James lends Henry 500,000. He must repay the loan with 192 end of month payments with the nominal rate of interest being 4.8% convertible monthly. The first years payments are X, and each successive years payments are 10% greater than the year before. The origination date of the loan is January 1 2014. (a) Find the total interest paid. (b) Find the total interest paid for the month of January. (c) Find the proportion of interest paid for the month of January.
Q: Kyla borrowed P12,000 which is payable after 3 years and 8 months with simple interest of 12%.…
A: Simple Interest refers to one of the methods of calculating the interest in which we calculate the…
Q: On September 1, 2021, Speedy Lube signed a 30-year, $1,080,000 mortgage note payable to Jonstown…
A: The loan amortization table refers to the table used to calculate the principal portion and interest…
Q: The Flemings secured a bank loan of $368,000 to help finance the purchase of a house. The bank…
A: Calculation for the size of each repayment if loan is to be amortized at the completion of the term:…
Q: Steve Perry borrowed $40,000 at 12% ordinary interest for 60 days. On day 20 of the loan, Steve made…
A: First we need to use ordinary interest formula to calculate interest amount on loan Ordinary…
Q: Andrew Bolkonsky borrows $200,000 to purchase a house for investment purposes on January 1st 2006.…
A: The concept of present value states that a sum of money is worth today more than the same sum of…
Q: Clark borrows $25000 on December 1st 2021. He has to be repay the amount in 15 equal monthly…
A: Monthly payment includes the amount of interest associated with the borrow amount and some amount of…
Q: A man borrowed a certain sum of money from a bank which charges interest at 18%, compounded…
A: The borrowed amount is calculated as the present value of payments
Q: On December 1, the home mortgage balance was S119,000 for the home owned by Frank Miler. The…
A: Mortgage Balance = 119,000 Interest Rate = 7.4% Monthly Mortgage Payment = 1428
Q: On January 4,2016, Minggun, borrowed P24,000 and promised to pay the principal and the interest at…
A: The given problem can be solved using FV function in excel. FV function computes outstanding loan…
Q: Andy borrowed P20,000 with interest at 4% compounded quarterly. He agreed to pay P1,500 at the end…
A: Given: Loan =P20,000 Interest rate = 4% compounded quarterly So, quarterly rate = 0.04/4 =1%…
Q: Zetix borrowed $20,000 on a one-year, 10 percent note payable from the local bank on March 1.…
A: Notes Payable: Notes payable is a liability account where a borrower records a written promise to…
Q: Dandil owes two debt payments – a payment of $5323 that was due today and a payment of $1655 due in…
A: Future value is the value of the current investment on some future date at some specific rate of…
Q: Calculate the amount of cash payments Zetix was required to make in each of the two calendar years…
A: Calculation of Cash Payment = Amount of Notes Payable * Rate of Interest * 3 Months/12 Months Since…
Q: On April 8, Manuel borrowed $700.00 from his uncle at 5.6% per annum calculated on the daily…
A: In installment loan system, repayment schedule is constructed that show balance of amount due after…
Q: On May 8, Manuel borrowed $780.00 from his uncle at 4.6% per annum calculated on the daily balance.…
A: Balance before Payment Amount paid Interest paid Principal repaid Balance After Payment…
Q: o-Fast invests $20,000 in a certificate of deposit that mature safter 7 years and pays 9 percent…
A: The future value is the future worth of the amount that will be paid or received in the future.
Q: Greg owns a promissory note, due in 2 years hence, whose maturity value is 7,500 php. If the rate of…
A: Maturity value (MV) = Php. 7500 Interest rate = 11.50% Bimonthly interest rate (r) = 11.50%/6 =…
Q: Draw the cash flow diagram in terms of Rael perspective. Show complete solution and formula used.…
A: Cash flow diagram is the diagram which shows by the timeline how much cash has came into the…
Q: Ken is paying P2,500 every 3 months for the amount he borrowed at an interest rate of 8% compounded…
A: Answer: Calculation of the amount that Ken borrowed: The amount that Ken borrowed will be equal to…
Q: Marissa borrowed $1,010 today and is to repay the loan in two equal payments, one in 3 months and…
A: A loan is an agreement between two parties where one party gets a set amount from the other party in…
Q: On September 1, 2018, Speedy Lube signed a 30-year, $1,080,000 mortgage note payable to Jonstown…
A:
Q: Dominic Torreto borrows $300,000 from a lending company in his hometown at 12% interest compounded…
A: Loan Amount = $300,000 Interest rate = 12% Time Period = 6 Months
Q: riya and Ronnie borrow $500,000 from the EastSide bank, to be paid back through monthly repayments…
A: Hi, Thanks for the Question. Since you asked multiple sub parts question, we can provide solutions…
Q: Tedros borrowed $2 million and planned to repay the loan by making equal month-end payments over a…
A:
Q: Juan took out a $20,000 loan for 146 days and was charged simple interest. The total interest he…
A: We need to use simple interest formula to solve this problem Simple interest =Principal*Rate*Time
Q: Jackson has a loan that requires a $16,600 lump sum payment at the end of four years. The interest…
A: The amount borrowed today can be computed using the present value function.
