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 96 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
Thanks for the timely response, appreciate it

olderstudent

  • Member
  • Posts: 339
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

The most destructive flu epidemic of all times in recorded history occurred in 1918, with approximately 20 million deaths worldwide.

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

Liver spots have nothing whatsoever to do with the liver. They are a type of freckles commonly seen in older adults who have been out in the sun without sufficient sunscreen.

Did you know?

Green tea is able to stop the scent of garlic or onion from causing bad breath.

Mammals posses a number of physiological pathways related to stress. One example is the hypothalamic Mammals posses a number of physiological pathways related to stress. One example is the hypothalamic
In 2008, the U.S. economy suffered a gaping wound as several trillion dollars were ripped out of it. In 2008, the U.S. economy suffered a gaping wound as several trillion dollars were ripped out of it.
The number of research articles published on the topic of religious practices and spirituality have ... The number of research articles published on the topic of religious practices and spirituality have ...
A ring link network reduces the number of wires it takes to interconnect all of the modules. A ring link network reduces the number of wires it takes to interconnect all of the modules.
Annual Mean Number of Days with Thunder Annual Mean Number of Days with Thunder
Locate the following places by reference number on the map:Key Locales of Political, Economic, ... Locate the following places by reference number on the map:Key Locales of Political, Economic, ...
Video: Role of the respiratory system - effect of altered ventilation rates

For a complete list of videos, visit our video library