This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: An ordinary annuity is an annuity having no fixed number of payments but depending on an uncertain ... (Read 99 times)

imowrer

  • Hero Member
  • *****
  • Posts: 514
on: Jun 24, 2018
An ordinary annuity is an annuity having no fixed number of payments but depending on an uncertain event, such as life insurance payments ceasing at the death of the insured.
  Indicate whether the statement is true or false

Question 2

Jacob is using Excel to track the installment loan he used to buy a new boat. He has entered the purchase price in Cell B5, the interest rate in Cell B6, the down payment percent in Cell B7, and the years for the loan in Cell B8. Formulas will be entered to calculate amount financed in Cell B9, finance charge in Cell B10, and monthly payment in Cell B11. Jacob needs help to write the formula to determine the monthly payment. How would you explain to Jacob what he needs to calculate so that explanation can turn into an Excel formula? What is the formula?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

diesoon

  • Sr. Member
  • ****
  • Posts: 353
Reply #1 on: Jun 24, 2018
Answer to Question 1

FALSE

Answer to Question 2

Divide the amount to be repaid (amount financed plus finance charge) by the number of monthly payments (number of years times 12 months); =(B9+B10)/(B812)


imowrer

  • Member
  • Posts: 514
Reply 2 on: Jun 24, 2018
Excellent

robbielu01

  • Member
  • Posts: 336
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

GI conditions that will keep you out of the U.S. armed services include ulcers, varices, fistulas, esophagitis, gastritis, congenital abnormalities, inflammatory bowel disease, enteritis, colitis, proctitis, duodenal diverticula, malabsorption syndromes, hepatitis, cirrhosis, cysts, abscesses, pancreatitis, polyps, certain hemorrhoids, splenomegaly, hernias, recent abdominal surgery, GI bypass or stomach stapling, and artificial GI openings.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

Did you know?

Your heart beats over 36 million times a year.

Examples of four different types of cells from the body. Although each cell has a cell membrane, nuc Examples of four different types of cells from the body. Although each cell has a cell membrane, nuc
Father’s Age and the Number of de novo Mutations Father’s Age and the Number of de novo Mutations
Number of positive, negative, and neutral images recalled by younger, middle-age, and older adults. ... Number of positive, negative, and neutral images recalled by younger, middle-age, and older adults. ...
The Haploid Number of Chromosomes for a Variety of Organisms The Haploid Number of Chromosomes for a Variety of Organisms
What mass of sulfur hexafluoride, SF6, has the same number of fluorine atoms as 25.0 g of ... What mass of sulfur hexafluoride, SF6, has the same number of fluorine atoms as 25.0 g of ...
The number of phenotypic classes in the F2 generation increases as the number of genes controlling t The number of phenotypic classes in the F2 generation increases as the number of genes controlling t
Video: Genetics of Cancer

For a complete list of videos, visit our video library