Solve the given problem about loan. Show your solution. 1. A smart phone was bought at an amortized loan of Php20,000 with 18% annual interest to be paid in 5 months. Find the monthly amortization.

Q: Can you solve using excel formulas please. If you have 7% APR loan for 25, 000, your monthly…

A: Time, value of money refers to a concept used for evaluating the present value of an asset that will…

Q: You purchase a basic package, 4-door sedan for your company's fleet for $18,000. The 3 year loan has…

A: Assumption: It is assumed the given situation is in monthly compounding. The question gives the…

Q: You have just been hired as a loan officer at a national bank. Your first assignment is to calculate…

A: A loan refers to a contract between two parties where one party lends a sum to the other party on…

Q: monthly payments for th

A: Monthly payment refers to the amount which is due and paid in regular intervals to an organization…

Q: In return for a loan of £500, a loan shark charges £1 per day payable when the loan is paid back.…

A:

Q: Troy wants to buy an additional screen for his computer which he saw in an advertisement for RM2500…

A: In hire purchase agreement the ownership is transferred to the borrower only after the loan is…

Q: You have just been hired as a loan officer at a national bank. Your first assignment is to calculate…

A: The question is based on the concept of Financial Management. Equal periodic payment can be…

Q: You have just purchased a car and taken out a $42,000 loan. The loan has a five-year term with…

A: Given Loan taken is $42000 term of loan is 5 years APR is 6.4%

Q: You can afford a $350 per month car payment. You've found a 5 year loan at 6% interest. How big of a…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: A $5,000 loan was to be repaid with 8% simple interest. A total of $5,350 was paid. How many months…

A:

Q: In the Excel Payment Function file that follows, you are looking to see what your basic mortgage…

A: When you make monthly payments for a loan the quantum of each monthly payment is same for the…

Q: Problem #2. Your  neighbor purchased a sailboat for $9,810. He made a downpayment of $2,000 and…

A: The formula for Annual Percentage Rate (APR) is: APR = [(Finance charge / Amount financed) x (12 /…

Q: A bank advertises car loans at 8% compounded monthly for 4 years. There is a 0.5% reduction in the…

A: Loans are paid by equal monthly installments that carry the payment of interest and payment of loan…

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.