a.) Find Jin’s monthly payment. b.) If after 10 years, he decided to pay off the loan, calculate the amount he has to pay.
Q: George buys a car every 6 years for P18,000. He trades in his current car to count as the 20%…
A: Given information: George: Price of car : 18,000 Down payment : 20% Interest rate : 12% Time period…
Q: Spencer would like to purchase a new car for $12,000. How much will his monthly payments be if he…
A: The monthly payment amount can be calculated with the help of present value of annuity function.
Q: Kiki bought a computer for Rp. 8,000,000, -. If he bought it With credit, he must prepare advance…
A: The portion of the purchase price of goods and services that are paid immediately at the time of…
Q: Ian loaned his friend $25,000 to start a new business. He considers this loan to be an investment,…
A: Calculation of annual payment and capital recovery schedule: Answer: The annual payment is $7,716.72
Q: To buy a car, Mr. Lopez pays P320,000 down payment and promises to pay P23,450 at the end of each…
A: "Hi, Thanks for the question, Since you have posted a question with multiple sub-parts, we will…
Q: Mr. Cama borrowed one million pesos from a bank to buy a house which he would pay in 15 years. How…
A: Calculation of monthly payment to be paid on the loan if compounded annually::: Cost of the…
Q: Jim made a down payment of 2500 dollars toward the purchase of a car. To pay the balance of the…
A: Given information: Down payment is $2,500 Nominal interest rate is 4% compounded monthly Payment of…
Q: Aaron is planning to buy an apartment. He earn a monthly income of RM40,000 and plans to put aside…
A: Using excel PV function to calculate the loan amount he can afford to have.
Q: ean needs $18,000 immediately as a down payment on a new home. He can borrow this money from his…
A: Periodic payment is calculated by present value of annuity formula.
Q: 1. If money is worth 5% compounded quarterly, how much must Julea save every end of three months to…
A: Here we will use the concept of time value of money. As per the concept of time value of money it is…
Q: Jungkook purchased a new car under these terms: 800,000 php downpayment and 17,500 php each month…
A: Cash price is the price that will include the downpayment plus the present value of the loan.
Q: A business tycoon is planning to provide a scholarship to one deserving student that will provide a…
A: Given: Monthly allowance = P3,000 Interest rate = 12%
Q: t gave her an option to pay P10,000 monthly for 1 year. The first payment is due after 6 months. How…
A: Given : Emma availed a cash loan that gave her an option to pay P10,000 monthly for 1 year first…
Q: Roberto and Micah plan to purchase a home for $225,000. They will pay 20% down and finance the…
A: Monthly installment = loan / cumulative PV factor Monthly installment = loan / PVAIF (0.308333%,…
Q: Sam Robinson borrowed $10,000 from a friend and promised to pay the loan in 10 equal annual…
A:
Q: Chet just bought an $80,000 BMW and now has regular annual payments of $8,000 per year starting one…
A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…
Q: kenzo decided to buy a brand new car worth php 1, 200, 000 and plan to amortize the loan in monthly…
A: Present Value of Ordinary Annuity refers to the concept which gives out the discounted or today's…
Q: Pedro buys a condo for $629,000, with a down payment of $40,000. He takes out a 30-year mortgage for…
A: Loan amount (P) = $589,000 Monthly interest rate (r) = 0.0025 (i.e. 0.03 / 12) Monthly period of…
Q: Tara has just bought a house for $930,000 with a 30% down payment and a 70% mortgage loan for 20…
A: Given: Cost of house = $930,000 Down payment = 30% Interest rate = 2.19% Years = 20
Q: Mr. Park plans to loan 500,000 from a bank to replace his old equipment. The bank approved him the…
A: Here, Loan Amount is 500,000 Interest Rate (r) is 15% Compounding Period (m) is Monthly i.e 12 Time…
Q: Hudson would like to purchase a new car for $25,000. How much will his monthly payments be if he…
A: The monthly payment amount can be calculated with the help of present value of annuity function
Q: How much should Mr. Cruz invest if it will earn an interest of 8% compounded monthly during the…
A: Present Value: It represents the present worth of the future cash flows and is computed by…
Q: M purchased a small lot in a subdivision, paying P200, 000 down and promising to pay P15, 000 every…
A: note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: While buying a new car, Julia made a down payment of $800.00 and agreed to make month-end payments…
A: Loan is contract between lender and borrower where lender provide funds to borrower that is repaid…
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: Lupé made a down payment of $5000 toward the purchase of a new car. To pay the balance of the…
A: Present Value can be calculated using PV function in excel PV (rate, nper, pmt, [Fv], [type])…
Q: Joe borrowed $100,000 from a local bank, which charges him an interest rate of 7% per year. If Joe…
A: The present value is the value of the sum received at time 0 or the current period. It is the value…
Q: Evan and Emmanuel want to buy a $250,000 home. They plan to pay 15% as a down payment, and take out…
A: Cost of House is $250,000 Down payment is 15% Term of loan is 30 years Interest rate is 4.9% To…
Q: Mrs. Dollie availed a cash loan that gave her an option to pay Php10,000 monthly for one year. The…
A: An annuity is a stream of cash flows wherein an equal payment is paid at the end of every period.
