not use ai please An Electrical Engineer obtained a loan of Php 50,000 at the rate of 6% compounded annually in order to repair hismothers house. How much must the Electric Engineer pay monthly to amortize the loan within a period of ten years?

Step 1: The electric engineer must pay 555.90 per month to amortize the loan within a period of 10…

Answered: An Electrical Engineer obtained a loan…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

A problem on the midterm exam asked you to calculate the monthly payment on a $15,000 car loan at an interest rate of 9% compounded monthly to be repaid over 60 months, where 9% is the nominal annual interest rate. Some students incorrectly used 9% as the monthly interest rate. A monthly interest rate of 9% is equivalent to what effective annual interest rate? (a) Effective annual interest rate = 9% (b) Effective annual interest rate = 9% per month x 12 months per year = 108% (c) Effective annual interest rate = 9% per month ÷ 12 months per year 0.75% (d) Effective annual interest rate = (1+ effective monthly rate)12 – 1 = (1.09)12 – 1 = 181%
An advertisement of an investment firm states that if you Invest ₱600 In their firm today you will get ₱1,000 at the end of 4½ years. What nominal rate is implied if Interest is compounded (a) quarterly? (b) monthly? Determine also the effective rate of interest In each case.
Engr Jeb loan an amount of Php 250,000 from a local bank at 10% compounded annually. Determine his monthly payment if he is required to pay at the beginning of the first day of the month for 30 years.
If I invest PhP 100,000 today and expect a reimbursement at the end of every 6 months with an interest of 7.5% compounded semi-annually for 3 years. How much will I expect to receive every 6 months?
A man borrowed P280,000 and agrees to pay the loan at the end of each month for 48 months at 1.5% interest per month. What is the monthly payment?
Mr. Cruz plans to deposit for the education of his 5 year old son, Php 5,000 at the end of each month for 10 years at 12% annual interest compounded monthly. What will be the amount available 11 years after his last deposit?
How much should Engr. Cruz deposit now, if after 10 years, this will amount to Php 100,000. Interest rate is 12% compounded semiannually?
A man borrowed some money from a private at 5 % simple interest per annum. He landed this money to another person at 10% compound interest per annum, and made a profit of Php 30380 in 6 years. How much he borrowed?
A man borrowed P10T payable at the end of one year. He only received the amount of P7800T after the bank collected the advance interest and an additional amount of P150 for legal fees. What was the rate of interest that the bank charged?
Mr Chen wants to get a lumpsum of 3.5 million pesos when he retires at the end of 20 years. How much in pesos should he deposit every end of 3 months in a fund that gives an interest of 12% compounded quarterlyto satisfy his desire? thank you
A man borrowed P300,000.00 from a lending institution and which will be paid after 10 years at an interest rate of 12% compounded annually. If money is worth 10% per annum, how much should he deposit to a bank monthly in order to discharge his debt 10 years hence?
A loan of Php 10,000 must be repaid by monthly payments for 1 year at 12% interest rate compounded monthly. However, the borrower missed the first four payments. He has to repay the load, the principal and the interest included by making his first payment at the end of the 5th month increasing it by 12% per month. What is the amount of each payment? Construct the amortization schedule.

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An Electrical Engineer obtained a loan of Php 50,000 at the rate of 6% compounded annually in order to repair his mothers house. How much must the Electric Engineer pay monthly to amortize the loan within a period of ten years?