A man will deposit Php 200 with a savings and loan association at the beginning of each 3 months for 9 years. If the association pays interest at the rate of 5.5% quarterly, Find the sum to his credit just after the last deposit. (ans: Php 9363) Show complete solution.

A man will deposit Php 200 with a savings and loan association at the beginning of each 3 months for 9 years. If the association pays interest at the rate of 5.5% quarterly, Find the sum to his credit just after the last deposit. (ans: Php 9363) Show complete solution.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...

See similar textbooks

Related questions

Q: vails the loan offered by his company with a minimal interest of 1.5% every 6 months. He borrows…

A: Loan is an agreement between two people where one lends a sum of money and the other borrows. The…

Q: Derek will deposit $1,994.00 per year for 23.00 years into an account that earns 17.00 %, The first…

A: Future Value (FV) is a financial concept representing the projected value of an investment, series…

Q: Peter has RM10,000 that he can deposit in any three savings accounts for a 3-year period. Bank A…

A: answer deposit amount =RM10,000 Rate of interest = 4% period = 3 year bank A = compounding annual…

Q: A bank account pays 5.2 % annual interest compounded semiannually. How much money should be…

A: The amount to be deposited today can be calculated with the help of present value function Future…

Q: Most people prepare for retirement by depositing money into a monthly or annual savings plan. An…

A: An annuity is a stream of equivalent periodic cash flows over a specific time duration. The future…

Q: A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5%…

A: Fixed monthly payment =P× r ×(1+r)n(1+r)n-1 Where : P = Loan amount r = monthly rate of interest n =…

Q: In the situation where Ahmad are depositing $1,000 per month in a savings account that pays 6…

A: Payment period is the no. of times money is deposited in a year. compounding period is the no. of…

Q: Suppose an engineer purchases a home and secures a loan of ₱2.5M from a commercial bank for 20 years…

A: Amortization of loan is the schedule that depicts the periodic payments on the loan amount taken by…

Q: Determine whether it is simple ordinary annuity, general ordinary annuity, or deferred annuity. 1.…

A: Simple ordinary annuity = Payments made at the end of each period with same compounding frequency as…

Q: Grace and Donna deposited PHP 8,000 in a saving account at 5 3/4%. if interest is compounded…

A: a. The interest rate in the problem is 5 3/4% or 5.75%. b. Php 8000 is the amount of deposit…

Q: Pedro, who deposited P500,000.00 today with a financial Institution M, agreed with the latter that…

A: Initial deposit (I) = P500,000.00 Annual interest rate = 0.08 Monthly period (n) = 14 months Value…

Q: A bank pays 6% interest, compounded semiannually. Use the appropriate formula to find how much…

A: Time Value of money :— According to this concept, value of money in present day is more than the…

Q: A man borrowed Php200000 from his friend and agreed to pay years at an interest rate of 10% per…

A: Loan amount = Php 200000 Interest rate = 10% Future value required (FV) = Loan amount*(1+Interest…

Q: y at the beginning of each month for Php 1,500.00. On the third year onwards, how much are you…

A: First year there was ordinary payment of Php 1000.00 If the payment of each month is - PHP 15000 for…

Q: A sum of 2500 TL is deposited in a bank and cashed back at the end of 3 year as 5000 TL. Find the…

A: Deposited amount (PV)= 2500 TL Cashed amount (FV)= 5000 TL Time period= 3 years Monthly and annual…

Q: To help finance the purchase of a house and lot, a couple borrows P350,000. The loan is to be repaid…

A: Given Information : Amount borrowed = P350,000 Number of years = 8 Annual interest rate = 15%

Q: A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5%…

A: Formulas:

Q: A man will deposit P1,000.00 with a savings and loan association at the beginning of each 3 months…

A: Quarterly deposit refers to the amount to be paid at each quarter until the whole repayment of…

Q: Every three years, D will pay Mr. J 5,000 at 8% rate to settle his loan. Mr. D will use which…

A: An Annuity:- An annuity is a fixed amount of perodic payment that an individual receive or pay for a…

Q: To help finance the purchase of a house and lot , a couple borrows P350,000. The loan is to be…

A: The interest rate is the proportion of a loan that is charged as interest to the borrower. It is the…

Q: Derek will deposit $1,696.00 per year into an account starting today and ending in year 17.00. The…

