What lump sum amount of interest will be paid on a P1,000,000 loan that was made on August 1, 1993, and repaid on November 1, 1999, with ordinary simple interest at 12% per year?
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What lump sum amount of interest will be paid on a P1,000,000 loan that was made on August 1, 1993, and repaid on November 1, 1999, with ordinary simple interest at 12% per year?
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- Mr. Smith has saved $1969 each year for 20 years. A year after the saving period ended, Mr. Smith withdrew $7365 each year for a period of 5 years. In the sixth and seventh years, he only withdrew $5136 per year. In the eighth year, he decided to withdraw the remaining money in his account. If the interest rate was 6.41% per year throughout the whole period, what was the amount he withdrew at the end of the eighth year?An individual is borrowing P100, 000 at 8% interest compounded annually. The loan is to be repaid in equal payments over 30 years. However, just after eight payment is made, lender allows the borrower to triple the payment. The borrower agrees to this increase payment. If the lender is still charging 10% per year, compounded annually, on the unpaid balance of the loan, what is the balance still owed just after the 12th payment is made?What lump-sum amount of interest will be paid on a $10,000 loan that was made on August 1, 2012, and repaid on November 1, 2016, with ordinary simple interest at 10% per year? How did it become 4.25 Years?
- Determine the exact simple interest on P5,000 for the period from Jan 15 to Nov 28, 1992 if the rate of interest is 22%. If you borrowed money from your friend with simple interest of 12%, find the present worth of P50,000 which is due at the end of 7 months. A loan company charges 15% simple interest on P500 loan. How much will be repaid if the loan is paid back in one lump sum after 3 years? The exact simple interest of P5000 invested from June 21, 1995 to December25, 1995 is P100. What is the rate of interest? What is the ordinary interest on P1500.50 for 182 days at 5.2%? Five thousand pesos invested at a certain interest rate compounded semi-annually become twenty thousand pesos after ten years. How much will it become at the end of fifteen years? How long or how many years would an amount of money invested at 10% compounded annually becomes doubled? By the conditions of a will, the sum of P20,000 is left to a girl to be held in a trust fund by her…Draw the cash flow diagram with your solution. Determine the exact simple interest on P5,000 invested for the period from January 15, 1996 to October 12, 1997, if the rate of interest is 18%.You borrowed $100,000 at 6% per year compounded monthly for 48 months.Which is the number of first month where the outstanding loan balance is less than $40,000?
- Identify the payment period and compounding period for the following situations:a. Deposits are made each quarter into an account reserved for purchasing new equipment two years from now. The interest rate on the deposits is 12% per year compounded monthly.b. The Williams family takes a $10,000 withdrawal from a second retirement package each 6 months to pay property and income taxes. The funds are invested in a fixed return annuity that pays 7% per year.Sarah is going to borrow money for her college expenses. Her local credit union will lend Sarah $15,000 now at a nominal interest rate of 4% per year,compounded quarterly. Then after two years, the credit union will lend her an additional $15,000 at a higher interest rate of 6% per year compounded annually. Sarah will repay these loans over four years when she graduates. How much does Sarah owe the credit union when she graduates?Assume that you want to retire 20 years from now. Your objective is to establish a saving fund which help you to withdraw RM 20,000 for each year for 25 years during your retirement days. If the interest rate for the saving is 7% per year; 1) Draw the cash flow diagram involves and calculate how much money in the saving fund that is available for you to withdraw RM 20,000 for each year for 25 years? 2) Determine the present money (year 0) to be saved in order to achieve the aforementioned objective
- John plans to make 10 equal annual deposits starting one year from now into a fund that pays an interest of 10% per year compounded annually. He would like to withdraw $15,000 each year for 10 years, starting one year after the last annual deposit. If the account balance is to be zero immediately after the last withdrawal, what should be John's annual deposit?Joseph Ray just received an inheritance of $50,000 from his great aunt. He plans to invest the funds for retirement. If Joseph can earn 6% per year with quarterly compounding for 30 years, how much will he have accumulated? $271,550 $269,113 $284,622 $298,466Determine the current amount of money that must be invested at 6% nominal interest, compounded monthly, to provide an annuity of $14,000 (per year) for 8 years, starting 12 years from now. The interest rate remains constant over the entire period of time.