2-4. Lita borrowed P15,000 last June 10, 2020 from a lending institution which offered 12% simple interest and she promised to pay on October 10 of the same year. What is the exact time? O 120 days 121 days 112 days O 122 days

Q: A man deposited $1000 into a retirement savings plan on February 01 1988. How much money will be in…

A: We can determine the value of the fund using the future value formula below:In the formula above…

Q: Maya borrowed 15, 000 pesos last June 10, 2020, from a lending institution which offered 12% simple…

A: The time period for which loan or borrowed amount is due or funds are held by borrower is calculated…

Q: 3. Miss Aisha deposited RO 5000 in a fixed deposit at 5 % interest compounded semi-annually for 5…

A: Amount deposited now = RO 5000 Interest Rate(r1) = 5% compounded Semiannually = 5% /2 = 2.5% Years =…

Q: 2. Determine the total interest to date.

A: The objective of the question is to determine the balance on Andisiwe and Thobela's home loan as of…

Q: Rosa borrowed P32297 from a bank at 11.93% simple interest for 3 years and 6 months. How much did…

A: Simple interest refers to the interest that does not take into account the factors of compounding.…

Q: Caroline borrowed $1,500.00 at 9.00% p.a. She wants to settle this loan with 2 equal payments, one…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: On April 5, 2022, Janeen Camoct took out an 81% loan for $20,000. The loan is due March 9, 2023.…

A: InterestThe amount paid in excess for the use of other funds by borrowing is called interest.…

Q: Helene invests R5918 in a savings account that pays interest at 6% pa compounded monthly. Exactly 5…

A: Here,

Q: Nina deposited RM 500 every 3 month for 10 years into a saving account that paid interest 7%…

A: The formula used is shown:

Q: Jasmin has a mortgage of $296,000 through her bank for property purchased. The loan is repaid by end…

A: Mortgage Amount = $296,000Interest rate = 6.36%Period = 16 Years

Q: 4. Linda and Jeff each open new bank accounts at time 0. Linda deposits 6,000 into her bank account,…

A: Data given: Linda deposit=6000 Jeff deposit=4800 Interest earned in Linda's account during 6th…

Q: Margo borrowis 51700 , agreeing to pay it back with 48 annual interest after 11 months. How much…

A: Principal Amount = p = 51,700Interest Rate = r = 48%Time = t = 11 / 12 Years

Q: nna is buying a house selling for $285,000. To obtain the mortgage, Anna is required to make a 20%…

A: We need to use loan amortization formula to calculate monthly payment. The formula is  PMT…

Q: SAVINGS ACCOUNTS If Jackson deposits $100 at the end of each month in a savings account earning…

A: We here need to use future value of ordinary annuity(payment due at end) formula for calculation of…

Q: 10. Aleq borrows P9,500 and agrees to pay the compound amount after 5 years. If interest is at the…

A: The compound value of money can be depicted as the amount of interest generated on interest earned…

Q: (d) Candice Houston has a $ 24,900 debt that she wishes to repay 6 years from today; she has $…

A: Investment Amount $13,847 Furture Value $24,900     FV = P(1+r/n)^ntWhere FV =Future ValueP =…

Q: Emily has borrowed $1 000 000 from MQ Bank for 10 years at an interest rate of j2 = 4.1% p.a. She…

A: The objective of this question is to find the value of Emily's annual payment amount, X, for the…

Q: Jasmin has a mortgage of $296,000 through her bank for property purchased. The loan is repaid by end…

A: An interest charge is the cost of obtaining or extending credit. The cost of managing the loan, as…

Q: 1. Carlo regularly deposits a certain amount K in a bank account which credits com- pound interest:…

A: As asked in the question, only (a) is to be answered Future value refers to the amount of a current…

Q: Alexandra took out a mortgage of $791,000 for a house and just made the 79th end of month payment.…

A: A mortgage is a borrowing taken such that regular payments are made to repay the loan. The…

Q: Assume that time today is Dec. 13, 2022. Determine what is being asked in each problem. 1. Coco…

A: Amortization schedule refers to the amount including the principal and interest payments made for…

Q: Kaye deposited $5,000 into a savings account today. For how long can $440 be withdrawn from the…

A: Monthly payment refers to an amount that is paid at every period for the repayment of a loan amount…

Q: 1. Nina deposited RM 500 every 3 month for 10 years into a saving account that paid interest 7%…

A: Compounding all the cashflows of today to the future date will provide future value.

Q: Robert borrowed $28,372.63 from the bank, which needs to be paid with the amount of $404.21 at the…

A: Under a loan arrangement, the money borrowed can be repaid in regular payments over a period of…

Q: What is the interest paid in the 2nd year of the mortgage?

A: Mortgage refers to a legal contract based upon which a financial institution such as bank grants a…

Q: Q14) Suppose that Ahmed deposits 2000 $ every 6 month in a saving account which pays 12% annual…

A: The FV of annuity due formula is FV = Pmt x [(1 + r)n - 1]/r x (1 + r), where Pmt is the periodic…

Q: Lance borrowed an amount of money from a lender. He agrees to pay the principal plus interest by…

A: Annual Payment = 39,973.76 N = 3 Interest rate = 8% Compounded quarterly Number of compounding…

Q: On April 5, 2022, Janeen Camoct took out an 5% loan for $10,000. The loan is due March 9, 2023.…

A: Interest is defined as any compensation made by the borrowing party to the person from whom money…

Q: 15 years ago, Laura borrowed $424,000 to buy a house. She has a 30 year, 5. fixed rate mortgage. She…

A: When interest rate declines than it is advantageous to take another loan to fund and pay existing…

Q: Amy has accumulated a credit card debt of $7,100 and she has decided to pay it off over the next 3…

A: The question is based on the concept of repayment of loans on reducing balance method.  The loan…

Q: A person requested a personal loan from the bank and owes 2,500,000 pesos, which he has to pay at 9%…

A: Loans are paid by equal monthly payments that carry payment for interest and payment for loan also.

Q: Assume that your grandmother has sold her house on 31.12.2020. The house was partially paid for with…

A: The problem case wants to calculate the interest income earned in 2023 from the bond issued at the…

Q: Kia deposited $1,300, at the BEGINNING of each year for 26 years in a credit union account. If the…

A: Annuity = a = $1300 Time = t = 26 years Interest rate = r = 8%

Q: A. Aisha borrowed R.O 80,000 to pay her child’s education at Muscat College. Aisha must repay the…

A: Loan: It is the amount of money borrowed from a person or bank or company for a certain period…

Q: Emily receives R1 500,00 from the bank now that charge 10,5% simple discount per annum. She has to…

A: To find the number of months after which Emily pays back the loan, we can use the formula for simple…

Q: On Jan.1, 2016, Diana opened an account with a P50000 deposit. On Jan.1, 2017, she withdraws P25000…

A: Let 2016 be year 0. CF0 = P 50000 CF1 = - P 25000 CF3 = P 75000 r = 7.5% We need to find the future…

Q: rrowed $1 000 000 from MQ Bank for 10 years at an interest rate of j2=3.11% p.a. She will make 10…

A: Loan Amount$ 1000,000Interest rate3.11%Annual Installment10Loans are paid by equal annual payments…

Q: Mr. and Mrs. Smith have taken out a mortgage loan of $150,000.00 from a bank at 6% APR for a fixed…

A: The monthly payment can be calculated with the help of present value of annuity function

Q: 4. Peter has a debt of DKK 5,000, which he must pay off by DKK 862.74 each month. He pays 1%…

A: Amortization schedule refers to the presentation of complete loan payments over the life of the loan…