nt and the balance by quarterly payments for 7 years. Money is worth 9% converted quarterly. How much is the balance that must be amortized every three months? A. ₱145,000.00 B. ₱203,000.00 C. ₱377,000.00
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
1. Lukas Center acquired a new Laser Machine worth ₱580,000.00. The center plans to pay 35% advance payment and the balance by quarterly payments for 7 years. Money is worth 9% converted quarterly.
How much is the balance that must be amortized every three months?
A. ₱145,000.00
B. ₱203,000.00
C. ₱377,000.00
D. ₱435,000.00
How many quarterly payments must be made to settle the obligation?
A. 7
B. 28
C. 35
D. 21
Which of the following refers to the quarterly payments?
A. ₱9,811.52
B. ₱21,108.48
C. ₱11,320.98
D. ₱18,294.02
2. Eleven months after borrowing money, Dorah pays an interest of ₱2,800. How much did she borrow if the simple interest rate was 11 1/3 % ?
A. ₱290.89
B. ₱291.86
C. ₱26,951.87
D. ₱26,862.12
3. How long will it take for $7000 to double at the rate of 8%?
A. 15.5years
B. 21.5 years
C. 9.5 years
D. 12.5years
4. An initial investment of $480 earns interest for 7 years in an account that earns 13% interest, compounded quarterly. Find the amount of money in the account at the end of the 7 year period.
A. $1138.34
B. $1129.25
C. $1175.34
D. $695.340
5. Find the amount that must be invested at an effective rate of interest of 4% in order to accumulate ₱2000 at the end of three years.
A. ₱1,778.00
B. ₱1785.71
C. ₱2240.00
D. ₱2249.73
6. Suppose Kay inherits $250,000, which she invests today at a
A. $6,250,000.00
B. $1,929,687.00
C. $2,155,770.17
D. $21,175,224.06
7. What amount should be paid on the maturity date to settle a one-hundred-twenty
day loan dated March 19, 2013, if the present value is ₱15,600 at 13 27 % simple
interest?
A. ₱690.86
B. ₱16,290.86
C. ₱16,281.39
D. ₱681.39
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