1. A Contractor charges an Engineer Php. 2,750.00 on a loan of Php. 15,800.00 for 2 years and 3 months. What simple interest rate is he using?
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B. Problem Solving, Show your solution. simple interest.
1. A Contractor charges an Engineer Php. 2,750.00 on a loan of Php. 15,800.00 for 2 years and 3
months. What simple interest rate is he using?
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- Owners of a new restaurant have found numerous costs associated with starting their business (see table). They financed the total of these costs with end-of-month payments through a loan from the bank at {E}compounded {F}, amortized over {G} years. 1. What is the size of the monthly payments required to settle this loan? 2. What is the principal balance outstanding on the loan after one year? 3. What is the size of the final payment? 4. Construct a partial amortization schedule for this loan.A borrower has two alternatives for a loan: (1) issue a $630,000, 75-day, 6% note or (2) issue a $630,000, 75-day note that the creditor discounts at 6%. Assume a 360-day year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet a. Compute the amount of the interest expense for each option. Round your answer to the nearest dollar. for each alternative. b. Determine the proceeds received by the borrower in each situation. Round your answers to the nearest dollar. < (1) $630,000, 75-day, 6% interest-bearing note: $ (2) $630,000, 75-day note discounted at 6%: $ c. Alternative is more favorable to the borrower because the borrowerYou have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every month 1 3 4 6 $40,000
- Answer the following questions correctly and show your Solution.a. Find the actual time from October 5, 2019 to December 11, 2019 b. Thirty months is equivalent to c. How much money will you have after 4 years if you deposited Php 10,000.00 in a bank that paste 6 % simple interest.Direction: Solve and Find for Monthly amortize and Amount of Interest. 1. A newly married couple decided to buy a brand-new car. The net amount of the loan is P 500,000. They plan to amortize the loan in monthly installment for 1 year. If money is worth 12% convertible monthly, how much is the monthly amortization? 2. Janica received a loan from her bank for Php 4,085 for a period of one year. The interest rate is 4.95%. The original loan amount and the interest must be repaid in full at the end of the year. Determine the amount of interest that Janica will pay.You need a quick loan and decide to use the local "payday" loan office. The loan is for $800 and you pay it back 13 days later. You end up paying them back $1025. Assume the company compounds interst on a DAILY basis.. la. What is the effective interst rate per year? 1b. What would you owe if you kept the money for 1 year? please show work on excel
- You borrowed $10,000 from a bank to invest in IT & Mobile technology with payback the loan in graduated payment plan. If your first payment is $1,000 at the end of first year and i=10% over 5 years. Note: (P/G, 10%, 5) = 6.86 Q/Find the total earned interest by the bank at the end of period?Johan wants to buy a car on hire purchase for N$75000 at the rate of 10% p.a. repayable using monthly installments for a period of 2 years and 8 months. (No deposit was required). (a) Total amount of money expected to be paid to the Hire Purchase Company over the years. N$ (b) Monthly installment to be paid by George. N$ Bank 1 offered him a loan repayable at a certain monthly instalment for the same period of time as the car hire company at the rate same rate of 10% p.a. whereas Bank B offered to reduce the rate of by 1.5% p.a. (c) Total amount of money expected to be received by Bank 1. N$2. You purchase a basic package, 4-door sedan for your company's fleet for $18,000. The 3 year loan has an interest rate of 13.75%. You make 10 payments and decide the 11th will be the payment to pay off the loan in its entirety. How much does the 11" payment need to be, using the Actuarial Method?
- Performance task No.2: SIMPLE INTERESTS Directions: Complete the table below. Show your solution on a separate sheet. 1. Find the simple interest on a loan of P65,000 if the loan is given at a rate of20% and is due in 3 years. 2. Amparo invested a certain amount at 10% simple interest per year. After 2years, the interest she received amounted to P3,000. How much did she invest? 3. Miko borrowed P25,000 at 10% annual simple interest rate. How much should he pay after 3 years and 6 months?A. Solve the following problems and show your complete solution. 1. Anna bought a diamond necklace worth P185,000. Securing 15% down payment, they agreed to pay the remaining for 1 year with 12% annual interest rate. a. How much is the down payment? b. How much is the mortgage loan? 00 c. How much is the monthly amortization? d. Create an amortization table. HRISTIAAn investor is looking for a loan for an investment property that he has found. He can afford a monthly payment of $1,475. The interest rated quoted to him was 7.25%. He built the following table from that information. A $74,049 $125,638 $161,580 t 5 10 15 a) A(5) = b) If the investment property cost $161,580, how many years must the investor make monthly payments? t 20 25 30 A $186,620 $204,066 $216,220