Uncle Ben borrowed 10,000 at 12% interest and paid $2,000 per annum for the last 4 years. What does he have to pay at the end of fifth year to off his loan? A) P6,917.72 B $6,791.72 C) 6,971.72 D) 6,197.92
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- 3. Mr. Ramirez borrowed P150,000 to be amortized in 2 years by monthly equal payments. If Mr. Ramirez missed the payments during the first year, what amount must he pay in the following month to liquidate alIl his indebtedness if money worth 12%?3. Mr. Ramirez borrowed P150,000 to be amortized in 2 years by monthly equal payments. If Mr. Ramirez missed the payments during the first year, what amount must he pay in the following month to liquidate all his indebtedness if money worth 12%?Lance borrowed an amount of money from a lender. He agrees to pay the principal plus interest by paying P39,973.76 each year for 3 years. How much money did Lance borrow if the interest is 8% compounded quarterly? a. P90,000 b. P100,000 c. P120,000 d. P130,000
- Cristy borrowed $4,800 from a family friend 2½ years ago at 7% compounded annually for the first year and 8% compounded semi-annually thereafter. She made a payment 1½ years into the loan for $2980. How much should Cristy pay today to clear her loan? Select one: a. $5384.26 b. $2554.13 c. none d. $5777.30John borrowed P15,000 for 2 years and 6 months, with simple interest at 9%. How much does he owe at the end of the time? A P18, 375 B P15, 375 OP3,375 D P18,000Suppose that Mark borrowed $27,750 on his car loan, and it is to be repaid in eight equal payments at the end of each of the next 8 years with 4.17% interest rate. What is the annual interest expense for Mark and the annual interest income for the car dealer during Year 4? A. $902.32 B. $766.86 C. $625.76 D. $478.77
- 2. A couple borrowed P 4,000 from a lending company for 6 years at 12%. At the end of 6 years, it renews the loan for the amount due plus P 4,000 more for 3 years at 12%. What is the lump sum due? ANSWER: 16,382.60Saved Isaac borrowed $5.000 at 12.5% compounded quarterly 3.5 years ago. One year ago he made a payment of $3,200. What amount will extinguish the loan today? (Do not round Intermediate caleulations od round your inal onswer to 2 declmal places.) Balance owed todayA borrows the amount of $10,000 from his friend B. B will charge interest rate of 4.5% which compounds on quarterly basis. A will repay the borrowed amount along with the compounded interest after 5 years (at the end of 5th year). How much A needs to repay? a. $12,507.51 b. $12,461.82 c. $ 12,250.00 d. $24,117.14
- Mr. Rabutan borrowed P150,000. He agrees to pay the principal plus interest by paying an equal amount of money for 2 years. What should be his monthly payment if interest is 5% compounded annually? a. P8,895.45 b. P6,573.25 c. P5,786.25 d. P4,458.52Mark borrowed an amount of 10,865 from Brian and after 3 years, he borrowed again an amount of 7,750. He paid 2,885 one year after the last borrow, 4,056 the following year, and 3,414 the year after. The money is worth 11.528% compounded semi-quarterly. a) what ammount should he pay as an equivalent single lump sum at the end of 8 years to discharge all his debt? b) what amount should he pay at year 8, 9 and 10 equally discharge all his debts?Mr. Tan borrowed money from a bank with an interest of 8% compounded monthly for 6 years. His monthly amortization is P16, 000. 9. What is the total number of payments of Mr. Tan after he paid the 6-yearmortgage?A. P1, 152, 000 B. P1, 226, 000 C. P1, 248,000 D. P1, 300,000 10.How much is his outstanding balance after the 50th payment?A. P290, 144. 26 B. 303,234.16 C. P326, 394. 67 D. P393,464.46