Dan took a loan of P560,000 from L. A. Finance to purchase a car. If the company charges compound interest at 10% per annum during the first year, 12.5% compounded bi-monthly during the second and third year and 8% quarterly for the remaining years, how much will he have to pay after 5 years?
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Dan took a loan of P560,000 from L. A. Finance to purchase a car. If the company charges
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- John made a down payment of RM20,000 toward the purchase of a car. He secured a 9-year loan from a bank at 3% per year compounded monthly. Under the term of the loan agreement, he has to make a payment of RM715 at the end of each month. i. What is the purchase price of the car? And what is the interest paid?Gunther has to pay a loan he took out after a term of 5 years. If the principal amount is at $215 000 and the total amount he has to pay is $275 000, what was the interest rate of his loan (if compounded quarterly)?James received a 15 year loan of $230,000 to purchase a house. The interest rate on the loan was 2.10% compounded semi- annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 2? Round to the nearest cent c. By how much will the amortization period shorten if James makes an extra payment of $30,000 at the end of year 2?
- Carlo paid P 13,500 after two years to fully pay his loan that costs P 10,000. What is the interest rate of the loan if the money is to be compounded quarterly?Mr. Dalisay applied for a bank loan with a principal of P150,000 to be paid after five years in order to purchase a vehicle. He negotiated for the stated rate of the loan at 6% wherein the current market rate is 10%. What is the present value of the principal?Mr. Dalisay applied for a bank loan with a principal of P150,000 to be paid after five years in order to purchase a vehicle. He negotiated for the stated rate of the loan at 6% wherein the current market rate is 10%. What is the present value of the interest?
- Sergio purchased a house for $440,000; he paid $44000 as a down payment and financed the balance amount at 4.9% compounded monthly for 20 years. a) What is the size of payment made at the end of every month to settle the loan? b) What was the amount of interest charged for the entire loan? c) If Sergio pays an additional $350 per month, how many periods will it take to payoff the load? $d) If Sergio pays an additional $350 per month, how much interest will be saved?Carlos purchased a house for $230,000; he paid $11500 as a down payment and financed the balance amount at 3.9% compounded monthly for 25 years. a) What is the size of payment made at the end of every month to settle the loan? b) What was the amount of interest charged for the entire loan? c) If Carlos pays an additional $100 per month, how many periods will it take to payoff the load? d) If Carlos pays an additional $100 per month, how much interest will be saved?a) Peter wishes to purchase a motor vehicle from a dealer in Johannesburg for R150 000. His bank, ABSA,is prepared to lend him the money on condition that he undertakesto repay the loan monthly in advance over a period of 36 months. If interest is to be charged at 16,5% per annum compounded monthly in advance, what will his monthly instalment gonna be ? b) I want to pay half-yearly instalments on my loan account of R100000. If the bank charges me 16% interest compounded annuallyover five years, how much will my instalments be? c) A bill of R150000 is worth R153725 as it accumulates daily interest. If interest is 9,95%per year, what is the tenure of the bill?(
- Sanvij has bought a house in Chilliwack for $20,000. He makes a 5% down payment and will be making quarterly payments of $388. 63 to Scotia Bank for 15 years. What nominal rate of interest compounded semiannually was applied to the purchase?Jake borrowed P40,000 from Mike. He promised to pay the principal amount plus the interest at the end of 2 years. If Mike charged him 3 and 3/4 % compounded monthly , how much should Jake pay to Mike?Carlos purchased a house for $230,000; he paid $11500 as a down payment and financed the balance amount at 3.9% compounded monthly for 25 years. the monthly payment is 1141.293. a) What was the amount of interest charged for the entire loan? b) If Carlos pays an additional $100 per month, how many periods will it take to pay off the load? c) If Carlos pays an additional $100 per month, how much interest will be saved?
