posted by .

two partners in a business. one partner mortgaged business property to his co-partner for \$15,000.00 at 12% a year interest. no payments were ever made for 17 years. how much is owed?

Where was the co-partner these 17 years?

Anyway, assuming the interest is compounded yearly, the money owed is:
A=\$15000*1.12^17
=\$102,990.61

Good luck, and don't forget to check the market value of the mortgaged property.

Similar Questions

A partnership is created:a a)If the managing partner files appopriate papers with the secretary of state. b)If two or more persons or entities engage in an ongoing business activity for profit. c)Upon the issuance of stock to the partners. …

Congratulations! You have decided to start a new business! You will begin a partnership with one other business associate that you trust and have known for several years. You plan to hire three managers and another twenty employees. …

Should a petition of involuntary chapter 7 bankruptcy be granted to one partner of a 4 partner company that has quit paying debt due to disagreements between partners on more money needed than planned?

18. Ray Seo has \$5,000 to invest in a small business venture. His partner has promised to pay him back \$8,200 in five years. What is the return earned on this investment?
5. math

yhank you very much for solving the question i asked yesterday:the two parners in a business, one partner mortgaged business property to his co-partner for \$15,000 at 12% interest. no payments were ever made for 17 yearsyour answer …
6. math

in new jersey compounding interest is prohibited.so whatwould be owed in the case of the business partner giving his co-partner a 15000 mortgage at 12%interest and no payments were made in 17 years.
7. MAth

1. Johnâ€™s loans for his business total \$155,000. One of the loans is a SBA loan at 11% interest; the other loan is a Community Business Partner loan whose interest is 6.5% After one year the loans accumulated \$12,325 in interest. …
8. math

A business is taking alon to buy equipment. the loan is 40,000, set at 4% interest and will be paid off in 12 years. the bank wants to save the business money by calculatine the interst on a Remainin-Balance basis in case he pays it …
9. math

Two business partners, Ellen and Bob, invested money in their business at a ratio of 3 to 7. Bob invested the greater amount. The total amount invested was \$200. How much did each partner invest.
10. Math

Two business partners, Ellen and Bob, invested money in their business at a ratio of 6 to 7. Bob invested the greater amount. The total amount invested was \$260. How much did each partner invest?

More Similar Questions