A bank charges a 12% bank discount on short-term loans. A borrower needs GH¢2000 cash to be repaid with interest in 9 months. What size loan should he ask for, and how much interest will he pay?
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A bank charges a 12% bank discount on short-term loans. A borrower needs GH¢2000
cash to be repaid with interest in 9 months. What size loan should he ask for, and how much interest will he pay?
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- To payoff a loan of $1000 you need to make 40 payment of $36.56 per month. What rate of interest are you paying? What is the stated or quoted rate? What is the annual percentage rate? What is the effective annual rate? What rate is bank likely to use to state its rate?A person borrows $3,000 on a bank credit card at a nominalrate of 18% per year, which is actually charged at a rate of1.5% per month. d) What is the total amount of money the person will havepaid for the loan?Matome borrows R4 050 for eight months from a lender who charges a 11% discount rate. What size loan should Matome ask for in order to receive R4 050 cash?
- Your credit card has a balance of $4500 and an interest rate of 22%. The credit card requires a minimum payment of 3%. What is your minimum payment? What is your interest for 1 month? What is your new balance?You plan to borrow P10,000 from your bank, which offers to lend you the money at a 7.5% nominal rate on a one-year loan. What is the effective interest rate if the loan is a discount loan?In order to earn 14% simple interest on a 90 day short term loan – what discount rate should be charged by a bank?
- Someone is borrowing from a five-six ( Bumbay ) money lender. How much will be charged if you want to loan ₱ 5,000.00, payable in one year? Determine the interest rate per period and the annual interest rate. Is it a good loan term? Why or why not?A bank is offering a loan of $20,000 with an interest rate of 9%, payable with monthly payments over a 4-year period. a. Calculate the monthly payment required to repay the loan. b. This bank also charges a loan fee of 4% of the amount of the loan, payable at the time of the closing of the loan (that is, at the time the borrower receives the money). What effective interest rate is the bank charging?A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5% per year. The customer expects a monthly repayment schedule from you, to plan his repayment. Provide a loan amortization schedule for a monthly repayment of 1 year. (Amortization factor is 0.952 )
- Bank A offers a 272-day discounted loan at a simple discount rate of 12%.i. How much money would a borrower receive if the borrower asked for a Php 50,000.00 loan? ii. What size loan should the borrower ask for in order to actually receive Php 5,000?A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5% per year. The customer expects a monthly repayment schedule from you, to plan his repayment. Provide a loan amortization schedule for monthly repayment of I year.In return for a loan of £500, a loan shark charges £1 per day payable when the loan is paid back. What is the APR if you pay back the loan and fees after 155 days?