question 14A businessman borrowed P200,000 with interest at the rate of 6.9% compounded semi-annually. He agrees to discharge his obligation by paying a series of 8 equal semi-annual payments,the first being due at the end ol 6 years Find the semi-annual payment.Express your answer in whole number«< Question 14 of 5

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Answered: question 14 A businessman borrowed…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Exactly 10 years ago, Junior bought a condo, valued (as of ten years ago) in Ghc150,000. Junior made a Ghc 20,000 down payment, and contracted a mortgage with a 5-year term and a 25-year amortization period. Junior has since renewed his mortgage, but keeping the exact same conditions. Therefore, the 4% APR mortgage rate (compounded every six months) remains the same, and should not change in the future. Mortgage payments are due at the end of each month. What would be Junior’s monthly payment?
On April 8, Manuel borrowed S700.00 from his uncle at 5.6% per annum calculated on the daily balance. He gave his uncle six cheques for $110.00 dated the 8th of each of the next six months starting May 8 and a cheque dated November 8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment O Apr. 8 $700.00 1 May 8 $700.00 $110.00 2 June 8 $110.00 %$4 3 July 8 $110.00 4 Aug. 8 $110.00 5 Sept. 8 $110.00 6 Oct. 8 $110.00 7 Nov. 8 $0.00 Totals:
What is the annual amortization of a 7% loan of P1.5M that is paid back in five annual end-of-period installments?*
Use nt" to determine the regular payment amount, rounded to the nearest dollar. Consider the following pair of mortgage loan options for a $120,000 mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points + total cost of interest)? By how much? Mortgage A: 15-year fixed at 7.25% with closing costs of $1400 and 1 point. Mortgage B: 15-year fixed at 5.25% with closing costs of $1400 and 3 points. Choose the correct answer below, and fill in the answer box to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.). OA. Mortgage B has a larger total cost than mortgage A by S OB. Mortgage A has a larger total cost than mortgage B by S
1. Arah borrowed of Php 14,000 from a cooperative and paid a Php 800-interest in a year. What was the simple interest rate? 2. What is the maturity value of a Php 40,000 loan after 3 years if the rate of interest is 6% per annum?

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