Ben borrowed PHP 1,300,000 from a finance company that charges interest at 16%compounded semi-annually. He promised to pay off the loan in 18 semi-annualpayments. The first payment is to be made at the end of 2 years. Find his semi-annualpayment.PHP 191,701.09PHP 132,817.77PHP 101,281.16O PHP 174,738.08None of the above

Loan amount (PV) = PHP 1,300,000 Interest rate = 16% Semi annual interest rate (r) = 16%/2 = 8%…

Answered: Ben borrowed PHP 1,300,000 from a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EA: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest...

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Similar questions

Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.
Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the interest rate was 5% compounded annually. Sharapovich Inc. will make payments of $11,548.74 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.
Mr. Subito borrowed Php 4605 from a bank, which he will repay Php 5000 at the end of 10 months. In the 10-month period, there are 6 months having 31 days. Calculate the simple interest rate. a. 10.29% b. 10.35% O c. 10.23% O d. 10.26%
Mr. Santos borrowed a certain amount from Bank A with an interest of 5% compounded quarterly and he commit to pay the loan in 3 years and 6 months. If he is paying Php 15,341 every three months how much did he borrowed? Round off the answer to the nearest whole number. O Php 233,128 O Php 195,913 Php 169,968 O Php 197,291
Jumbo Bato borrowed money from Rovin Patila,payable for 3 years. If the interest rate per year is 9%, determine the following:a. Total interest due for each yearb. Total interest due after 3 yearsc. Total amount due after 3 yearsd. Total amount due after 100 days considering the loan was obtained on February14, 2020e. Total amount due after 5 months considering the loan was obtained in October 2021. Use Php 10,000 as the amount of borrowed money
A couple secured a 4,000,000 php housing loan from a financing company that gives 12% interest compounded monthly. They plan to amortize the loan for 20 years with monthly regular payments. On their 100th payment, how much of this amount goes to the interest payment, and how much is apportiones to the repayment of the principal? a.) 27,376.78 php goes to interest and 16,666.66 php for the principal payment b.) 22,021.73 php goes to interest and 22,021.72 php for the principal payment c.) 33,106.68 php goes to interest and 10,936.76 php for the principal payment d.) 33,214.96 php goes to interest and 10,828.49 php for the principal payment
A man borrowed a certain sum of money from a bank which charges interest at 18%, compounded quarterly. He promised to pay the principal and interest through 36 equal payments of PHP 4,000 at the end of each three months. How much did he borrow?
a businessman borrowed Php4000 to be paid after 11/2 years with interest at 10% compounded semi- annually and Php 6000 to be paid after 4 years at 11% compounded monthly. What single payment must he pay after 4 1/2 years at an interest rate of 15% compounded quarterly to settle the 2 loans?
A man owes Php 15,000 with interest at 8% payable semi-annually. Equal payments at the beginning of each 6 months for 4 years will discharge his debt? What is the Outstanding principal at the beginning of the period 3. (Hint: Construct an amortization schedule.) a.Php 15,253.465 b.Php 12,345.678 c.Php 13,265.735 d.Php 11,229.855
Andrew borrowed PhP 25,000.00 and agrees to repay the loan by level monthly installments for 10 months at 8.4% interest convertible monthly. Construct a loan amortization schedule for this loan. Computation for the Level Payment R Interest t Payment Principal Balance 3 5 7 8 9 10 1. 2. 4. 6.
What is the interest of the amount barrowed by Mr. Carlo if he is paying Php 18,699 every three months at an interest of 4% compounded quarterly and he agreed to pay the loan in 4 years and 6 months? Round off the answer to the nearest whole number. Php 29,951 O Php 27,464 Php 28,707 Php 26,222
Your father obtained a car loan payable in 5 equal payments of Php 16,700 at the end of evry month for the next 5 years with an annual rate of 9.5%. How much was he able to loan? Construct an amortization schedule. 3. 4. Regular Payment Unpaid Balance Reduction Unpaid Balance Period/Date Interest 10 11 12 13 14 15 16 17 18

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