a car for R3250 making a down payment of R500. One month later he is to begin making a series of monthly payments of R100 each. If he is charged interest at 12% p.a. compounded monthly. How many full payments must he make?

Q: A boy borrows 25000 from father. His father lends him money, on the condition that he would be…

A: A loan is a financial arrangement in which a lender provides funds to a borrower, who agrees to…

Q: uestions below

A: Compound interest is used in case of lump-sum money accumulates in the future if interest is charged…

Q: Nina buys a piece of lot for P30,000 down payment and 8 deferred semi-annual payments of P 5,000…

A: Annuity: A contract between you and another party known as an annuity obligates the borrower to pay…

Q: Scottie wants to accumulate $30,000 for a down payment for a house. He can only afford to set aside…

A: Future value needed = $30,000Payment = $300 every half year (i.e semi annually)Interest rate = 7.5%…

Q: Donald buys a machine from Biden Manufacturer and signs a contract that calls for a down payment of…

A: First, we need to determine the equivalent annual interest rate as the payments are made monthly,…

Q: ack buys a a car from a chant who offers P 748,000.00 at the end of 5 years. Jack wishes to pay…

A: As per the honor code of Bartleby we are bound to give the answer of first three sub part, please…

Q: Mark deposits $50,000 now into an account which will eam interest at a rate of 7% per year, how much…

A: Present value = $50,000 Interest rate = 7% Number of years = 4

Q: Togo's monthly salary is $1080 and his monthly expenses are on average $750. Togo is looking at some…

A: Investments providing a compounding interest rate calculate interest on the principal as well as…

Q: Pedro bought a new car today from Barboncito Motors.  The former proposed to pay the latter the…

A: EMI or monthly mortgage payments are the fixed amount paid by the borrower to the lender that…

Q: a. Kim pays ₱2,000 every two months to settle his obligation for two years at 8% compounded…

A: a. The present value can be calculated using the PV Function.  b. The monthly payment can be…

Q: Aidan deposits $1000 at the end of each quarter in an account that pays 5.25% per year, compounded…

A: Solution: An equal amount invested every period is called annuity. So, future value of annuity = PMT…

Q: joe decides to invest $610 dollers every month in an account that pays 1.87% monthly how nuch money…

A: Following information are given:   Monthly deposit = $610 Monthly rate = 1.87% No of months = 33…

Q: John takes out a 5 year loan for $10000 at 8% interest compounded monthly. Calculate his monthly…

A: The annuity is an amount that is paid back to the loan amount which consists of interest payments…

Q: Peter was receiving rental payments of $2,000 at the end of each month from his tenants of his…

A: A perpetuity is like an annuity in which cash flows are streamed for an indefinite period of time.…

Q: Tshepo needs R5 000 urgently. He goes to the bank and borrows the money at an interest rate of 28%…

A: Compound interest is the interest earn on interest. The rate at which compound interest accrues…

Q: Saturnino won a lottery and will receive a check for P700,000 at the beginning of each quarter for…

A: An annuity is a periodic cash flow that occurs at regular intervals. The future value of the annuity…

Q: Carlos buys a house for 1,200,000 pesos. He makes a 20% down payment and the balance he takes a loan…

A: Solution: amount of loan = 1,200,000 * 80% = 960,000 Nos of monthly periods =15*12 = 180 Monthly…

Q: Patrick makes payments of $250 per month at the end of each month. At the end of 10 years, he wants…

A: The rate of interest required to have the desired amount can be calculated with the help of rate…

Q: When Jasmine retires she has $950,000 in a retirement account that earns 6% annual interest,…

A: Using PMT function in excel

Q: Margarita borrows R10,000 from her uncle and agrees to repay it in monthly instalments of R200. Her…

A: Loans are paid in equal monthly payments and these payments carry the payment for interest and…

Q: Truman is saving up for a $7,000 trip to Fiji. If his bank account earns 5.8% compounded monthly and…

A: Final amount required = $7000 Interest rate = 5.8% per annum  Semiannual deposit (A) = $450 Let n =…

Q: A woman borrows $2000 and agrees to pay 9% annual simple interest on the loan.  She repays the loan,…

A: The amount owed is calculated as sum of principal and interest

Q: 3. Rasid buys a house for RM185,000. He pays a 10% down payment and the balance is borrowed from a…

A: Time value of money (TVM) refers to the concept which proves that the value of money today is higher…

Q: a) Peter wishes to purchase a motor vehicle from a dealer in Johannesburg for R150 000. His bank,…

A: We will use excel function 'PMT' to find the monthly payment for the loan. as shown in the above…

Q: Margo borrows $400, agreeing to pay it back with 8% annual interest after 17 months. How much…

A: We need to use simple interest formula to calculate interest to be paid by Margo. Interest =…

Q: Ali buys an apartment for RM150,000. He makes a 10% down payment and finances the balance through…

A: Loan amount (L) = Price - Down payment = 90% of RM 150000 = RM 135000 Monthly payment (M) = RM…

Q: Emilio desires $9,000 as the proceeds of a 90-day loan from Winston who charges 5% interest in…

A: Time has been valuable in all aspects but in terms of finance, time has a money value. The worth of…

Q: John made a down payment of RM20,000 toward the purchase of a car. He secured a 9-year loan from a…

A: Down payment (DP) = RM 20,000 Monthly payment (P) = RM 715 Period = 9  Years Number of monthly…

Q: Bro decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per…

A: Installment is the periodic amount paid by the borrower to the lender in order to pay back the loan…

Q: Jack sells his lawn-mowing business for $50,000 but the buyer wants to pay for it in two cash…

A: Present value of future amount is computed by following formula:-PV = wherePV = Present value of…

Q: Helen is buying a $12,375 car with a $3,000 down payment, followed by 36 months of $325. The down…

A: Price of car = $ 12,375 down payment = $ 3000 number of payments = 36 monthly payment = $ 325…

Q: Fritz Benjamin buys a car costing $14200. He agrees to make payments at the end of each monthly…

A: An amortization schedule is a complete table of periodic loan payments, showing the amount of…

Q: Mr Ahmad wants to borrow $30,000 for a delivery Van for his Bakery business, which is rovided by…

A: Amount to borrow is $30,000 Interest rate is 9% per year Compounded monthly Time period is 5 year To…

Q: Student E saves his allowance worth of P 25,000 and promised to use it only when it reaches the…

A: Present value (PV) = P 25,000 Future value (FV) = P 45,000 Interest rate = 8% Quarterly interest…

Q: Approximately how long will he take to pay off the loan under these​ conditions?

A: Information Provided: Time = 5 years Interest rate = 6.5% Present value = $62,000 Additional payment…

Q: Tak wants to save $10 000 for a vacation. He deposits $150 at the end of each month for 4.5 years in…

A: Solved using Financial Calculator  PMT = +/- 150 N = 4.5 years *12 months = 54 I/Y = 8.7/12 = 0.725…

Q: If money is compounded monthly at 6.42%, how much must she pay each month? Round off to two decimal…

A: Principal Amount of Loan = Total Amount - Down Payment Monthly Payment = P x r / [1 - {1 / (1 +…

Q: William got a second loan for 78,000 dlls to be payable in 5 years with interest rate of 7.5 percent…

A: Loan amount (PV) = 78000 Period = 5 Years Number of monthly payments (N) = 5*12 = 60 Annual interest…

Q: A man pays 1.5% interest on his loan four times a year. Find the effective annual interest rate. 5.…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…