A: Future value of a deposit refers to the sum total of amount (or deposits) at a certain future period…

Q: Use the appropriate formula located on Illustration 10-1 on page 209 to solve the problem. Bob…

A: Given: Semi-annual contribution : $5,000 Annual Interest Rate: 6% Compounding: Semi-Annual Number of…

Q: You plan to invest an amount of money in a certificate of deposit (CD) at your bank. The stated…

A: Compound Interest is also called interest on interest. It is the addition of interest in the…

Q: Derek will deposit $1,546.00 per year for 18.00 years into an account that earns 15.00%, The first…

A: Future value is an estimate of future cash flows that may be received at a future date, discounted…

Q: D) A bank account that pays 0.31% per monthly period for the next 3 years in total. If you deposit…

A: We can determine the Future value of 1 dollar using the formula below: Future Value = (1 + periodic…

Q: You deposited PHP1,500 in a bank with an interest rate of 5% for 1 year. What is the future value of…

A: The future value is the amount that will be received at the end of a certain period. In simple…

Q: A man wishes to have an amount of P2,769.84 after 5 years. He deposited P500 each year into a…

A: Compound interest is a powerful concept in finance, where an initial investment (or deposit) earns…

Question

A man will deposit Php 200 with a savings and loan association at the beginning of each
3 months for 9 years. If the association pays interest at the rate of 5.5% quarterly, Find
the sum to his credit just after the last deposit. (ans: Php 9363) Show complete solution.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Given-

VIEW

Solution-

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264
Maheera can get a certificate of deposit (CD) at his bank that will pay 3.5% annually for 10 years. If he places $2442 in this CD, how much will it be worth when it matures? (a) Use the formula. (b) Use the interest tables and interpolation. (c) Use a calculator or spreadsheet for a 5-button solution.
Pedro, who deposited P500,000.00 today with a financial Institution M, agreed with the latter that Pedro’s money shall earn monthly compounded interest. If the prevailing interest rate of the Institution M is 8 % compounded yearly, how much will the value of his deposit be after 14 months? show formula used and systematic solution
A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5% per year. The customer expects a monthly repayment schedule from you, to plan his repayment. Provide a loan amortization schedule for monthly repayment of I year.
If you are planning to apply for a personal loan and borrow PhP 30,000 and repay the principal and interest for an agreed length of time of 3 years, How much monthly payment is needed for each bank offer? b. How much interest would you pay for 3 years for each bank offer? Which is the best option for you among the given choices below if you are to pay monthly for 3 years? а. с. Bank (Personal Loan) Monthly Interest Rate A 1.3% B 1.89% 1.22% D 1.5% 1.25%
Most people prepare for retirement by depositing money into a monthly or annual savings plan. An amount of $310 per month is deposited in a bank account paying a 19% nominal annual percentage rate (APR) compounded quarterly. How much will be accumulated in the account (in $) after 10 years? 2. Please put full solution and USE 2 decimal places for all SOLUTIONS/COMPUTATIONS and ANSWERS. Thank you!
Please get to me soon.
If you are planning to apply for a personal loan and borrow PhP 50,000 and repay the principal and Interest for an agreed length of time of 6 years that is compounded monthly. Calculate the following manually. a. How much Interest would you pay for 6 years for each bank offer? b. How much monthly payment is needed for each bank offer? c. Which is the best option for you among the given choices below if you are to pay monthly for 6 years? Justify your answer and apply what you have learned on simple and compound interest. Bank (Personal Loan) Monthly Interest Rate A B с D E 1.3% 1.89% 1.22% 1.5% 1.25%
Find the monthly house payment necessary to amortize the following loan. 9) In order to purchase a home, a family borrows $121,000 at 3.0% for 30 yr. What is their monthly payment? Round the answer to the nearest cent.
A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5% per year. The customer expects a monthly repayment schedule from you, to plan his repayment. Provide a loan amortization schedule for a monthly repayment of 1 year. (Amortization factor is 0.952 )
please answer in the chart form
If you are planning to apply for a personal loan and borrow PhP 50,000 and repay the principal and interest for an agreed length of time of 3 years, a. How much monthly payment is needed for each bank offer? b. How much interest would you pay for 3 years for each bank offer? c. Which is the best option for you among the given choices below if you are to pay monthly for 3 years?