12.) Find the simple interest on a loan of P65,000.00 if the loan is given at a rate of 8% and is due in 6years and 3 months.A. $3,250.00C. P32,500.00B. P31,200.00D. P46,800.00

Simple interest is the interest paid on a principal balance for a given period of time at a…

Answered: 12.) Find the simple interest on a loan…

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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In an amortization table for a four-year loan of $45,280, given an interest rate of 11%, how much will the principal payment be in the second year if the loan calls for equal payments? Select one: a.$15222.90 O b.$10,448.32 O c.$15,593 d.$10,671.69
Suppose that you borrow$ 12000 at interest rate of 5% per year. If you must be repaid the loan in equal end of year payments over the next 4 years, how much must you repay at the end of each year? O a. $3672 Ob. $3384 Oc. $2672 O d. $2384
15. What is the rate of interest on a 30 year fully amortizing loan if the monthly repayments are $1,270.48? a) 5.45% b) 4.85% c) 5.86% d) 6.12% 16. Based on a $400,000 25 year loan at an interest rate of 6.45% what are the interest payments in the first month a) $1,857.50 b) $2,150.00 c) $2,418.75 d) Can’t answer the question without knowing if the loan is fully amortizing or partially amortizing. 17. Moving from a Fixed-Rate loan to an Adjustable Rate loan transfers interest rate exposure from the lender to the borrower? a) True b) False

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12.) Find the simple interest on a loan of P65,000.00 if the loan is given at a rate of 8% and is due in 6 years and 3 months. A. P3,250.00 C. P32,500.00 B. P31,200.00 D. P46,800.00