Q: Jake is paying P2.500 every 3 months for the amount he borrowed at an interest rate of 8% compounded…
A: Quarterly payment (Q) = P 2500 r = 8% per annum = 2% quarterly n = 2 years 6 months = 10 quarters
Q: Pedro borrows P300,000.00 from lender ABC today at 12% compounded monthly. To fulfill his…
A: As you have asked a multiple subpart question, we will answer the first three subparts for you. To…
Q: Suat opens a deposit account in a bank by depositing 10,000 TL. In addition, he will deposit 6,000…
A: Initial Deposit = 10,000 Deposit after one year = 6000 Deposit after two years = 4000 Value in…
Q: On April 8, Manuel borrowed $700.00 from his uncle at 5.6% per annum calculated on the daily…
A: The question is based on the concept to find repayment of loans. The repayment will follow the…
Q: Juancho is required to pay P1,800 at the beginning of each quarter for the next 3 years for his…
A: Due to compounding the interest on the increase with increase in compounding. So effective rate is…
Q: A person borrowed $8000 from Rafidain Bank with compound interest of 9% annually and agreed with the…
A: Given, Amount borrowed $8,000 Interest rate 9% Term of loan is 5 years
Q: Mason owes $6,700 on his credit card. The bank charges an annual interest rate of 12%, compounded…
A: Amount owes by Mason $6,700 Interest Rate (12% /12) 1% Period 13
Q: Jerome obtains Php 15,000 as the proceeds of a 300-day loan from a bank charging 5% Discount. What…
A: A loan simply refers to the amount borrowed from a lender. The lender in such a scenario might be a…
Q: On April 8, Manuel borrowed $700.00 from his uncle at 5.6% per annum calculated on the daily…
A: Loan Repayment Schedule: Loan payment made at every interval of time which includes principal and…
Q: On April 16, Anthony borrowed$1279 to buy a new laptop. The loan had a simple interest rate of 3.8%…
A: The main source of income for banks or financial institutions is the difference between the interest…
Q: Bry borrowed a certain amount from ABC lending corp. In their contract, Kem must pay PHP 150,000 in…
A: Payment amount after 3 years = PHP 150,000 Simple interest rate = 0.075 Period = 3 Years Loan amount…
Q: A man borrows Php 64,000 from a loan association. In repaying this debt, he has to pay Php 4000 at…
A: Given:
Q: Joe is settling his debt by paying P50,000 at the beginning of every 6 months for 3 years. If the…
A: Semi annual payment = P 50,000 Period = 3 Years Number of semi annual payments = 3*2 = 6 Annual…
Q: Muhammad borrowed $ 5,000 from a bank 7% annual interest, provided that Muhammad pays the loan in…
A: Annual payments for the loan is calculated y present value of annuity formula. Total interest on…
Q: Matthew made the following deposits: Present – P80K, After 9 months - P50K, After 1 years the…
A: The value of equal withdrawal depend on the future value of the present deposits made.
Q: Elikplim Atayo took a loan facility of ¢1,000,000 from Amegbletor Bank ltd. He agreed to repay the…
A: If a loan is taken, then the repayment should be made after some time period. The payment method…
Q: Calvin Johnson has a $6,000 debt balance on his Visa card that charges 11.1 percent APR…
A: Data given: Debit balance on Visa card= $6000 APR (compounded monthly) = 11.1% i) Minimum monthly…
Q: Oliver takes out a home loan of $960,000. For the first 10 years, he only repays the interest amount…
A: Here, Loan Amount is $960,000 Opening Balance at 132 Payment is $914,997.77 Interest Paid on 132…
Q: Calvin Johnson has a $5,500 debt balance on his Visa card that charges 12.2 percent APR compounded…
A: Given that: Interest rate = 12.2% annually periodic payment (pmt)=$220 present value= $5500 future…
Q: Jacques has just been notified that the combined principal and interest on an amount he borrowed 19…
A: Present value computes the existing value of future benefits by discounting future worth with a…
Q: Ashley borrows Php.75,000 from Stella with interest at 6% compounded quarterly. She agrees to pay…
A: Loan amount (PV) = Php. 75000 First payment period = 3 Years First payment quarterly period (t) =…
James lends Henry 500,000. He must repay the loan with 192 end of month payments with the nominal rate of interest being 4.8% convertible monthly. The first years payments are X, and each successive years payments are 10% greater than the year before. The origination date of the loan is January 1 2014. (a) Find the total interest paid. (b) Find the total interest paid for the month of January. (c) Find the proportion of interest paid for the month of January.
