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- Piotr takes out a loan for $3,159.00. The term of the loan is 10 years, and he will make monthly payments. The interest rate on the loan is 7.775% compounded bi-weekly. a) What is the effective interest rate per payment period? b) If Piotr is going to repay the loan with level payments, what is the monthly payment amount? C) Fill in the first 3 rows of the loan amortization table.Juan purchases an annuity for $3720 that will make 20 annual payments, the first to come in one year. If the effective rate of interest is 10.9%, how much is each annual payment? Payment = $Benjamin borrows $50,000 from a lending institution for building a house. The lending institution charges 8% per year nominal interest rate compounded daily. If Benjamin intends to pay back the loan in 10 years, what would be his monthly payment? Use the condition that, for daily compounding, M = 30.5 days.
- Jason's loan for $8500.00 is repaid by equal payments of $525.00 that are made at the end of every month. If his interest is 11% compounded semi-annually, how much will be paid out of pocket (in total) to repay the loan plus interest?2) Ahmet bought a new house for 1 100 000 TL and financed 70 percent of the purchase price with a mortgage loan at an monthly interest of 1,25 percent. Ahmet will repay the loan with 72 monthly equal payments starting next month. What are his monthly installments?Marcus is expected to settle a loan by paying $6,000. What amount should he pay if he decides to settle the loan six months earlier? The interest rate is 2.25% compounded monthly. Round to the nearest cent
- Alberto acquires a loan of $300,000 to be paid off during 6 years with monthly payments. If the payments are to be done at the beginning of each month, what is the amount of each of these payments? Consider a monthly interest rate of 2% (Round your answer to the nearest cent.)Juan borrows $25,000 at 7% compounded annually. If the loan is repaid in five equal annual payments, what will be the size of Juan’s payments if the first payment is made one year after borrowing the money?Every three years, D will pay Mr. J 5,000 at 8% rate to settle his loan. Mr. D will use which formula to compare with cash payment? A. Future value of IB. FV of AnnuityC. Present Value of ID.
- Fritz Benjami buys a car costing $14200. He agrees to make payments at the end of each monthly period for 6 years. He pays 6.0% interest, compounded monthly. What is the amount of each payment? Find the total amount of interest Fritz will pay.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. The question is: What will be the amount of his monthly amortization?Fritz Benjami buys a car costing $14200. He agrees to make payments at the end Fritz's monthly payment is: of each monthly period for 6 years. He pays 6.0% interest, compounded monthly. What is the amount of each payment? Find the total amount of interest Fritz will pay. (Round to the nearest cent.)
