For the past 6 months, Richard was unable to pay the monthly amortization of Php18,000.00 on his car loan. As a result, he was charged an annual interest rate of 15 %, compounded monthly as penalty for the late payment. Because of the length of delay, the bank is threatening to repossess the vehicle if the outstanding balance is not paid in full. How much is Richard required to pay today to prevent this from happening?

You have a $1,400 balance on your 15% credit card. You have lost your job and been unemployed for 6 months. You have been unable to make any payments on your balance. However, you received a tax refund and want to pay off the credit card. How much will you owe on the credit card if you have not made a payment for 6 months? Note: Round your answers to the nearest cent.   How much interest will have accrued? Note: Round your answer to the nearest cent. What will be the effective rate of interest after the 6 months?

On 1 April 2018, Magda received a low interest loan of $40,000 from her employer, ABC Pty Ltd.  The interest payable was only 3%.  Magda used half of the loan to pay for her wedding and half of the loan to buy shares in Pinkscope Steel Ltd.    Advise ABC Pty Ltd of the FBT payable on the loan. (Explain your calculations and refer to relevant law)

Bill recently had his truck slide off a gravel road and strike a tree. Bill's vehicle suffered $17,500 in damage. The truck has a book value of $40,000. Bill carried collision insurance with a $500 deductible. How much will Bill be reimbursed by his policy?

Sam refuses to retire until his retirement account has a balance of at least $ 369,214 . Sam refuses to make any more deposits in the account. The account currently has a balance of$ 117,923 and earns 6% per year, compounded semi-annually. How long does Sam have before he will retire? You are computing number of years. Round your answer to one decimal place. For example, record 14.294 years as 14.3.

Victor has been consistently withdrawing money from his savings account for several years. If he withdrew $19500.0 every year for 7 years, and interest rate was 0.075 compounded annually, what was his original investment at time zero to enable these payments. At the end of 7 years his account balance was zero. Your Answer:

To go on a school trip, Felipe borrows $700. He makes no payments until the end of 4 years, when he pays off the entire loan. The lender charges simple interest at an annual rate of 6%. a) how much total interest will Felipe have to pay? b) what will the total repayment amount be (including interest)?

Michael has a credit card debt of $70,000 that has a 14​% ​APR, compounded monthly. The minimum monthly payment only requires him to pay the interest on his debt. He receives an offer for a credit card with an APR of 6% compounded monthly. If he rolls over his debt onto this card and makes the same monthly payment as​ before, how long will it take him to pay off his credit card​ debt?

Five years ago, alex  loaned his son Liam $20,000 to start a business. A note was executed with an interest rate of 8%, which is the Federal rate. The note required monthly payments of the interest with the $20,000 due at the end of 10 years. Liam always made the interest payments until last year. During the current year, Liam notified his father that he was bankrupt and would not be able to repay the $20,000 or the accrued interest of $1,800. Tom is an accrual basis taxpayer whose only income is salary and interest income. The proper treatment for the nonpayment of the note is: a.$3,000 deduction. b.$20,000 deduction. c.No deduction. d.$21,800 deduction.