WORKSHEET (WS) Q2- WEEK 6BUSINESS AND CONSUMER LOANSLearning Task 1: Problem Solving. Solve the following. Show your complete solution1. A person borrowed P1,000,000 for the purchase of a car. If his monthly payment is 25,000 on a 8-yearmortgage, find the total amount of interest.2. If a car loan of P790,000 requires a 20% down payment. How much is the mortgage?3. Mrs. Tan got a business loan worth P800,000. She promised to pay the loan semi-annually in 5 years.The semi-annual payment is P103,603.66 if money is worth 10% converted semi-annually. How muchis the outstanding balance after the third payments.

Since you have asked multiple questions, we will solve the first question for you. If you want any…

Learning Task 1: Problem Solving. Solve the following. Show your complete solution 1. A person borrowed P1,000,000 for the purchase of a car. If his monthly payment is 25,000 on a 8-year mortgage, find the total amount of interest.

Learning Task 1: Problem Solving. Solve the following. Show your complete solution 1. A person borrowed P1,000,000 for the purchase of a car. If his monthly payment is 25,000 on a 8-year mortgage, find the total amount of interest.

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

See similar textbooks

Related questions

Q: THE PICTURE IS THE EXCEL TEMPLATE YOU MUST FILL OUT Suppose that you borrowed $25,000 student loans…

A: Mortgage amortization:Mortgage amortization is a systematic financial process where a home loan is…

Q: Suppose you have borrowed $15,300 for school expenses at 7% simple interest for 6 years. Part 1 of 4…

A: we need to calculate the interest for each year and add it to the previous year's…

Q: Example 5: While shopping for a car loan, you get the following offers: Solid Savings & Loan is…

A: We need to use pmt formula in excel to calculate monthly payment. Where monthly payment is 250 or…

Q: 4. A group of 4 students plan to put up a camputer shop that requires a capital of Php260, 000. They…

A: The given problem can be solved using NPER function in excel. NPER function computes no. of…

Q: Parents decide to start saving money for college education with a $1000 initial investment and in 3…

A: Present value = 1,000 quarterly deposit = 700 total deposits = 700 annual rate = 4.75% Quarterly…

Q: homeowners insurance premium on a masonry home located in zone 2 if the home is insured for…

A: The homeowner insurance premium is used for the insurance of the home and other belongings. It is an…

Q: 6.4 Purchase a Home 1. Tammy and JD are buying a $465,000 home. They have been approved for a 6.25%…

A: Home value = $465,000Mortgage period = 30 yearsDown payment = 30% = 465000 * 0.3 = $139,500Loan…

Q: 1. Rayleene is getting a loan to buy a used car from a seller on Kiji. The price of the car is…

A: The loan principal: The loan principal is computed as the difference between the purchase price and…

Q: 37. Savings Gabriel Branson invested his summer earnings of $3000 in a savings account for college.…

A: Simple Interest = Principal × Interest Rate × TimeHere,Principal = $3,000Interest Rate = 1.5% or…

Q: 3. To buy a computer, Tom borrowed P30,000 at 9% simple interest calculated yearly. If he will be…

A: Interest rate charged on the loan is a function of the demand of the funds and the supply of the…

Q: Divu fiance

A: Answer to 3:To determine how much you will have in your account after a certain period of time given…

Q: A student has an internship in their senior year whereby they were able to save some money (call…

A: "Here, various saving amount is given in the question. We are taking the Saving Amount of Group-1…

Q: 4. Vincent wants to deposit Php 5,000 at the end of each quarter, for 3 years in a bank that gives…

A: Given Principal = 5,000 Rate (r) = 8% pa or 2 % (8% /4) quarterly Period (n) = 12 periods (3 Yrs…

Q: rate for 4 yea

A: Introduction : In simple words, opportunity cost refers to the amount of profits lost by choosing…

Q: A man needed money for college. He borrowed $6,000 at 12% simple interest per year. If he paid $360…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: Grandpa puts $50,000 into a bank account for you earning 3% compounded monthly. How much will you…

A: Future value refers to the projected or estimated value of an investment, asset, or sum of money at…

Q: Mrs. Martha bought a screen that has a cash price of $ 18,000. She made the purchase on credit,…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: On January 1, 20X1, you find the perfect home for you and your budding family. The home will cost…

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

Q: Jennifer Kaufman bought a used Toyota Prius for $16,500. She made a $3,500 down payment and is…

A: Monthly Installment = Loan AmountPVAIF (Interest rate , Number of months

Q: Michelle borrows $7, 200 from her father to buy a used car. She repays him after 9 months, at an…

A: Total amount she repays at the end is calculated using following equation Total amount = P×1+rt…

Q: Chris invests $19,000 at 4% simple interest for 7 year. How much is in the account at the end of the…

A: Investment is the practice of exchanging current revenue for an asset that is expected to provide…

Q: You can afford a $900 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How…

A: A mortgage is a loan used to purchase a property or real estate. The property serves as collateral…

Q: You can afford a $1100 per month mortgage payment. You've found a 30 year loan at 7% interest. a)…

A: A mortgage is a loan used to purchase a property or real estate. The property serves as collateral…

Q: Answer the last three questions in part 5 And show formula working using Excel format

A: Requirement: Last 3 questions on excel Annual Interest Rate = 25%

Q: E1. You deposited $10,000 in a savings account nine years ago. The account has earned 5.55% interest…

Q: Jason is buying a home with a $150,000 mortgage using a 6 percent, 15-year loan. How much of the…

A: Loan amortization schedule represents the amount of periodic payments composed of the interest…

Q: 32. You get a $550,000 mortgage loan with 14 points. What dollar amount do you pay for points?

