Chat with AI
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 51
Solve the application problem. Round to the nearest cent.
LAND SALE Helen Spence sells a lot in Nevada. She will be paid a lump sum of $60,000 in 4 years. Until then, the buyer pays 8% simple interest every quarter. (a) Find the amount of each quarterly interest payment. ____________ (b) The buyer sets up a sinking fund so that enough money will be present to pay off the $60,000. The buyer wants to make semiannual payments into the sinking fund. The account pays 8% compounded semiannually. Find the amount of each payment into the fund. ____________ (c) Prepare a table showing the amount in the sinking fund after each deposit.
LAND SALE Helen Spence sells a lot in Nevada. She will be paid a lump sum of $60,000 in 4 years. Until then, the buyer pays 8% simple interest every quarter. (a) Find the amount of each quarterly interest payment. ____________ (b) The buyer sets up a sinking fund so that enough money will be present to pay off the $60,000. The buyer wants to make semiannual payments into the sinking fund. The account pays 8% compounded semiannually. Find the amount of each payment into the fund. ____________ (c) Prepare a table showing the amount in the sinking fund after each deposit.
Explanation
Verified
Verified
a)Consider the simple interest problem. ...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
