Suppose you are a regular employee in a finance company that offers a loanpayable through salary deduction. One of its privileges is availing a loan that offersa 5% interest compounded annually for 1 to 5 years. You are thinking to apply for aloan but you wanted to analyze if you can shoulder the monthly payment. Make aloan schedule and fill up an application form that will help you decide the amount ofloan that you will makeLoan ScheduleLoan AmountMaturity ValueMonthlyPaymentt=1t=2t=3t=4t=5P10,000P20,000P30,000P40,000P50,000P100,000P150,000P200,000P250,000 Loan Application FormName:Age:Date of Birth: ,Occupation:Monthly Income:Sources of Funds:Loan Amount:Other Sources of Funds:Monthly Payment of Loan:Please answer the following questions truthfully:1. Do you have an existing loans from other banks?2. What is the purpose of the loan?3. Can your salary cover the monthly payment of the loan? If notdo you have other resources to pay the monthly payment?

Answered: Suppose you are a regular employee in a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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