A: A mortgage loan is a kind of safe and secured loan in a situation where an individual can make use…

Q: Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 6.5% and he…

A: The amount of interest paid is calculated as difference of total payments less present value of…

Q: You have an outstanding student loan with required payments of $500 per month for the next four…

A: Here, Lottery Amount is $10,000

Q: Kevin are determined to buy new car and he can afford to pay Rs. 120,000 per annum for 5 years…

A: MS-Excel --> Formulas --> Financials --> PV Therefore, the amount that can be borrowed by…

Q: do assignments using excel and manually if possibly A student plans to open a business with the…

A: Loan amount (PV) = $1740.11 Interest rate (r) = 6% Period (n) = 5 Years

Q: onal use. She is considering getting a car loar n amount: llment term: ual rate: ual effective…

A: Loans are paid by the annual payment and these annual payments carry the payment of principal and…

Q: Determine the amount of money the man must repay after 2 years.

A: Simple interest method is a method of computing interest on borrowed amount where interest is…

Q: You borrowed $10,000 from a bank to invest in IT & Mobile technology with payback the loan in…

A: Graduated payment plan (GPP) is a instalment repayment plan in which the annual instalments increase…

Q: 6. Alvin plans to buy a car, payable in 8 years. He made a monthly deposit of P5,000 in compounded…

A: Monthly deposit (C) = P 5000 Interest rate = 9% Monthly interest rate (i) = 9%/12 = 0.75% Period = 8…

Q: Do the task with the excel or manually if possible,thx If a family who owns a food stall is planning…

A: N = 36 months (3 years) Future Value Required = 13920.89 Income every month = 1392.09 Interest Rate…

Q: TOPIC: ENGINEERING ECONOMICS and Specific SYSTEMATICALLY. Show your COMPLETE solutions and BOX your…

A: Interest amount (I) = Php 8000 Interest rate (r) = 7% Period (n) = 5 Years

Q: . In order for Linda to reach her saving goal. How much will Linda need to save each money b.…

A: Future Value of Annuity: It represents the future value of the present annuity cash flow stream. It…

Question

100%

WORKSHEET (WS) Q2- WEEK 6
BUSINESS AND CONSUMER LOANS
Learning Task 1: Problem Solving. Solve the following. Show your complete solution
1. A person borrowed P1,000,000 for the purchase of a car. If his monthly payment is 25,000 on a 8-year
mortgage, find the total amount of interest.
2. If a car loan of P790,000 requires a 20% down payment. How much is the mortgage?
3. Mrs. Tan got a business loan worth P800,000. She promised to pay the loan semi-annually in 5 years.
The semi-annual payment is P103,603.66 if money is worth 10% converted semi-annually. How much
is the outstanding balance after the third payments.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

3. Zafri decides to borrow RM25,000 from a bank that charges 4.7% discount rate for 6 years to set up his business. Calculate the proceeds he receives from the bank.
Business /Finance / Q&A Library / elena's son enter college 16 year from now. At the time she would like to have $20,0 elena's son enter college 16 year from now. At the time sh Question elena's son enter college 16 year from now. At the time she would like to have $20,000 available for college expenses. For that pur,her bank will set up an account that pay 7% compounded. If she makes payment into the account at the end of each quarter, what must Elena's payments to be achieve her goal Expert Answer Step 1
Question 1
A. You borrowed $10,000 from a bank to invest in IT & Mobile technology with payback the loan in graduated payment plan. If your first payment is $1,000 at the end of first year and i=10% over 5 years. Note: (P/G, 10%, 5) = 6.86 %3D ?What is the G payment $561 $628 $730 $905 Find the total earned interest by the ?bank at the end of period $7,055 $6,100 $5,085 $4,560
Excel Skills 7. Solve the follow sections: a. Complete the following spreadsheet, showing how much will be in your bank account if you deposit an initial deposit (cell B2) today and it draws annual interest given in cell B1. Interest 2 Initial deposit 3 4 5 6 7 A 8 9 10 Year " 0 1 23 4 5 B b. Graph the results of the bank account. 8% $155 In bank account.
You borrow $100,000 from a bank to buy a house. Is this mortgage loan an asset or liability on the bank's balance sheet? Question 29 options: Asset Liability
Save Answer Mike is able to pay a monthly 30-year mortgage payment of $1,800. After shopping around, he found a bank that will loan him money at a 4.8% annual interest rate, compounded monthly. What is the most expensive home Mike can afford? Enter your answer as a numerical value (no labels) and round to the nearest dollar.
If you go to an Islamic bank and ask for financing for following purposes, which financial product Islamic bank will most likely to use and why? 10 years financing to start a new project 5 years financing to construct a house on your land 3 years financing for a heavy duty generator 6 months financing for IPhone 12 we have to mention a particular islamic financial product for each of the above scenrios.
Mortgage, part 1 (The Loan)5 years ago you purchased a home for $215,000. You made a 10% down payment and paid for the rest with a 30 year mortgage with a rate of 4.65%. How much was the down payment? How much of the purchase price did you finance with the loan? What is your monthly payment? Use solver. Clearly write the formula you will use as well as all values used in the formula. How much of the loan is left to pay after the first 5 years? Use solver. Clearly write the formula you will use as well as all values used in the formula. How much did you pay to the lender (total) over the first 5 years? How much of what you paid to the lender in the first 5 years was interest? If you paid this loan for all 30 years, how much interest would you pay?
Lesson 14: Business and Consumer Loans A. Answer the following problem; use the answer sheet to show your solution. 1. Mark, an Engineering student needed a computer for his Auto Cad lessons. He purchased a laptop which costs P39,000.00. His credit card charges 1.75% compound interest per month to be paid in 18 months. How much is his monthly payment? How much total interest will he pay?

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

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

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

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

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS