PLEASE don't use excel for this. Show the solution with formula needed. SIMPLE INTEREST 1. You owe P120,000.00 from a friend that promise to pay 6% simple interest. How much will you pay at the end of 9 months? How about at the end of 1 year and 6 months?
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- You borrow $5000 now and agree to pay this whole amount back in three payments Poyment 1. SX in 2 months. Payment 2. $2X in 6 months Payment 3. $2X in 10 months a) Determine X if (yearly) interest is at 11.0% compounded monthly. b) Determine X if (yearly) interest is at 11.0% compounded continuously, Note: Do not use your calculator for this problem; type in an expression which represents the exact answer for parts a) and b). You must convert interest rate to the exact values, for example 10.1% = 101 1000Suppose you borrow $15,000 and then repay the loan by making 12 monthly payments of $1,297.92 each. What rate will you be quoted on the loan? NO EXCEL1. Suppose you borrow $16,000. The interest rate is 9%, and it requires 4 equal end-of-year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Round your answers to the nearest cent. If your answer is zero, enter "0".
- If you borrow $9000 at an annual percentage rate (APR) of r (as a decimal) from a bank, and if you wish to pay off the loan in 3 years, then your monthly payment M (in dollars) can be calculated using: M = 9000 (er/12-1) / 1 - e-3r 1) Describe what M (0.035) would represent in terms of the loan, APR, and time. 2) If you are only able to afford a max monthly payment of $300, describe how you could use the above formula to figure out what the highest interest rate the bank could offer you and you would still be able to afford the monthly payments. In addition, determine the maximum interest rate that you could afford.4) You borrow $2500 on September 3rd this year. Your demand loan carries an interest rate of 7.46%. You make partial payments of $500 on October 15th and $1575 on November 17th, You want to make a final payment of the remaining outstanding balance on November 30tn. What is the size of your final payment? Use the declining balance method. A) $450.02 B) $399.76 C) $612.84 D) $851.11 E) $449Use PMT= HA to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4200 and an annual interest rate of 1% You decide to pay off the balance over three years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 3 years is approximately $ (Round to the nearest dofar as needed.)
- Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of S$3600 and an annual interest rate of 12%. You decide to pay off the balance over five years. If there are no further purchases charg -nt7 1- 1+ a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately S- (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 5 years is approximately S (Round to the nearest dollar as needed.) Enter your answer in each of the answer boxesHow much do you have to deposit now in your savings account that earns a 6% compound annual interest if you want to withdraw the annual payment series in the figure below? 1,250 Please note that if your ID number is 11632375 Then X=3+7=10,000 Y=7+5=12,000 P-? od luckP. Use PMT to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4800 and an annual -nt interest rate of 12%. You decide to pay off the balance over three years If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? ked Scol a. The monthly payments are approximately S (Do not tound until the final answer Then round to the nearest dollar as needed) suon estion
- 2. You deposit $1500 in an account earning 3.75% interest compounded monthly. A. B.₁ ) How much will you have in the account in 7 years? 5.) How much interest will you have gained? 欢 3. (-) A payday loan company charges a $60 fee for a $700 payday loan that needs to be repaid in 14 days. Treating the fee as interest paid, what is the equivalent simple interest rate? Use the fact that there are 365 days in a year. Round to the nearest hundredth of a percent. Don't be surprised if the answer is more than 100%. 4.1 You pay $450 a month for a loan on a car purchase. You are getting a rate of 5.5% compounded monthly, how much is the remaining balance of the loan for the last 2 years?Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5800 and an annual interest - nt rate of 12%. You decide to pay off the balance over two years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 2 years is approximately $. (Round to the nearest dollar as needed.)Q6. You plan to deposit P100 into a savings account at the end of each month for the next 5 years.a.) At 3% compounded monthly, how much will you have accumulated at the end of 5 years?b.) How much difference would it make if the payments were made at the beginning of the monthrather than at the end? Answer: a.) F = P6,464.67, b.) F value difference = P196.63 please show clear solution, the answer has already been given. (although if its wrong please write the answer and solution anyway)