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$

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Wade Ellis buys a new car for $16,447.22. He puts 10% down and obtains a simple interest amortized loan for the rest at at 11.5% interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $
Wade Ellis buys a new car for $16,447.22. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1/2% interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $
Give typing answer with explanation and conclusion to all parts Your bank has pre-approved a mortgage for the purchase of a home. The bank calculates that you can make monthly payments of up to 40% of your salary, which is $78,000 annually. The bank charges a 1.5% closing fee on the mortgage which must be paid up-front (when the mortgage closes). The interest rate quoted on the mortgage is 6.60% per annum for a 25-year loan. a. Up to what net amount will the bank lend you? b. The APR of this loan is 6.60%, but what is the effective annual rate (EAR)? c. How much will still be due after 3 years?
krystof took out a personal loan for $3, 569.74 with monthly payments for 5 years. The interest rate was 11.39% a) costruct an amortization table for the first 6 moths of this loan b) use the present value of the remaning payments method to find the amount he would owe after 6 months of payments
Michael Sanchez purchased a condominium for $74,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b) Construct an amortization schedule for the first four months of Michael's mortgage. PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ (c) If the annual property taxes are $1,640 and the hazard insurance premium is $670 per year, what is the total monthly PITI of Michael's loan (in $)? $
Jason Stein from Topeka, Kansas, borrows $1,500 (including interest) for four years (48 months) at an interest rate of 7% per year. The loan uses the discount method for determining the amount of interest. How much of the loan amount ($1,500) consists of interest? How much of the loan is actually given directly to Jason? What is the monthly payment (rounded to the nearest penny), assuming 48 monthly payments?
Assume Dave borrowed $360 on his personal line of credit. Interest is charged at a rate of 17 percent, but calculated on a daily basis. Dave is required to pay a minimum of 5 percent of the remaining loan balance every month. What would be Dave's first monthly loan payment? Assume a 30-day month and a 365-day year. (Round your answer to 2 decimal places. Omit the "S" sign in your response.) Monthly loan payment
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Michael Sanchez purchased a condominium for $89,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a): What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b): COnstruct an amortization schedule for the first four months of Michael's mortgage. (attached is the chart have to fill out for anwser) (C): If the annual property taxes are $1,640 and the hazard insurance premium is $730 per year, what is the total monthly PITI of Michael's loan (in $)? $
Quentin Satham borrows $500,000 from a lending company in his hometown at 12% interest compounded monthly. To fulfill his obligation to repay the loan, Quentin agreed to start paying the six (6) equal monthly payments starting next month. 1. What will be the amount of his monthly amortization? 2. Construct an amortization schedule. 3. What will be the outstanding balance of his loan at the end of 4 months from today? 4. If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall be the required single payment on the fifth month to fully pay his outstanding obligation? 5. Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question 4 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?

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