Jerome borrows ₱75,000 from the bank that advertises a 8% of simple interest rate and repays the loan in six equal monthly payments. Find the finance charge and estimate the annual percentage rate.

Q: Mr. Mendoza wants to know the effective interest rate of his 435,000 bank loan with nominal interest…

A: Loan Amount = 435,000 Nominal Interest Rate = 4.7%  compounded semi-annually

Q: Mr Danial borrows RM 10,000 for 9 months from a lender who charges a discount rate of 4 %. Calculate…

A: Amount borrowed (A) = RM 10000 n = 9 months = 0.75 years Discount rate (d) = 4%

Q: Carla borrowed $1049.00 from the Central Bank at 8.5% per annum calculated on the monthly unpaid…

A: The complete repayment schedule for the loan is shown in the table above. The loan is paid off in 5…

Q: Sol Pine borrows $8,200 for one year at 12 percent interest. What is the effective rate of interest…

A: The effective rate of interest refers to the interest on a loan to be accumulated the compound…

Q: John signed a 90-day note with a face value of $6,000 and a discount rate of 14.57%. How much did…

A: Ordinary time means day convention of 360 days. Here, the proceed or amount received from bank is…

Q: Label all final answers with the correct units, if applicable. Unless otherwise stated, use 4…

A: Loans are paid by equal monthly installments and these monthly installments carry payment for…

Q: Payment rate = i 729.18 dollars per year Interest paid i 12395.98

A: We first need to determine the effective annual rate using the formula below: EAR = einterest rate -…

Q: If $5,000 is borrowed at a simple interest rate of 5.65% p.a., calculate the interest charged for 6…

A: the amount of interest Marissa should receive is $356.35.Explanation:For the first question:Interest…

Q: Second National Bank charges an 8.5% effective annual rate on its business loans. Assuming monthly…

A: The objective of this question is to calculate the monthly period rate on a business loan given an…

Q: Calculate the EAR for each bank

A: Introduction: Effective annual rate can be defined as the rate of interest which would be adjusted…

Q: You were considcring depositing your savings in one of three banks, all of which pay 7% interest;…

A: Bank Capital interest rate = 7% annually compounded Bank Daisani interest rate = 7% semiannually…

Q: Keith deposits 10,000 into a bank account at time 0. The bank credits interest at an annual nominal…

A: Given: Principal = 10,000 Interest rate annual = i% Semi-annual rate = i%/2 For simplicity let us…

Q: Wayne signed a $10,000 note at Lynn Bank that charges a 7% discount rate. Use ordinary interest. If…

A: 7% discount rate is for 150 days.  1. To calculate proceeds, deduct interest from signed amount.  2.…

Q: Casey deposits $465 into a savings account earning s 3.05% simple interest. How much interest will…

A: The question is based on the concept of Simple interest

Q: A friend of yours borrows $19,500 from the bank at 8% annually to be repaid in 10 equal annual…

A: Accumulated interest paid:Accumulated interest paid is the comprehensive sum of interest accrued and…

Q: Month Unpaid Monthly Principal Total New Interest Payment Payment Balance

A: The question is related to Amortization Schedule. The details are given.

Q: Shelley borrowed $1022.00 from the Merchant Bank at 8.6% per annum calculated on the monthly unpaid…

A: The loan repayment will consists of the interest payment and principal payment. If the loan is…

Q: Angela's Riunning Store borrowed S12,000 ón June Ist át å sifmple repay the loan with payments of…

A: Loan repayment schedule is the schedule made for making the payment including the information such…

Q: An individual borrows ₱150,000 from a bank at 10% annually compounded interest to be repaid in 6…

A: Loan can be amortized by repaying it in equal instalments. Each payment comprises of both interest…

Q: A bank makes a loan of $10,000. The loan will be paid back after 10 years with yearly payments of…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: Chuong Ngo borrowed $2800 from my bank that advertises a 7% simple interest rate and re-pays the…

A: Here, Borrowed Amount is $2,800 Simple Interest Rate is 7% Time Period is 4 months

