3. Jumbo Bato borrowed money from Rovin Patila,payable for 3 years. If the interest rate per year is 9%,determine the following:a. Total interest due for each yearb. Total interest due after 3 yearsc. Total amount due after 3 yearsd. Total amount due after 100 days considering the loan was obtained on February14, 2020e. Total amount due after 5 months considering the loan was obtained in October 2021.

Data given: Interest rate (r) = 9% p.a. (assumed simple interest rate) n= 3 years Loan amount (P)…

Answered: Jumbo Bato borrowed money from Rovin…

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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Similar questions

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5) A loan is being repaid with payments of $750 at the end of each year for 25 years. The annual effective interest rate on the loan is 5%. Each loan payment received by the lender is immediately reinvested at an annual effective rate of 6%. a) Calculate the accumulated value of the lender's reinvested payments at the end of 25 years (i.e., immediately after the last payment is made on the loan). b) Find the effective yield rate earned by the lender over the 25-year period.
Answer the question by hands, please
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ou were paying your fully amortising loan at 8.2% per annum for 12 years. The current monthly payment is $1,492 per month. What is the remaining loan balance at the end of year 2? Please rounded your answer to two decimal points (e.g. 8000.158 is rounded to 8000.16)
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1
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