Mr. Bean borrowed P600,000 from Maligaya Lending Corp. for 6 years at 12%. At the end of 6 years, it renews the loan for the amount due plus P600,000 more for 3 years at 12%. What is the lump sum due?
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A: Annual Percentage Rate (APR)= (2 * N * FC) / [ (P * (N+1)]
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A: EMI = P × r × (1 + r)n((1 + r)n-1) where, P= Loan Amount r= Interest rate n= tenure
Q: semiannual payments over the next 9 years.
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A: Borrowing at time 0 = 2000 Repayment 1 at time 1 = 1300 Repayment 2 at time 4 = 1700
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- Mr. Reyes borrows P600,000 at 12% compounded annually, agreeing to repay the loan in 15 equal payments. What is the value of equal payment and the accumulated amount?a) A bank made a 4-year 12% amortizing $2,500,000 loan with equal payments. What is the amount of interest and principal paid at the end of the 3rd year? What is the balance on the loan at the end of the 3rd year? b) Assume instead the bank demands that the borrower pay interest only for the first two years and then principal payments of $1,250,000 in years 3 and 4. What is the amount of interest and principal paid at the end of the 3rd year? What is the balance on the loan at the end of the 3rd year? Assume the same 12% rate of interest. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).Mr. Velasco got a 700,000 loan for the expansion of his business payable monthly in 4 years. How much is the monthly amortization if the interest rate is 12% compounded monthly?
- The problem describes a debt to be amortized. (Round your answers to the nearest cent.)A man buys a house for $330,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 9 years. The interest rate on the debt is 10%, compounded semiannually. (a) Find the size of each payment.$ (b) Find the total amount paid for the purchase.$ (c) Find the total interest paid over the life of the loan.$Tom Bond borrowed $6,600 at 6-% for three years compounded annually. What is the compound amount of the loan and how much interest will he pay on the loan? Compound amount = $ (Round to the nearest cent as needed.) Compound interest = $ (Round to the nearest cent as needed.)Asma has borrowed $1,000,000 from MQ Bank for 10 years at an interest rate of j2=4.67% p.a. She will make 10 annual repayments. According to the loan agreement, Asma's repayments will be $83,000 for the first two years followed by payments of X per year for the remaining eight years. This loan needs to be fully repaid by the end of 10 years. (b) Assume that all annual repayments will be paid at the beginning of each year (the first payment will be at the start of the first year), what is the value of Asma's annual payment amount, X (rounded to four decimal places)? Question 7Answer a. 134233.5495 b. 128177.7626 c. 127887.4496 d. 133859.7935
- 1. Mr. Reyes borrows P600, 000 at 12% compounded annually, agreeing to repay the loan in 15 equal annual payments. How much of the original principal is still unpaid after he has made the 8th payment? ANS. 162,378.06Salem has borrowed $1,000,000 from MQ Bank for 10 years at an interest rate of j2=3.91%. She will make 10 annual repayments. According to the loan agreement, Salem's repayments will be $89,000 for the first two years followed by payments of with the amount of X per year for the remaining eight years. This loan needs to be fully repaid by the end of 10 years. (a) Assume that all annual repayments will be paid at the end of each year (the first payment will be at the end of the first year), what is the value of Salem's annual payment amount X (rounded to four decimal places)?Brody borrowed from a bank at 5.06% compounded monthly; he settled the loan by repaying $4,460 at the end of every month for 2 years. a) What was the amount of loan received? $ b) What was the amount of interest charged?
- Carl borrowed P101,466 from his friend to pay for remodeling work on his house. He repaid the loan 20 months and 12 days later with simple interest at 1.36%. His friend then invested the proceeds in a bank for 10 years paying 5.83% compounded monthly. How much will his friend have at the end of the 10 years?Tom Bond borrowed $6,800 at 8-% for three years compounded annually. What is the compound amount of the loan and how much interest will he pay on the loan? Compound amount = $ (Round to the nearest cent as needed.)A woman borrows $3000 at %9 compounded monthly, which is to be amortized over 3 years in equal monthly payments. For tax purposes, she needs to know the amount of interest paid during each year of the loan. Find the interest paid during the first year, the second year, and the third year of the loan. (Hint: Find the unpaid balance after 12 payments and after 24 payments. Also see example in your notes.)