If you borrowed P1000 from a bank with 18% simple interest per annum, what is the total amount to be repaid at the end of 5 years, 6 months and 84 days?
with solution
If you borrowed P1000 from a bank with 18% simple interest per annum, what is the...
A company has
borrowed 1,000,000 from a bank which charges 14 % interest per
annum. The loan has to be recovered in 5 years compounded
annually
(a) How much
should the company pay at the end of each year to the bank
(assuming uniform payment)?
(b) The bank
changes the interest rate to 13 % p.a . at the beginning of 3rd
year
(i) What will
the amount of the company's last payment (i.e. payment at the end
of year...
1-Automotive Excellence Inc. borrowed $16.000.00 on May 26 with an interest rate of 4,5% per annum. On June 25. $5500.00 was repaid, and on September 18, $5200.00 was repaid. Automotive Excellence paid the balance of the loan on November 24. What was the final payment? 2-What is the present value of $3780 due in nine months if interest is 5%? 3-What principal will earn $34.44 interest at 8.25% from May 30, 2012, to January 4, 2013?
14. United Sales Association (USA) recently borrowed $25,000 from its bank at a simple interest rate of 11 percent. The loan is for one year, and the loan agreement calls for the interest to be added to the amount borrowed and the total amount to be repaid in monthly installments. (a) What are the loan’s monthly payments? (b) Compute the loan’s APR and, rEAR.
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Compute the amount of interest on $1240 borrowed at 6% per annum from Sept. 30, 2016 until May 16, 2017
On June 8, Manuel borrowed 5670.00 from his uncle at 4.1% per annum calculated on the daily balance. He gave his uncle six cheques for $100.00 dated the 8th of each of the next six months starting July 8 and a cheque dated January 8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid and Principal Repaid Complete the repayment schedule...
QUESTION 9 the total amount he repaid. ith simple interest of 9%. Fin Daniel borrowed $4.900 from his mother to buy a car. He repaid her after 7 months a. $5,157.25 b $5,120.50 O$257.25 d.$5,341.00 QUESTION 10 Cameron has money in an account at 5% interest, compounded monthly. To the nearest year, how long will it take for his money to triple? O a, 21 years OC. 20 years Od.22 years
You borrowed a 70,000$ from a local bank to be repaid over 12 months at an interest rate of 1% Create a table (using Excel) showing each month’s interest in $ (I), principal repayment, and amount of principal remaining at the end of each month. Suppose that you decided to pay out the remaining principal all at once after few monthly payments (<12), how much will you pay? Use two methods (table breakdown and the discounted annuity method).
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New Jobs Created borrowed $17900 at 16.5% simple interest from First Bank to purchase some office furniture. First Bank requires monthly interest payments and the full $17900 at the end of 7 years. In order to meet this obligation, New Jobs Created plans to make monthly deposits to a sinking fund earning 8.25% compounded monthly. Round up any part of a cent. State the total monthly obligation, and (b) what is the total interest earned on the sinking fund assuming...