Question & Answer: 454476 ACC 2148 Intermediate Accounting IFal 17 Kathi Wagner 92017632 PM Homework: Chapter 7 Homework Score: 0 of 10 pts P7-4 (book/static…..

454476 ACC 2148 Intermediate Accounting IFal 17 Kathi Wagner 92017632 PM Homework: Chapter 7 Homework Score: 0 of 10 pts P7-4 (book/static) ㄇ HW Score: 0% 0 of 60 pts 4 of 6 (1 complese) 攩Question Hep (Cick the icon to view the Present Vahue of $1 table) Click the icon to view the Fure alue of 51 table) Cick the icon to vew the Future alue of an Ordinary Annuity table ) Click the lcon to view the Present Vakae of an Ordinary Annuity table) Click the icon to view the Present Vakue of an Annuly Due table J Anewer the following independent questions rCick the loon to view the independent questions ) Use the present value and luture value tables, the formula method a financial calculator or a spreadshee for your calculations If uning presant and huoure value tables or the formula mthod,use fachor amounscak the lcon to veer the Fuhe Va㎞ of an Annuty Die table ) ounded to five decimal places.X0ooox) equal annual Instaliments Instaliments begin at the end of the rst year What are the annual payments required to pay back your triend a. You bomowed $15,000 from a friend and promised to repay the loan in seven eho would ke to eam 4% annual interest compounded annually? (Round your inal answer to the The annual parymerts are nearest cent SX.XXx) Enter any number in the edi elds and then click Check Answer Check Answer Clear Al

454476 ACC 2148 Intermediate Accounting IFal 17 Kathi Wagner 92017632 PM Homework: Chapter 7 Homework Score: 0 of 10 pts P7-4 (book/static) ㄇ HW Score: 0% 0 of 60 pts 4 of 6 (1 complese) 攩Question Hep (Cick the icon to view the Present Vahue of $1 table) Click the icon to view the Fure alue of 51 table) Cick the icon to vew the Future alue of an Ordinary Annuity table ) Click the lcon to view the Present Vakae of an Ordinary Annuity table) Click the icon to view the Present Vakue of an Annuly Due table J Anewer the following independent questions rCick the loon to view the independent questions ) Use the present value and luture value tables, the formula method a financial calculator or a spreadshee for your calculations If uning presant and huoure value tables or the formula mthod,use fachor amounscak the lcon to veer the Fuhe Va㎞ of an Annuty Die table ) ounded to five decimal places.X0ooox) equal annual Instaliments Instaliments begin at the end of the rst year What are the annual payments required to pay back your triend a. You bomowed $15,000 from a friend and promised to repay the loan in seven eho would ke to eam 4% annual interest compounded annually? (Round your inal answer to the The annual parymerts are nearest cent SX.XXx) Enter any number in the edi elds and then click Check Answer Check Answer Clear Al

Expert Answer

 

Annual payments = Amount of borrowal/PVAF(4%, 7 years)
= $15000/6.0021
= $2499.13

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NOTE: PVAF is the present value of ordinary annuity as the payment shall be made at the end of the year

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