A house that sells for P900,000 can be purchased under terms requiring 100 monthly payments. Assume that the first payment begins now and the interest rate is 12% compounded monthly. What is the size of each monthly payment?
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A house that sells for P900,000 can be purchased under terms requiring 100 monthly payments. Assume that the first payment begins now and the interest rate is 12% compounded monthly. What is the size of each monthly payment?
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- You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityYou buy items costing $800 and finance the cost with a fixed loan installment for 18 months at 5% simple interest per year. What is the finance charge? What is the monthly payment?Suppose that you buy a car costing $14,000. You agree to make payments at the end of each monthly period for 4 years. You pay 7% interest, compounded monthly.(a) What is the amount of each payment? (b) Find the total amount of interest you will pay.
- An apartment unit in a rural area that sells for P1,800,000 can be purchased under terms requiring 200 monthly payments. Assume that the first payment begins now and the interest is 12% compounded monthly. What is the size of the monthly payment?Suppose you have $1,000 and plan to purchase a 1-year certificate of deposit (CD) that pays 0% interest, compounded annually. How much will you have when the CD matures?a. If you borrow $2,200 and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?
- a. If you borrow $1,100 and agree to repay the loan in six equal annual payments at an interest rate of 11%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?A house and lot are to be purchased by paying P15,500.00 monthly payable in 25 years. The first payment is due in 1 year. How much is the cash price of the house and lot if the interest rate is 12% converted monthly?If you borrow $2800 and agree to repay the loan in 5 equal annual payments at an interest rate of 12%, what will your payment be if you make the first payment immediately instead of at the end of the first year?
- Suppose you take on a loan that is subject to an annual interest rate of 12%, with the interest rate being calculated at the end of each month. Two years later you pay back the loan in full by making a payment of $1,020. What was the original amount of the loan?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?You borrow $20000 and make an agreement to repay the loan with10 annual payments of 5,000. What is the annual effective rate of interest that you are paying?