1. A car costs Php 1,400,000. Suppose a man gives a down payment of Php 400,000 for the car, and then he loaned the balance from a bank. The bank charges a 5% interest rate, compounded monthly, on the loan, which he will pay monthly for 10 years. a. How much will be his monthly amortization? b. How much will be the total interest on this loan?
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A: The computation of monthly payments:Hence, the monthly payment is 212.66.
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A: pmt =p×rm1-1+rm-m×nwhere,r=rate of returnm=frequency of compoundingn = number of yearsp=principal
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Q: the amount of the down payment?
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Q: You purchase a car priced at 750,000 Php. You paid 10% as the down payment and the remaining balance…
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- Suppose an engineer purchases a home and secures a loan of ₱2.5M from a commercial bank for 20 years at an annual interest rate of 9%. Find the monthly amortization of the loan. How much is the total amount paid over the life of the loan in Problem 1? How much is the total amount of interest paid over 20 years in Problem 1? I hope you can help me. Thank youuA man borrows Php10,000 from a loan firm. The rate of simple interest is 15%, but the interest is to be deducted from the loan at the time the money is borrowed. At the end of one year he has to pay back Php10,000. What is the actual rate of interest?Suppose an engineer purchases a home and secures a loan of ₱2.5M from a commercial bank for 20 years at an annual interest rate of 9%. Find the monthly amortization of the loan. How much is the total amount paid over the life of the loan in Problem 1? How much is the total amount of interest paid over 20 years in Problem 1?
- B. Suppose you want to buy a rent to own house worth P450,000. You made a down payment of 15% of the purchase price and take a 25 year mortgage for the balance. a. What is your down payment? b. What is your mortgage amount? c. What is the total interest charged over the life of the loan if your monthly payment is P2,200? Solve manually.Someone is borrowing from a five-six ( Bumbay ) money lender. How much will be charged if you want to loan ₱ 5,000.00, payable in one year? Determine the interest rate per period and the annual interest rate. Is it a good loan term? Why or why not?A woman went to the Beneficial Loan Company and borrowed S10,000. She must pay S323.53 At the end of each month for the next 60 months. A. What is the Monthly Interest rate she is paying? What is the Nominal Interest rate? С. What is the Effective Interest rate? Make your cash flow diagram and solve. B.
- Suppose you want to buy a rent to own house worth P450,000. You made a down payment of 15% of the purchase price and take a 25 year mortgage for the balance. a. What is your down payment? b. What is your mortgage amount? c. What is the total interest charged over the life of the loan if your monthly payment is P2,200? Solve manually in a paper.SHOW YOUR STEP-BY-STEP SOLUTIONS. a. A consumer loan worth ₱75,000 is to be repaid in two years at 6% compounded monthly. What is the monthly payment? b. Anne paid ₱13,500 after two years to fully pay his loan that costs ₱10,000. What is the interest rate of the loan if the money is to be compounded quarterly?You borrow $10,000 from a bank for three years at an annual interest rate, or annual percentage rate (APR), of 12%. Monthly payments will be made until all the principal and interest have been repaid. Solve, a. What is your monthly payment? b. If you must pay two points up front, meaning that you get only $9,800 from the bank, what is your true APR on the loan?
- Suppose you borrowed Php 30,000 on a student loan at a rate of 8% and must repay it in three (3) equal installments at the end of each of the next three (3) years. a )How much would you pay every year? b) How much of the first payment would represent interest? c) How much would be the principal? d) What would your ending balance be after the first year? e) Complete the loan amortization table.Please use formula in solving. You are interested in buying a house worth P1,200,000. You paid P250,000 as down payment. In order to pay for the remaining amount, you take out a loan from the bank at a 9% interest rate to be paid for 25 years. a) What is your monthly payment?b) What is the total interest paid for the loaned amount?c) How much of the principal has been paid after 10 years? d) After 15 years, you decide to sell the house. How much should the selling price be to cover the remaining balance of the payments?Can someone help me with this quastion, i got wrong answer before. You have borrowed SEK 40,000 from your friend on the condition that you repay the loan with the same amount payments once a year, at the end of December, for 5 years with 8% interest. Calculate the annual annuiteterna.