was signed, money was worth 7.28% compounded monthly (a) What value did the expense reimbursement provision have when the contract was signed? (b) What is the outstanding value of the reimbursement after the 28th payment? (a) The value was $! (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) b) A construction company signed a loan contract at 7.57% compounded quarterly, with the provision to pay $570 at the end of each month for three years. (a) What is amount of the loan? (b) How much will be owed at the end of fourteen months? (C) How much of the principal will be repaid within the first fourteen months? (d) How much interest is paid during the first fourteen months? (a) The amount of the loan is $l (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) c) An annuity with a cash value of $11,700 pays $1,860 at the beginning of every six months. The investment earns 6% compounded semi-annually. (a) How many payments will be paid? (b) What is the size of the final annuity payment? (a) The number of payments is (Round up to the nearest whole number.)
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