A man took out a $43,000 construction loan to remodel a house. The loan rate is 8.5% simple interest per year to be repaid in six months. How much is paid back?The man pays back $Help Me Solve ThisCalculatorGet More Help -Clear AllCheck AnswerConvright 2021 Peareon Education Inc All riahte recervedTerms of Use Privary Poli Permicsions Contact IleType here to search10:060°F9/10DOLLDIIhomeendInsertdelete%23%24&7.4.8RTY15DHJ.KLB

Working note: Computation of interest on loan Interest=Principal×Rate×Months12…

Answered: A man took out a $43,000 construction…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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John bought a condo for RM 630,000. He made a 15% down payment and financed the balance through a bank for 30 years. (a) If the interest rate was 6.5% compounded monthly, find the monthly payment that John made to settle the loan. (b) How much was the total interest charged
Would appreciate the help. 4
b) Adlina Rose took a housing loan that charged 6.25% compounded monthly to buy a new bungalow. She paid the down payment of RM115,000 and needs to repay the loan in 25 years' time with monthly payment RM5,500. Determine the amount borrowed.
Kiko bought a smart TV with Php 135,000. Assuming that there is no downpayment, Kiko needs to pay this amount regularly for 2 years. The interest rate is 6% compounded semi-annually. 1.How much is the interest payment for the first semi-annual period? 2.How much is the principal repayment for the first semi-annual period? 3.How much is the outstanding balance after the first payment? Kiko bought a smart TV with Php 135,000. Assuming that there is no downpayment, Kiko needs to pay this amount regularly for 2 years. The interest rate is 6% compounded semi-annually. 1.How much is the interest payment for the first semi-annual period? 2.How much is the principal repayment for the first semi-annual period? 3.How much is the outstanding balance after the first payment?
A friend of yours just bought a new sports car with a $5,000 down payment,and her $30,000 car loan is financed at an interest rate of 0.75% per month for 48 months. After two years, the “Blue Book” value of her vehicle in the used-car marketplace is $15,000. Solve, a. How much does your friend still owe on the car loan immediately after she makes her 24th payment? b. Compare your answer to Part (a) to $15,000. This situation is called being “upside down.” What can she do about it? Discuss your idea(s) with your instructor.
(a) Heather borrowed $5000 from her grandmother as a down payment on her first car. She promised to repay the debt in 2 years at 7% per annum, simple interest. How much should Heather repay her grandmother? (b) How much must Jason deposit in a special account paying interest at the rate of 9.5% to receive $75.21 in interest after 6 months? (c) An investment of $4500 gained $337.50 in intesest in 9 months. What rate of yearly intesest did the investment pay?
(a) Heather borrowed $5000 from her grandmother as a down payment on her first car. She promised to repay the debt in 2 years at 7% per annum, simple interest. How much should Heather repay her grandmother? (b) How much must Jason deposit in a special account paying interest at the rate of 9.5% to receive $75.21 in interest after 6 months? (c) An investment of $4500 gained $337.50 in intesest in 9 months. What rate of yearly intesest did the investment pay?
Liam had an extension built onto his home. He financed it for 48 months with a loan at 4.3% APR. His monthly payments were $780. How much was the loan amount for this extension? A. $48,077 B. $54,945 C. $41,209 D. $34,341
3
A few years ago Dimi bought himself a house. He received a loan from his bank of 250,000 euros that he needed to pay back with constant monthly payments during 20 years at ?1/12= 0.12% . After five years of paying back the loan, Dimi wants to borrow an additional amount to buy a warehouse for his business. The amount is equal to the principal that has been repaid in that period. How much can he borrow? (I will send you another question that related to this answered after you provide the solution) please answer in paper its easy to understand
Your family just took out a 1-year $8000 personal loan to finance a home improvement project. The interest rate on the loan is 9%, with monthly compounding. How much is your family's monthly payment?
When Florio and Rhoda bought their home, they borrowed $200,000 for 30 years at 6%, compounded monthly. After making 120 payments of $1199 per month, they plan to refinance. They find that they can refinance at 4.5%, compounded monthly, for 15 years. There is a one-time refinancing charge of $750, added to the amount of the refinanced loan. a) Find the Payoff Amount (Unpaid Balance) of Florio and Rhoda's Original Loan. 11a)_ b) Find the amount of their new loan (amount refinanced) 11b)_ c) Find their New Monthly Payment amount for the refinanced loan. 11c). d) Find the amount they saved by refinancing...if any! 11d).

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A man took out a $43,000 construction loan to remodel a house. The loan rate is 8.5% simple interest per year to be repaid in six months. How much is paid back? ..... The man pays back $