26.A man borrowed P20,000 and promised to pay an amount of P21,500 with simple interest of 20%. How many days did charge to him to pay his debt? O a.P120 days b.135 days O c.168days O d.245 days
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- Suppose you need to borrow $15000 to finance a purchase of a new car for a period of 4 years. You bank offers you a loan with 5% annual interest rate and a fixed monthly payment of $345. What is the interest owed, principal paid and the principal outstanding after the first 2 monthly pay- ments? Hint: do not forget to convert the term of the loan and the interest rate to monthly frequency8. A man borrowed an amount of S10,000 to a bank. The bank agreed considering that theinterest rate is 5% annually. Determine the amount that the man paid the bank if heborrowed last January 01, 1900. The man paid the bank dated November 30, 1900. Useexact simple interest.21. Find the annual payments to extinguish a debt of P 10,000 – payable in 5 years at 12%.
- 16. Mr John Week borrowed $ 2,400 at 1% per month payable in 24 equal end-of-the month payments. How much money of the loan remains unpaid immediately after he has paid the 12th payment?5 Question Let Y be the present value of an 11-year term continuous annuity of $1 per year for an insured aged.x. Let х,п Y be the present value of a whole life continuous annuity of $1 per year for an insured aged.x. Given a constant force of interest, 8, show that: ()]))/(b(a) A savings plan requires you to make payments of £250 each at the end of every month for a year. The bank will then make six equal monthly payments to you, with its first payment due one month after the last payment you make to the bank. Compute the size of each monthly payment made by the bank, assuming a nominal interest rate of 4% p.a. payable monthly.
- 5.What rate of simple interest will make a principal double itself in 6 years. a)16.67% b)8.33% c)33.33% d)4.16%1. An engineer plans to borrow $25,000 to open his own consulting business. He must repay $500 a month for 5 years. What is the nominal annual interest rate (compounded annually)? 2. An engineer is planning a 15 year retirement. She has decided that she will need to withdraw $4,000 each month from her bank account to live. How much money should she have in the bank at the start of her retirement, if the bank pays 0.25% interest per month (compounded monthly)? Hint: There are 15 x 12 compounding periods.13. Darren claims an eatery and needs to decide his normal income over a long- term period. After all expenses were paid, his yearly pay was as per the following: Year Amount = $7,150 1970 1971 7,335 1972 6,520 %3D 1973 6,600 1974 6,600 1975 7,025 1976 7,810 Total for 7 years = $49,040. Find his average yearly income.
- - A couple has a $475,000 mortgage amortized over 30 years with monthly payments. They chose to lock in a rate of j2-4% for the first 5 years. a) Calculate their original mortgage payment (rounded up to the next cent). b) Calculate the balance remaining after five years. c) Calculate their new monthly payment (rounded up to the next cent) if they refinance at j2-5% after the first five years are up. d) How much interest did they pay during the first 5 years?6.Find the present value of $20800 in 4 months at 12% simple interest. a)$200 b)$200,000 c)$2000 d)$200003. You deposit $1,000 in a bank account that pays a fixed interest rate of 5% per year and it compounds annually. What will your bank account balance be in 50 years?