A man purchased a car with a cash price of P350,000. He was able to negotiate with the seller to allow him to pay only a down payment of 20% and the balance payable in equal 48 end of the month installment at 1.5% interest per month. Once the day he paid the 20th installment, he decided to pay the remaining balance. What is the remaining balance that he paid?

Q: P500,000 was deposited 20.15 years ago at an interest rate of 7% compounded semiannually. How much…

A: Any amount deposited today which is known as principal will generate some interest in the future.

Q: $9000 is deposited into a savings account at the end of each year for 20 years. If the account pays=…

A: here we calculate how much value will the account have at the end of the 20 years period by…

Q: 6. Find the future value of RM10,000 which was invested for (a) 3 years at 6% compounded annually.…

A: ITEM 6To find the future value of the investments given the different compounding periods, we can…

Q: What principal will amount to $2500 if invested at 5% interest compounded semiannually for 7.5…

A: Compounding is the process of increasing a loan or investment's principal over time by adding…

Q: Please show work

A: According to the question, an investment of $2,000 has made for 20 years at 8% per year. The amount…

Q: Calculate the monthly mortgage payment with the following conditions: $515,000 borrowed, 3.15%…

A: According to question the total amount borrowed for the mortgages is $515,000, with the interest…

Q: Give step by step answer with introduction and final answer

A: To solve this problem, we need to calculate the balance after 3 years, given the initial deposit and…

Q: A contractor obtained a 10000 loan at the rate of 6% compounded annually in order to repair a house.…

A: Amortization is the practice of repaying debt over time in regular interest and principal…

Q: A certain amount was deposited 5 years and 9 months ago at an interest of 8% compounded quarterly.…

A: Future value = 315379.85 Interest rate = 8 % compounded quarterly Time = 5 years + 9/12 = 5.75 years…

Q: You are taking a $5000 loan. You will pay it back in four equal amounts, paid every 6 months…

A: The effective annual interest rate is the interest rate that is actually earned or paid on an…