Reggie availed of a deferred payment scheme from a bank that gave her an option to pay ₱5,500 monthly for 2 years. The first payment is due after 3 months. How much is the present value of the loan if the interest rate is 12% converted monthly?
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Reggie availed of a deferred payment scheme from a bank that gave her an option to pay ₱5,500 monthly for 2 years. The first payment is due after 3 months. How much is the present value of the loan if the interest rate is 12% converted monthly?
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- Rosel applied for a cash loan with an amount of P100,000.00 to be paid using ordinary simple interest within 2 year/s and 5 months with an agreed interest rate of 6.5%. How much will she pay all in all at the end of the loaned period in pesos?Sabel converted her loan to light payments which give her an option to pay PHP1,500 every quarter for 5 years. The first payment is due 9 months from now. How much is the amount of the loan if the interest rate is 9% compounded quarterly?Maria wants to have ₱750,000.00 at the end of 4 years for hergraduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly.a.) What is the monthly rate?b.) How many total deposits?
- PLEASE SHOW YOUR STEP-BY-STEP SOLUTION. Liam paid ₱68,000 to a money lending company after one and a half years to fulfill her loan that costs ₱60,000. What is the interest rate compounded quarterly that is charged to the loan?Zodwa needs R450 550,00 to buy a house. The bank approved her loan for the full amount at an interest rate of 25% per year, compounded quarterly. The loan must be paid off in ten years’ time. Determine the size of Zodwa’s quarterly payment What will the outstanding balance on Zodwa’s loan be at the end of seven years if the interest rate remains unchanged?Sophia obtains a loan of 300,000 pesos with interest at 8% compounded semiannually. She will pay her debt through a sequence of equal semiannual payments for 7 years where the first is due at the end of 3 years. How much is her semiannual payment?
- Mr. Sebastian avails the loan offered by his company with a minimal interest of 1.5% every 6 months. He borrows ₱150,000 and agrees to discharge his loan by paying a series of 10 equal semi-annual payments. The first payment is due at the end of 2 years. What amount should he pay every 6 months? Also draw the cashflow diagram and solve using the formula of annuitiesSam takes out a loan for $3,685.50. The term of the loan is 7 years, and she will make bi-weekly payments. The interest rate on the loan is 3.475% compounded monthly. a) What is the effective interest rate per payment period? b) If Sam 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. d) What would the nominal interest rate (compounded monthly) have to be if the bi-weekly (level) payment amounts were $24.69?A woman arranges to repay a P10,000 bank loan in 10 equal payments at a 10% effective annual interest rate. Immediately after her third payment she borrows another P5000, also at 10%. When she borrows the P5,000, she talks the banker into letting her repay the remaining debt of the first loan and the entire amount of the second loan in 12 equal annual payments. The first of these 12 payments would be made 1 year after she receives the P5,000. Compute the amount of each of the 12 payments.
- Cassandra received a 30 year loan of $320,000 to purchase a house. The interest rate on the loan was 3.70% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3? Round to the nearest cent c. By how much will the amortization period shorten if Cassandra makes an extra payment of $30,000 at the end of year 3? years and monthsmA man borrows a loan of Php20,000 to purchase a car at annual rate of interestol of 6%.He will pay back the loan through monthly installments over 5 years, with the first installment to be made one month after the release of the loan. What is the monthly installment he needs to pay?To help finance the purchase of a house and lot, a couple borrows P350,000. The loan is to be repaid in equal monthly installment over a period of 8 years. If the interest rate is converted monthly, how much is the monthly payment at 15% interest, m=12?