Step by step
Solved in 2 steps with 21 images
- Marissa borrowed $1,010 today and is to repay the loan in two equal payments, one in 3 months and the other in 14 months. Assuming an interest rate of 4% p.a. on the loan, determine the size of the equal payments if a focal date of "today" is used.A man borrows P5,430 from a loan association. In repaying this debt, he has to pay P425 at the end of every 3 months on the principal and a simple interest of 14.75% on the principal outstanding at that time. Determine the total amount he must pay after paying all his debt.Pedro borrows P300,000.00 from lender ABC today at 12% compounded monthly. To fulfill his obligation to repay the loan, Pedro agreed to start paying the six (6) equal monthly payments starting next month. a. What will be the amount of his monthly amortization? b. Construct an amortization schedule. Use a table similar to that found in our textbook. c. What will be the outstanding balance of his loan at the end of 4 months from today? d. If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall be the required single payment on the fifth month in order to fully pay his outstanding obligation? e. Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question d. above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly installment be?
- Pedro borrows P300,000.00 from lender ABC today at 12% compounded monthly. To fulfill his obligation to repay the loan, Pedro agreed to start paying the six (6) equal monthly payments starting next month. a. What will be the amount of his monthly amortization? b. Construct an amortization schedule. Use a table similar to that found in our textbook. c. What will be the outstanding balance of his loan at the end of 4 months from today? d. If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall be the required single payment on the fifth month in order to fully pay his outstanding obligation? e. Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question d. above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly installment be?…Jonathan wishes to borrow $180 000 from a commercial bank. He was told that the loan would be amortized over five years and that payment could be made at the beginning or at the end of each year. Please assist Jonathan by answering the following questions. a. Explain to Jonathan, what is the purpose of a loan amortization schedule? b. Jonathan borrows $180 000 at 9% per annum for five years. The loan is repayable in five equal instalments at the beginning of the year. What is the annual payment?If $5,000 is borrowed at a simple interest rate of 5.65% p.a., calculate the interest charged for 6 months. Marissa lent $7,700 at 5% p.a. on March 27, 2014. Calculate the amount of interest he should receive if the loan extends until February 18, 2015.
- On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7 1/2% interest. Jim plans to repay the loan on March 11. Assume the loan is on ordinary interest. How much will Jim repay on March 11? (Use Days in a year table.) (Round your answer to the nearest cent.) Jim repayOn September 1, 2024, Lindsey Engineering borrows $414,000 cash. The loan is made by Firstlending, under the agreement that Lindsey will repay the principal with four payments of $103,500. Payments are due by October 1 each year, with the first payment being due October 1, 2025 (next year). Interest on the borrowing is 6%, and Lindsey's year end is December 31. 1. Record the long-term note payable by Lindsey Engineering. 2. RECORD the adjusting entry for interest on December 31, 2024. 3. Record the entry to reclassify the current portion of the note on December 31, 2024.Andrew borrowed PhP 25,000.00 and agrees to repay the loan by level monthly installments for 10 months at 8.4% interest convertible monthly. Construct a loan amortization schedule for this loan. Computation for the Level Payment R Interest t Payment Principal Balance 3 5 7 8 9 10 1. 2. 4. 6.
- Pedro borrows P300,000.00 from lender ABC today at 12% compounded monthly. To fulfill his obligation to repay the loan, Pedro agreed to start paying the six (6) equal monthly payments starting next month. What will be the amount of his monthly amortization? Construct an amortization schedule. Use a table similar to that found in our textbook. What will be the outstanding balance of his loan at the end of 4 months from today? If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall he the required single payment on the fifth month in order to fully pay his outstanding obligation? Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question d. above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly…Krista borrowed $17,838. The loan is to be repaid by three equal payments due in 83, 167, and 283 days from now respectively. Determine the size of the equal payments at an interest rate of 8% with a focal date of today.On April 16, Anthony borrowed$1279 to buy a new laptop. The loan had a simple interest rate of 3.8% and was for 225 days. Anthony made a partial paymentof$700 on July 19. How much will Anthonyowe on the date of maturity of the loan?