company borrowed P45,200 from a savings and loan association that charges 14% converted quarterly. To pay off the loan, the company promised to pay P2,000 every 3 months. (show your solutions at the back) a. How many regular payments are needed? b. When will the company make the last P2,000 payment? c. Find the outstanding balance after the 32nd
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A company borrowed P45,200 from a savings and loan association that charges 14% converted quarterly. To pay off the loan, the company promised to pay P2,000 every 3 months. (show your solutions at the back) |
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a. How many regular payments are needed?
b. When will the company make the last P2,000 payment?
c. Find the outstanding balance after the 32nd payment.
|
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- A company borrowed $150,000 from a local bank. The loan requires 20 equal annual payments beginning one year from today. Assume an interest rate of 6%. What is the amount of each annual payment? Note: Use tables, Excel, or a financial calculator. Round your final answer to nearest whole dollar amount. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Table, Excel, or calculator function: Loan Amount: Loan Payment: n=An accounting firm agrees to purchase a computer for $110,000 (cash on delivery) and the delivery date is in 270 days. How much do the owners need to deposit in an account paying 0.85% compounded quarterly so that they will have $110,000 in 270 days?A company borrowed P45,200 from a savings and loan association that charges 14% converted quarterly. To pay off the loan, the company promised to pay P2,000 every 3 months. a. When will the company make the last P2,000 payment? b. Find the final irregular payment if it is made 3 months after the last regular payment date. c. Find the final irregular payment if it is made on the day of the last regular payment.
- A company borrowed $150,000 from a local bank. The loan requires 20 equal annual payments beginning one year from today. Assume an interest rate of 6%. What is the amount of each annual payment? Note: Use tables, Excel, or a financial calculator. Round your final answer to nearest whole dollar amount. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Table, Excel, or calculator function: Loan Amount: Loan Payment: n= eVan Buren Resources Inc. is considering borrowing $100,000 for 182 days from its bank. Van Buren will pay $6,000 of interest at maturity, and it will repay the $100,000 of principal at maturity. a. Calculate the loan’s annual financing cost. b. Calculate the loan’s annual percentage rate. c. What is the reason for the difference in your answers to Parts a and b?A landscape architect accrued $7,855.39 in credit card debt. If the architect makes a monthly payment of $500 (and makes no additional charges on the account), how many months will it take to repay the debt if the annual interest rate on the credit card is 18.2% ? (Round your answer up to the nearest month.)
- E. PART E PROBLEM. USE SEPARATE EXCEL ANSWER SHEET. Suppose your business borrow $14,000 from the bank in order to buy a new car by signing a promissory note payable. The bank charges 6% APR, compounded monthly. You will make equal monthly payments at the end of each month for two years. 1. 2. Complete an amortization schedule in Excel for all 24 months that shows the table headers and columns below. Prepare the journal entry for the first payment (Mo. #1). 1 2 Mo.# Beg. Balance 14,000.00 etc. Principal Payment Interest Reduction End. BalanceAn industrial bank will loan you $10,500 for two years to buy miscellaneous equipment for your firm. The loan must be repaid in equal monthly payments. The annual interest rate on the loan is 11.5% of the unpaid balance. How much will the monthly payments be? Numeric ResponseThe company is planning to purchase a new office building and will need to borrow $750,000. The loan will be repaid over 20 years and the bank is charging an interest rate of 7% annually. What will the MONTHLY loan payments be? (Round to 2 decimals) 70794.69 5899.56 5814.74 4956.52
- A landscape architect accrued $7,876.36 in credit card debt. If the architect makes a monthly payment of $600 (and makes no additional charges on the account), how many months will it take to repay the debt If the annual Interest rate on the credit card is 18.8%? (Round your answer up to the nearest month.) monthsA company borrowed $100,000 from a local bank. The loan requires 10 equal annual payments beginning one year from today. Assume an interest rate of 8%. What is the amount of each annual payment? Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)Lush Gardens Co. bought a new truck for $52,000. It paid $5,720 of this amount as a down payment and financed the balance at 4.08% compounded semi-annually. If the company makes payments of $1,700 at the end of every month, how long will it take to settle the loan? a. How many deposits will the company have to make to settle the loan? Round up to the next whole number b. How long will it take to settle the loan? years months E Express the answer in years and months, rounded to the next payment period