FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Jun placed an investment of 1,086,000 which he earn from abroad to overseas kababayan savings bank account here in Philippines at 5.74 % interest compounded monthly for 2 ½ years. Compute for the compound interest.
Mr. Mendoza wants to know the effective interest rate of his 435,000 bank loan with nominal interest rate of 4.7 % compounded semi-annually. Find the effective interest rate.
Mr. Mendoza wants to know the effective interest rate of his 435,000 bank loan with nominal interest rate of 4.7 % compounded semi-annually. Find the effective interest rate.
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- Bank A offers you a loan at 5.76% compounded 2 times a year. Bank B offers to loan you the same amount at 0.10% less than the rate offered by Bank A but compounded twice as often as the Bank A rate is. Which bank's loan should you accept? As your answer, enter the effective rate (in percent, to two decimal places at least) offered by the bank whose loan you should accept.arrow_forwardGive your answers in this question correct to the nearest whole number. Imon invested 25000 Singapore dollars (SGD) in a fixed deposit account with a nominal annual interest rate of 3.6%, compounded monthly. At the end of the 5 years, Imon withdrew x SGD from the fixed deposit account and reinvested this into a super-savings account with a nominal annual interest rate of 5.7%, compounded half-yearly. The value of the super-savings account increased to 20000 SGD after 18 months. Find the value of x.arrow_forwardPlease answer this question, Thank youarrow_forward
- Mark Harris borrowed some money from his friend and promised to repay him $1,250, $1,340, $1,490, $1,560, and $1,560 over the next five years. If the friend normally discounts investment cash flows at 8.0 percent annually, how much did Mark borrow? (Round answer to 2 decimal places)arrow_forwardAnswer please the topic is Compound Interest and Equivalence of Valuesarrow_forwardTom borrowed $300,000 for his son Remy's law school tuition at the University of Missisippi. Tom received a rate of 3.75 for five years. Using 360 days in a year. what is the maturity value of the loan?arrow_forward
- PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULASMr. Romuaro Godinez comes to the financial advisor Alquimidez Serrano, and asks him to calculate the interest to be earned on a deposit for the amount of 850,000.00; when the current interest rate is 8.75%, capitalizable quarterly, and it was invested for 15 years, 4 months and 17 days. The Finance Company reinvests at simple interest when there are not complete capitalization periods.arrow_forwardLaura borrowed a total of $18000 from two different banks. one bank charged 6% simple interest and the other 7.5% simple interest. If the total interest after 2 years was $2,220 determine the amount borrowed by both banks. let x represent the principal of the loan business loan 6% then what is the remaining amount borrowed at 7.5%?arrow_forwardYou wish to invest ₱10,000 for a period of 5 years. Which of the following investments would be best for you? Defend your answer in choosing the bank with the best investment by creating a report showing the comparison of each bank.Bank A: 3.75% simple interest rateBank B: 3.25% compounded annuallyBank C: 3.25% compounded quarterlyBank D: 3.25% compounded monthlyBank E: 3.15% compounded dailyarrow_forward
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