Q: Cheong Ngo borrows $4000 from a bank that advertises a 7% simple interest rate and repays the loan…

A: Annual percentage rate (APR) define as annual interest paid on the borrowed amount. The approximate…

Q: how much money is requested from the bank if the simple interest rate is 9.766% a. 36,857.114 b.…

A: Simple interest refers to the amount paid by the borrower to bank on the amount borrowed at a fixed…

Q: Paul signed an $8100 note at citizens bank. Citizens bank charges a 6.4% discount assume the loan is…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: Paul and Sandy Moede signed an $8000 note at Citizen's Bank. Citizen's charges a 6.50% discount…

A: Computation of effective rate of interest:Hence, the effective rate of interest is 6.87%.

Q: Lexi took out a loan from a loan shark with an interest rate of 5% bi-monthly, compounded…

A: Interest rate = 5% bi-monthly compounded semi-monthly Which means the interest rate is 5% every 2…

Q: Chuong Ngo borrows $3200 from a bank that advertises a 8% simple interest rate and repays the loan…

A: Given: Borrowed amount = $3,200 Simple interest = 8% Monthly payments =4

Q: Paul and Sandy Moede signed an $8,100 note at Citizen's Bank. Citizen's charges a 6.4% discount…

A: A note is a debt instrument where the borrowing party promises to pay back the face value of the…

Q: LOA Bank Limited quotes a 9 percent interest rate on loans for 1 year. You are seeking a loan of…

A: The rates which are charged by the bank to the borrower on taking loan from the bank is referred as…

Q: Krista borrowed 15,268. The loan is to be repaid by three equal payments due in 52, 146, and 261…

A: TVM refers to the concept that considers the effect of money's interest-earning capacity, which…

Q: y at the beginning of each month for Php 1,500.00. On the third year onwards, how much are you…

A: First year there was ordinary payment of Php 1000.00 If the payment of each month is - PHP 15000 for…

Q: Loan amount is Rs. 10,000, to be repaid in 5 equal monthly payments of principal and interest.…

A: A Flat rate of interest refers to the amount of interest is fixed over time. In this method, the…

Q: jackal promises to pay 1000 at the end of 6 months in obtaining a loan from a banker b who charges…

A: Effective interest rate is the interest rate that is earned or paid after considering the…

Q: Mr. Navarro received a loan with maturity value of 811,000 at a discount rate of 11.22 % for 11…

A: Formulas. 1. Bank discount = (Maturity value × discount rate × time period.) ÷ 12. 2 . Proceeds  =…

Q: tained a loan from the bank worth P 400,000.00 payable within 4 years from the time the loan was…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: Joseph Simpson, a student at State College, has an average balance of $250 on his retail charge…

A: Monthly interest refers to the amount of money charged or earned on a financial account, such as a…

Q: A bank made a farmer loan of 1000 at 14% for three years compounded annually. Find the future value…

A: Loan amount = 1000 Interest rate = 14% compounded annually Period = 3 years

Q: James lends Henry 500,000. He must repay the loan with 192 end of month payments with the nominal…

A: This is an example of growing annuity. Here, Present value of growing annuity (PVGA) - 500000 The…

Q: Nadhirah needs to pay RM168.28 every month for a loan of RM7,000 from XYZ Bank at 7.2% compounded…

A: Given, The monthly payment is RM 168.28 Loan amount is RM 7000 Rate is 7.2% compounded monthly

Q: Carla borrowed $1010.00 from the Central Bank at 8.8% per annum calculated on the monthly unpaid…

A: Loan amount is $1010 Interest rate is 8.8% Monthly payment is $220   To Prepare: Loan repayment…

Q: Your local bank offers 4-year certificates of deposit (CD) at a 12 percent annual nominal interest…

A: Future Value: The future value is the value of annuity or the sum lump amount after a certain period…

Q: Q.Mr. Jasim receives a note for $60,000 which is due in 180 days with simple interest rate of 15%.…

A: Amount of note= $60,000 Time to maturity= 180 days Discount rate= 12% Discount charges:…