Juan Dela Cruz borrowed P24,000.00 at 1% per month payable in 24 equal end of the month payments. How much of the loan remains unpaid immediately after he has paid the 12 th payment. 34. Find the effective annual interest rate.

Q: Reya paid Php 9,250 on a loan made 6 months before at 12% simple interest. Find the interest…

A: Simple interest is simple interest without any compounding that means no interest on interest…

Q: Sol Pine borrows $8,200 for one year at 12 percent interest. What is the effective rate of interest…

A: The effective rate of interest refers to the interest on a loan to be accumulated the compound…

Q: You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments…

A: Present value factor is computed as follows:-Present value factor = wherer = interest raten = time…

Q: Mrs Shiirley Abundo borrowed 20, 000.00 at 7.5% compounded quarterly at a certain cooperative. How…

A: Here, Borrowed Amount is 20,000 Interest Rate is 7.5% Time Period is 2 year Compounding Period is…

Q: Payment rate = i 729.18 dollars per year Interest paid i 12395.98

A: We first need to determine the effective annual rate using the formula below: EAR = einterest rate -…

Q: how much does he need to pay quarterly?

A: A stream of equal cash flows (CF) paid or received periodically is termed as annuity. Annuity due…

Q: If $5,000 is borrowed at a simple interest rate of 5.65% p.a., calculate the interest charged for 6…

A: the amount of interest Marissa should receive is $356.35.Explanation:For the first question:Interest…

Q: Juan borrowed 3,841 at 1.32% per month payable in 24 equal end-of-the-month payments. What is the…

A: Solution:- Effective interest rate means the net interest rate for the year after the effect of all…

Q: Carlo paid P 13,500 after two years to fully pay his loan that costs P 10,000. What is the interest…

A: Loan to be repaid on maturity = C* ( 1+i)n Where C is the amount of loan borrowed  i is the periodic…

Q: lack borrows $7,000.00 at an interest rate of 12% compounded monthly to be paid off monthly payment…

A: Dear student we need to use NPER function in excel to solve this problem.

Q: Melvin availed a loan from a bank that gave him an option to pay Php 25,700 monthly for 2 years. The…

A: In this Question, we have information i.e. Melvin availed a loan from a bank and he can repay the…

Q: how long will it take for teh account to be paid off?

A: Formula for loan amortization A= [i*P*(1+i)^n]/[(1+i)^n-1] Formula for calculating number of…

Q: Jacques has just been notified that the combined principal and interest on an amount he borrowed 19…

A: Loans carry the interest rate so value of loans increases with time and interest.

Q: Flat Rock Inc recently borrowed $55,000 from its bank at a simple interest rate of 9.2%. The loan is…

A: The loan agreement that states the interest amount would be added back to the amount borrowed, such…

Q: You plan to take a 15-year mortgage in the amount of $400,000 to buy a home.  The bank charges 4%…

A: Given, Mortgage amount is $400,000 Rate is 4% term is 15 years

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

A: Monthly interest rate = Annual interest rate / Number of months in a year = 8%12 = 0.666666667%…

Q: annual interest rate on a credit card is 24.99%. If a payment of $100.00 is made each month, how…

A: We need to use NPER function in excel to calculate time to payoff loan. The formula is:…

Q: James borrows $280 000 and repays the loan in equal fortnightly repayments of $1250 over 20 years.…

A: The time value of money is a concept used to compute and analyze the present worth of the future…

Q: Jacob has just agreed to take a loan that will require him to make payments of $107 at the end of…

A: Loan amount refers to an amount that is paid every month for the repayment of a loan by the borrower…

Q: How much in each of the quarterly installments if rate of interest 10% compounded bi-monthly?

A: A stream of equal cash flows paid or received periodically is termed as annuity. Annuity is either…

Q: 4. Liam borrows $10,000 at an effective periodic rate of i. The loan will be paid back with 10…

A: In order to show the proof, we will have to use the converging series concept of siminishing…

Q: Mr. Bean wants to borrow $8,200 for three years. The Interest rate Is 5.5% compounded monthly. a.…

A: Annuity refers to the amount of payment which is made at equal intervals for certain period or till…

Q: Matt borrowed $23,000 at 5.5% compounded semi-annually. If the loan is to be repaid in equal…

A: Loan is contract between lender and borrower where lender provide funds to borrower that is repaid…

Q: You borrow $64,000 in the form of an unsubsidized loan at 3.98% APR. How much money do you owe when…

A: Given: Loan amount = $64,000 APR = 3.98% Period 6 months

Q: nnual

A: In this we have to calculate future value in two steps for different rate of interest.

Q: Arif has to pay RM 200 at the beginning of each month for 36 months to settle a loan at 12%…

A: Original amount of loan means the principal amount which is being taken by the borrower from the…

Q: jackal promises to pay 1000 at the end of 6 months in obtaining a loan from a banker b who charges…

A: Effective interest rate is the interest rate that is earned or paid after considering the…

Q: On February 1, you borrow $750,000 to buy a house. The mortgage rate is 7.23% compounded…

A: Data given:Loan amount=$750,000N=20 yearsnper=20*12= 240Effective monthly rate=0.59362033%Working…

Q: 1. Jake has a credit card with an outstanding balance of $18,504. The credit card company charges an…

A: A credit card is a type of short-term loan instrument that banks and various financial institutions…

Q: G.I loan over 30 years has an annual nominal interest rate of 3.8% paid quarterly. What is the…

A: "Hi, Thanks for the Question. Since you asked multiple questions, we will answer first question for…

Q: Theodore D. Kat is applying to his credit union for a mortgage of $200,000. The bank has quoted 8%…

A: Calculating Effective Annual Rate using Excel Effective annual rate functionEAR = 8.30%

Q: Tedros borrowed $2 million and planned to repay the loan by making equal month-end payments over a…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Suppose that under the Plan of Repayment one should pay off the debt in a number of equal…

A: An interest rate describes the cost of borrowing money or the return on investment expressed as a…

Q: you recieve a credit card offer that charges interest at 1.75% per month compounded monthly. What is…

A: The nominal rate of interest is the rate that is free from the compounding effect. it is also known…

Q: Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest…

A: Loan amount (P) = $80,000Monthly interest rate (r) = 0.005 (i.e. 0.06 / 12)Monthly period (n) = 108…

Q: Julius takes out a loan of $8500 at 9.5% simple interest for three months. What is the maturity…

A: How to calculate the maturity value of the loan:Formula:Simple Interest (SI) = Principal (P) × Rate…