Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. i have arranged to borrow $12,000 from my parents

I have arranged to borrow $12,000 from my parents toward a holiday. I will repay...

50.1K

Verified Solution

Question

Finance

I have arranged to borrow $12,000 from my parents toward a holiday. I will repay the loan over 4 years in equal year-end payments. If the interest rate is 15.0% p.a. compounding monthly, my annual repayment is (rounded to nearest dollar; dont include the $ sign or commas)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

A pollster claims that Socialist proportion of registered Socialist voters in his country is lower than...

Basic Math
1.2K views

Use the ”test.vs.grade” data and test the null hypothesis that the mean test score for the...

Electrical Engineering
1.2K views

i. Explain how to evaluate the correct combination of RL and CL for appropriate filter efficiency....

Basic Math
1.2K views

A diet doctor claims Australians are, on average, overweight by more than 10kg. To test this...

Biology
1.2K views

The Delaney Clause amendment to the Food Drug and Cosmetic Act that states that a...

Biology
1.2K views

Ints 2 Beside John Kennedy s ability to connect with voters via television which of...

Basic Math
1.2K views

A company that produces widgets has a fixed cost of 400 and a unit cost...

Basic Math
1.2K views

Find the p-value for the hypothesis test. A random sample of size 55 is taken....

Statistics
1.2K views

A box has 3 blue and 3 green jelly beans A bag has 7 blue...

Algebra
1.2K views

Let T be a linear transformation from R to R defined by T(x,y) = (2x...

Accounting
1.2K views

Bike Inc. was incorporated on January 1, 2020 and was authorized under its charter to...

Accounting
1.2K views

Bir kii, 2 yl boyunca bir tasarruf hesabna ayda 100 dolar yatrr. 5., 7. ve...