3. Maricel borrows P 10 000 with interest at 15% compounded monthly. How much should she pay at the end of 2 years and 6 months to settle her debt? F:
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- Grace borrowed P150,000 payable in 2 years. To repay the loan, she must pay an amount every month with an interest rate of 6% compounded monthly. How much should he pay every month? P6,468.09 P6,648.90 P6,648.09 P6,684.0917) Nancy takes out a $500,000 loan for 25 years at 4% monthly. a) What is the monthly payment? b) What is the final payment?Monthly loan payments are computed using a formula. Payment information is often arranged in tables to make it easy for customers. Clonthiy Payment per $1,000 of Loan Interest Rate (APR) 2-Year Loan 3-Year Loan 4-Year Loan 5-Year Loan 1% $42.10 $28.21 $21.26 $17.09 2% $42.54 $28.64 $21.70 $17.53 3% $42.98 $29.08 $22.13 $17.97 4% $43.42 $29.52 $22.58 $18.42 5% $43.87 $29.97 $23.03 $18.87 6% $44.32 $30.42 $23.49 $19.33 7% $44.77 $30.88 $23.95 $19.80 EXAMPLE 1 Whu is the monthlu navment for a $4.000 2-vear loan with an APR of 4%?
- 2.10.1. Melissa takes a loan of R950 000 to buy a house. The interest is 14,25% p.a. compounded monthly. His first instalment will commence one month after taking out the loan. (a) Calculate the monthly repayments over a period of 20 years. (b) Determine the balance on the loan after the 100th instalment. If Melissa failed to pay the 101", 102nd, 103rd and 104th instalments, the new instalment that will settle the loan in the same time period. ne value of (c)5. Jenna received a 15 year loan of $375,000 to purchase a house. The interest rate on the loan was 5.10% compounded semi-annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 3? c. By how much will the amortization period shorten if Jenna makes an extra payment of $30,000 at the end of year 3? Answer in years and in months.Emily receives R1 500,00 from the bank now that charge 10,5% simple discount per annum. She has to pay back the bank as amount of R1 893,75 in a few months' time. The number of months after which Emily pays back the loan, rounded to one decimal place, is O a. 23,8. O b. 2,5. C. 2,0. O d. 30,0.
- A. Aisha borrowed R.O 80,000 to pay her child’s education at Muscat College. Aisha must repay the loan at the end of 8 months in one payment with 7 ½ % interests. How much simple interest must Aisha pay? What is the total amount she will pay? B. 3- A certain sum of money is borrowed at a compound interest rate of 10% per annum for 3 years. After three years an amount of R.O 1331 is returned to the lender. What was the sum borrowed in the beginning?G borrows P47,400 with interest at 18% compounded quarterly. How much should he pay to the creditor after 3 years to pay off his debts?José borrowed 8100 at 5 1/2% for  three years compounded, semi am annually. What is the future value of the loan and how much interest will he pay on the loan?
- Sara borrows 35,000 at 12% for 9 months on a discounted loan. A. How much is the interest on the loan? B. How much will she receive?3. If Esmeralda paid $740.00 in interest of 16% for 2 years, how much money did she borrow?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?