Q: Robert recently borrowed $20,000 to purchase a new car. The car loan is fully amortized over 4…
A: Ordinary annuity are the PMTs which are made at the end of the period.
Q: How much is the cash price of the car if Mrs Ocampo is to pay Php 21,000 monthly in 5 years? The…
A: Time value of money (TVM) refers to the method or technique which is used to measure the amount of…
Q: Franco borrowed 1,000,000 php from his father so that he may expand his business. His father agreed…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Aaron is planning to get a loan for a house costing $320,000. He plans to make a downpayment of 15%…
A: A mortgage is a loan provided by the bank to the individual to buy the house. An individual can…
Q: Brayden and Noah plan to purchase a home for $140,000. They will pay 20% down and finance the…
A: An annuity is a series of cash flows that involve an equivalent amount occurring at equal time…
Q: what is the highest price he can afford to pay for a car?
A: Monthly Payment: It is the payment made on the loan amount borrowed. The monthly payment comprises…
Q: The Jones want to save $95,000.00 in 5 years for a down payment on a house. If they make monthly…
A: A down payment is often paid in cash in the early stages of a purchase of an expensive service or…
Q: Mang Boy decided to borrow 8,200 pesos at an annual simple interest rate of 3%, in order to buy a…
A: Here in this question, we are required to calculate the interest expense. In simple interest…
Q: Kiko bought a smart TV with Php 135,000. Assuming that there is no downpayment, Kiko needs to pay…
A: a) Interest for the first semi annual payment = Principal * Rate * Time = 135000 * 6%…
Q: Marcus bought a luxury car worth P2,000,000. He then decides to pay in a 6 year long installment…
A: Financing the purchase of certain high-priced products is a common practice of purchasers.…
Q: Mr. Ramos buys a house and lot that cost P450,000. He pays P75,000 as down payment and promises to…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Emma bought a $360,000.00 house, paying 10% down, and financing the rest at 2% interest for 20…
A: Price of house = $ 360,000 Dow payment =10% Loan amount (PV) = 360,000*(1-0.10)…
Q: Ian loaned his friend $20,000 to start a new business. He considers this loan to be an investment,…
A: Total Loaned amount is $20,000 Interest rate is 6% Time period is 4 years To Find:- Annual Payment…
Q: Mr smith wants to borrow P100,000 from a bank to rebuild his shop from damages caused by an…
A: First we need to calculate size of quarterly payment of loan amount. PMT =PV*i1-1(1+i)n where PV…
Q: Mr. Dickenson Comperstaugh bought an old model Ferrari car for 1,000,000.00 pesos down payment and…
A: semi annual rate = 12%/2 = 6% N = 10, FV =0, PMT = 150,000, rate = 6% use PV function in Excel with…
Q: Skylar bought a $270,000.00 house, paying 10% down, and financing the rest at 3% interest for 15…
A: A mortgage is a form of secured loan that is meant to be used to purchase or maintain real estate.…
Q: Franco wants to accumulate P150,000 in order to make the down payment for a new car. He plans to…
A: Annual investment (P) = P25,000 Future value required (FV) = P150,000 Interest rate (r) = 8% Period…
Jin decided to buy his dream car worth 1,125,000 pesos. The seller requires a 20% down payment while the rest of the payment will be settled in 15 years with an interest rate of 3% per year compounded every month.
a.) Find Jin’s monthly payment.
b.) If after 10 years, he decided to pay off the loan, calculate the amount he has to pay.
