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- 4. Cassie paid P68 000 to a money lending company after one and a half years to fulfill her loan that costs P60 000. What is the interest rate compounded quarterly that is charged to the loan?6. Gracie deposited $20,000 into an account that compounds interest weekly at a rate of 1.56%. Each week her bank withdraws $200 from the account and puts the amount into her mortgage account. How long will it take until the account has a balance of $0?Sam takes out a bank loan for $12750 that he will repay with 13 monthly payments at j1 = 5.25%. Sam has some financial troubles come up and is unable to pay the 7th and 8th payments. The bank allows Sam to skip these payments and then immediately after the 8th payment the loan is refinanced at j1 = 6.75%. What is the new monthly payment?
- DETAILS HARMATHAP12 6.5.029.EP. MY NOTES A recent college graduate buys a new car by borrowing $18,000 at 8.4%, compounded monthly, for 5 years. She decides to pay $379 instead of the monthly payment required by the loan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $ How much extra did she pay per month? (Round your answer to the nearest cent.) (b) How many $379 payments will she make to pay off the loan? (Round your answer up to the next whole number.) payments (c) How much does she pay in total over the life of the loan by paying $379 per month rather than the required payment? $ If instead of paying $379 per month she only paid the required payment every month, how much would she have paid in total over the life of the loan? (Round your answer to the nearest cent.) $ How much will she save by paying $379 per month rather than the required payment? (Round your answer to the nearest cent.) Need Help? Read It e Show My Work (optional)…14. Nadia takes out a loan of $150,000 to purchase an apartment. The loan is being charged a yearly interest rate of 2.5% applied monthly. Nadia is paying off the loan by making monthly payments of $500.00. (a) How much of Nadia's first payment goes towards paying interest and how much of it goes towards reducing the initial $150,000 loan amount? Show how you found your answers (b) Did Nadia reduce the loan amount she owed more in the first payment or the second payment? Justify.) Signe owes $19,561 on her credit card. Calculate the monthly payment if the credit card APR is 18% and Signe pays it off in three years. Assume no additional charges are made to the card. LSS-Comp SP LSS-Cont O O LP
- 6. Ms. Lanz takes out a $9,000 loan to buy a used car for her daughter. She gets a 4-year loan at 8.75% interest. Her payments will be $222.90 a month. What is the total repayment of the loan? $9891.60 G $16,992.00 H $10,699.20 Not Here6. Isaac borrowed RM25,000 for his college expenses and he agreed to settle the loan in 108 monthly payments at 5.5% compounded monthly. No use excel a) Calculate the monthly payment. (RM294) b) If Isaac decided to pay off his loan immediately after making the 84th payment, calculate the amount to be settled. (RM6667.32)Asa Khumalo purchased a vehicle to the value of R224987 today and expects to make repayments for the next 7 years. The bank charges Asa at 12% pa compounded monthly. Asa believes that between months 18 and 21 she will not be able to make payments. What will Asa's new payments be over the remaining term.
- 1. Citari took a personal loan of RM10,000 and paid equal monthly payments for five years at an interest rate of 6% compounded monthly. a) Find the monthly payment. (RM193.33) b) If Citari fails to pay the first five monthly payments, find the amount she has to pay on the sixth payment in order to settle the outstanding arrears. (RM1174.58)10. Kristine has $5,000 in an account today that pays 3% interest rate. Two years from now she withdraws $1,000 from that account to buy a laptop. How much will she have in this account in 6 years if she does not make any other deposits or withdrawals? Assume annual compounding. a. $4,844.75 b. $7,095.77 C. $4,776.21 d. $7,164.31 e. $4,970.26 11. Your grandaunt wants to buy an (ordinary) annuity that will pay her cost of living of $70,000 per year for 20 years. If the quoted interest rate today is 5% and the annuity compounds monthly, how much does this annuity cost? a. $872,354.72 b. $865,404.52 c. $883,897.66 d. $863,824.1510. Kristine has $5,000 in an account today that pays 3% interest rate. Two years from now she withdraws $1,000 from that account to buy a laptop. How much will she have in this account in 6 years if she does not make any other deposits or withdrawals? Assume annual compounding. a. $4,844.75 b. $7,095.77 c. $4,776.21 d. $7,164.31 e. $4,970.26 11. Your grandaunt wants to buy an (ordinary) annuity that will pay her cost of living of $70,000 per year for 20 years. If the quoted interest rate today is 5% and the annuity compounds monthly, how much does this annuity cost? a. $872,354.72 b. $865,404.52 c. $883,897.66 d. $863,824.15 12. After graduation, you get a great job. You budget $1,000 per month towards housing. You'd like to buy a house. Assume that the interest rate = 4% for a 30-year mortgage. a. How much can you borrow? i. $209,461.24 ii. $207,504.40 iii. $694,049.40 iv. $24,999.98 b. Eight years into the mortgage, your company decides to relocate you to Hawaii. How much must you…