John has got a S4000 student loan with the interest rate of 5% per year. If he p

Question

John has got a S4000 student loan with the interest rate of 5% per year. If he pays back $1000 every year for 4 years, what is the remaining amount that he has to pay back at the end of the fifth Question#2 (5 points) If John deposits $1000 at the end of year 1 and $3000 at the end of year 3, what is the equivalent amount that he can withdraw at the end of year 5 from this account? The rate of return on this account is 5% per year. Pleasefirstdrawthe cash flow diagramforthisproblem. 6 ( ) 30s0( 3, 1525

Explanation / Answer

1)

remaining amount at the end of year 1=4000*(1+5%)-1000=3200

remaining amount at the end of year 2=3200*(1+5%)-1000=2360

remaining amount at the end of year 3=2360*(1+5%)-1000=1478

remaining amount at the end of year 4=1478*(1+5%)-1000=551.90

remaining amount at the end of year 5 to be pay back=551.90*(1+5%)=579.50 is answer

the above is answer..

we do only one question based on Chegg rule

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.