Step by step
Solved in 2 steps
- Jin decided to buy his dream car worth 1,125,000 pesos. The seller requires a 20% down payment while the rest of the payment will be settled in 15 years with an interest rate of 3% per year compounded every month. a.) Find Jin’s monthly payment. b.) If after 10 years, he decided to pay off the loan, calculate the amount he has to pay. Note: for <a.)> is the monthly payment 6215.47 or 6215.23 ?Hudson would like to purchase a new car for $12,000. How much will his monthly payments be if he took out a 3-year loan at 6.5% interest? Show your work.Spencer would like to purchase a new car for $12,000. How much will his monthly payments be if he took out a 3-year loan at 7% interest? Show your work.
- Dave wants to buy a $25,000 car by making a 10% down payment and financing the rest for five years. a.What is Dave’s monthly payment if the annual interest rate is 3%? b.In total, how much will Dave pay for the car?kenzo decided to buy a brand new car worth php 1, 200, 000 and plan to amortize the loan in monthly installments for 3 years with 50% down payment in 6% interest. How much will be the monthly installment?Lungu wants to buy a Car that costs K25,000. He has saved K6000, which he will use as deposit, and he will finance the rest of it by taking out a loan to be paid back in equal installments, mortised over 6years at an annual interest rate of 12%. What will his payment be? You have estimated that your vehicle will need to be replaced 10 years from now at a cost of K120, 000. If the interest rate is fixed at 10%, how much do you need to set aside every three months to provide for that money 10 years from now? You plan to invest K10, 000 on the first day of every year for the next 6 years. If the interest rate on the investment is 8%, how much would the investment be worth at the end of the 6th year? Telemundo Ltd. borrows K100, 000 from AB bank. The loan is to be repaid in 1year with periodic payments made at the end of each month. The lender charges 20% interest per annum. Calculate the monthly charge and construct the amortization schedule for the first FIVE (5) repayments on this loan.
- Mr. Alex Murphy wants to buy a car in 10 years and he wants to deposit 6000 BDT each month for 5 years. The car price is 756000BDT. What rate will meet his desire to buy the car?A man plans to take a vacation in 5 years. He wants to buy a certificate of deposit for $1300 that he will cash in for the trip. What is the minimum annual interest rate he must obtain on the certificate if he needs at least $1500 for the trip? Assume that the interest on the loan is computed using simple interest. The rate he must obtain isHassan wants to buy a new car that will cost $15,000. He will make a down payment in the amount of $3,000. He would like to borrow the remainder from a bank at an interest rate of 8% compounded monthly. He agrees to make monthly payments for a period of two years in order to pay off the loan. Hassan has made 12 payments and wants to figure out the remaining balance immediately after the 12th that remaining balance? payment. What is
- John Lloyd and Izan want to buy a $138,000 home. They plan to pay 20% as a down payment, and take out a 30 year loan at 4.15% interest for the balance. a) How much is the loan amount going to be? b) What will the monthly payment be for John Lloyd and Izan? c) How much of the first payment is interest? d) What is the total of the payments? e) How much interest was paid?(b) Aminah plans to buy a house in Shah Alam which the market price is RM450,000. To buy the house, she needs to pay 10 percent down payment and only has 5 years to accumulate that amount of money. Calculate the amount she needs to deposit every year if the account pays 8 percent interest annually.Tony has taken a $12,000 car loan. He wants to pay off this debt quickly, so he chooses to pay it in just two years. The loan has a 12% nominal interest rate, compounded quarterly.a. He will make quarterly payments. Draw the cash flow diagram. b. What is his quarterly payment?c. Complete the amortization table, showing the amounts for each payment, interest, and principal.
