Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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A person requested a personal loan from the bank and owes 2,500,000 pesos, which he has to pay at 9% compounded each month, for 3 years. In monthly payments. What is the principal payment that can be made in month 28, according to the amortization table on unpaid balances?
Question 5 options:
29760.94
54672.94
69935.94
74328.94
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- A bank loaned John Smith $3,000 for three years compounded annually at 9%. How much interest was John required to pay on the loan? Use the $1.00 future value table or the future value and compound interest formula.arrow_forwardQw.16.arrow_forwardIfe takes out a 3 year mortgage for $1,125,000 at an interest rate of i(2) = 4.500%. The amortization period is 30 years and she will make weekly payments. What is the outstanding balance at the end of 1 year? O a. $1,084,582.78 O b. $1,106,717.12 O c. $1,029,246.92 O d. $1,040,314.09 e. $1,128,851.46arrow_forward
- Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $130 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 17 months? (Round your answer to the nearest cent.)arrow_forwardOne of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $590 per month. You will charge .99 percent per month interest on the overdue balance. If the current balance is $14,810, how long will it take for the account to be paid off? Number of months:arrow_forwardYour bank offers to lend you $120, 000 at an 8.25% annual interest rate to start your new business. The terms require you to amortize the loan with 10 equal end-of-year payments. How much interest would you be paying in Year 2? a. $5,904.06. b. $8,487.08 0 c. $6,642.06• d. $7,011.07. e. $9224.68arrow_forward
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