Johan wants to buy a car on hire purchase for N$75000 at the rate of 10% p.a. repayable using monthly installments for a period of 2 years and 8 months. (No deposit was required). (a) Total amount of money expected to be paid to the Hire Purchase Company over the years. N$ (b) Monthly installment to be paid by George. N$ Bank 1 offered him a loan repayable at a certain monthly instalment for the same period of time as the car hire company at the rate same rate of 10% p.a. whereas Bank B offered to reduce the rate of by 1.5% p.a. (c) Total amount of money expected to be received by Bank 1. N$

Johan wants to buy a car on hire purchase for N$75000 at the rate of 10% p.a. repayable using monthly installments for a period of 2 years and 8 months. (No deposit was required). (a) Total amount of money expected to be paid to the Hire Purchase Company over the years. N$ (b) Monthly installment to be paid by George. N$ Bank 1 offered him a loan repayable at a certain monthly instalment for the same period of time as the car hire company at the rate same rate of 10% p.a. whereas Bank B offered to reduce the rate of by 1.5% p.a. (c) Total amount of money expected to be received by Bank 1. N$

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 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...

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Luis paid off a loan by making a payment of $4,050, which included simple interest of 3% p.a. If he obtained the loan 6 months ago, calculate the amount borrowed and the amount of interest paid on this loan. Amount borrowed: Round to the nearest cent Amount of interest paid: Round to the nearest cent
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Wade Ellis buys a new car for $16,882.14. He puts 10% down and obtains a simple interest amortized loan for the rest at the nearest cent.) (a) Find his monthly payment. X (b) Find the total interest. (c) Prepare an amortization schedule for the first two months of the loan. Payment Number Principal Portion Total Payment 0 1 2 LA पण Interest Portion पण A X X पण $ LA Balance 111% interest for four years. (Round your answers to
Your father obtained a car loan payable in 5 equal payments of Php 16,700 at the end of evry month for the next 5 years with an annual rate of 9.5%. How much was he able to loan? Construct an amortization schedule. 3. 4. Regular Payment Unpaid Balance Reduction Unpaid Balance Period/Date Interest 10 11 12 13 14 15 16 17 18
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Pedro borrows P300,000.00 from lender ABC today at 12% compounded monthly. To fulfill his obligation to repay the loan, Pedro agreed to start paying the six (6) equal monthly payments starting next month. a. What will be the amount of his monthly amortization? b. Construct an amortization schedule. Use a table similar to that found in our textbook. c. What will be the outstanding balance of his loan at the end of 4 months from today? d. If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall be the required single payment on the fifth month in order to fully pay his outstanding obligation? e. Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question d. above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly installment be?
Pedro borrows P300,000.00 from lender ABC today at 12% compounded monthly. To fulfill his obligation to repay the loan, Pedro agreed to start paying the six (6) equal monthly payments starting next month. a. What will be the amount of his monthly amortization? b. Construct an amortization schedule. Use a table similar to that found in our textbook. c. What will be the outstanding balance of his loan at the end of 4 months from today? d. If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall be the required single payment on the fifth month in order to fully pay his outstanding obligation? e. Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question d. above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly installment be?…