You are now about to pay P50,000 to a friend whom you have borrowed some money fifteen months ago. Agreeing to repay it at a simple interest rate of 8%, how much did you borrow earlier then?
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Please also construct a cash flow diagram. Thank you very much
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- If you borrow $12,000 at 20% interest rate for 5 years, what is your ordinary simple interest in this case?Mr. Mallari borrowed P200, 000. The terms of the loan are 10% interest for 10 years with uniform payments. He just made his third annual payment. How much principal does he still owe?Mr. Benedito, a grocery store owner, borrows $50,000.00 from a loan shark, handing him a $77,000.00 promissory note with a maturity of 6 months. What is the annual and monthly simple interest rate charged by the loan shark?
- How much will a bank deposit of $2,000 that pays 10% compound interest be worth at the end of 3 years?Suppose you deposited $200 at the end of every year for seven years in an account that earned 6% annual effevtive interest. At the end of seven years, how much would the account be worth?A department store has offered you a credit card that charges interest at 1.05% per month, compounded monthly. a. What is the nominal interest (annual percentage) rate for this credit card? b. What is the effective annual interest rate?
- You borrow $ 27965 at 12.25 % interest compounded monthly. If you are unable to make any payments for 5 years, how much do you owe at the end of 5 years? No rounding off to interest rate and round off your final answer to 2 decimal places.Enrico Suarez has decided to purchase a house instead of renting anapartment. He can a ord a monthly payment of $800, and he has saved $6,000 to use as a down-payment on a house. If the mortgage is 4% nominal interest (compounded monthly) on a 30-yearloan, how much can Enrico a ord to spend on a house?Assume, you want to get $1,000 after 5 years. How much equal amount of money do you need to deposit in an account that earns 12% annual interest to get that money? Check you answer with interest table.
- You buy a house and finance the purchase with a $600,000 mortgage. What are your monthly payments if the mortgage is for 30 years and the nominal annual mortgage interest rate is 5.00%?Tito Ricky borrowed P 500,000 at an interest rate of 12% compounded monthly.Monthly payments of P 12,378 are agreed upon. What is the length of the loan inmonths?14. What is the nominal value of the interest compounded continuously for a period of 3years if the value of the uniform series present worth factor is 2.038?