1. A loan of Php 2,500 is made for a period of 13 months at an interest rate of 5%, compounded bimonthly. What future amount is due at the end of the loan period?
Q: A loan is being repaid with 10 payments of RM2,000 followed by 10 payments of RM1,000 at the end of…
A: First 10 semi annual payment = RM 2000 Next 10 Semi annual payments = RM 1000 Annual interest rate =…
Q: Find the refund fraction on a 30-month loan with interest of $2,802 if the loan is paid in full with…
A: Refund fraction is the amount of interest refund a lender makes to the borrower because of early…
Q: What is the monthly payment on a loan of $5,000 at APR = 8% for one year.
A: Loan amount (LV) = $5000 Interest rate = 8% Monthly interest rate (i) = 8%/12 = 0.666666666666667%…
Q: Simple interest of P1,235 is owed on a loan of P9,500 after four years and four months. What is the…
A: Simple interest amount (I) = P1,235 Loan amount (P) = P9,500 Period (t) = 4 Years and 4 months =…
Q: 1. A lending institution charges its client Php 1,008,000 on a loan of Php 1.6M for 5 years and 3…
A: A method of computing interest amounts in which the compounding effect was not considered by the…
Q: 2. A loan of P2,000 is made for a period of 13 months. from January 1 to-lanuary 31 the following…
A:
Q: Calculate the size of the periodic payment. b. Calculate the total interest paid.
A: An Annuity is a series of payments of fixed amounts and at fixed intervals. These can be of two…
Q: Find the interest paid on a loan of $2,700 for one year at a simple interest rate of 11% per year.…
A: Simple interest = Principle × rate × time
Q: XYZ Company has taken out a 5-years instalment loan of AED 100,000 at a nominal interest equal rate…
A: Given: Loan amount in AED 100,000 Nominal interest rate 12% Loan tenure in years 5 Payment…
Q: A loan of 7 quarterly payments of Php.8,300 is to be made, to pay for a loan at 10% compounded…
A: Interest rate = 10% per annum Interest rate = 2.5% per quarter…
Q: ABC Factory borrows Php 700,000 at 6% interest compounded every 4 months for 36 months. How much…
A: Borrowed amount (P) = Php 700,000 Annual interest rate = 6% Interest rate per 4 months (r) = 6%*4/12…
Q: The monthly payment is $430.33. What is the total interest paid on a loan of $5,000 at APR = 6% for…
A: Monthly payment = $430.33 Number of monthly payments = 12 Loan amount = $5000 Interest rate = 6%
Q: What is the total interest paid on a loan of $5,000 at APR = 8% for one year.
A: Loan amount (LV) = $5000 Interest rate (r) = 8% Period (n) = 1 Year
Q: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an…
A: Formula: Interest amount = Loan amount x Interest rate x Time period
Q: A loan of $1,000 at a nominal rate of 12% convertible monthly is to be repaid by 6 monthly payments…
A:
Q: Find the interest refund on a 35-month loan with interest of $2,834 if the loan is paid in full…
A: Data given: Total months =35 Remaining months = 13 Interest =$2834 Find=Interest refund=?
Q: A loan of $28,100 at 4.28% compounded semi-annually is to be repaid with payments at the end of…
A: Present value of annuity Annuity is a series of equal periodic payment at equal interval over a…
Q: A loan of P5,000 is made for a period of 15 months, at a simple interest rate of , what future…
A: We need to use simple interest formula to calculate future amount due after loan period…
Q: compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was…
A: In this we have to calculate present value FACTOR and than find out semiannual payment.
Q: A business loan worth $1,000,000 is to be repaid quarterly in 2 years. The interest rate is 10%…
A: Quarterly payment is calculated by annuity formula from present value in excel i.e. PMT function.…
Q: What is the simple interest on a Php 500 loan at 25% interest to be paid at the end of 6 months
A: Simple interest = Amount of loan * Interest rate % * time
Q: A loan of ₱2,000 is made for a period of 13 months, from January 1 to January 31 the following year,…
A: The future amount due at the end of the loan period is the sum of the principal amount and the…
Q: riod, if a loan of Php 50,000 is made for a riod of 16 months at a rate of 7.5%?
A: The amount due at the end of period will be amount of loan and accrued interest on that. That would…
Q: 1. A bank loan of Php1,900 is discounted at 11 % . If the loan is due in 120 days, how much is the…
A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…
Q: A payday loan provides short-term loans ranging from $250 to $2,000. Assume the cost of the loan is…
A: Given information : Range of short term loans = $250 to $2000 Cost of the loan = $1 per day per $100…
Q: A loan of P15 000 is taken out. If the interest rate on the loan is 7%, how much interest is due…
A: Notes Payable - Notes Payable is the liability for the company which needs to be paid after a fixed…
Q: A loan of £8,000 is to be repaid by level monthly instalments of £ 185 in arrear over a period of 4…
A: Using excel Rate function
Q: A $24,100 loan is to be settled by making payments of $6,980 at the end of every 3 months. The…
A:
Q: What is the monthly payment on a loan of $5,000 at APR = 6% for one year.
A: Loan amount (PV) = $5000 Interest rate = 6% Monthly interest rate (r) = 6%/12 = 0.50% Number of…
Q: A businessman wishes to borrow an amount of K3 million for a term of 5 years. The agreed rate of…
A: Loan amount is K3000000 Time period is 5 years. rate of interest is 5% per year for three years…
Q: Find the length of the loan in months, if $500 is borrowed with an annual simple interest rate of 3%…
A: Compound Interest: Compound interest is interest computed on a loan or deposit depending on both the…
Q: A loan of Php 5,000 at an interest rate of 12% per annum for the period of February 1 to May 20.…
A: Ordinary simple interest = Principle loan * Interest rate * Number of days / 365 days in a year
Q: What future amounts is due at the end of the loan period?
A: Loan amount = php 2500 Period of 13 months, from january 1 to january 31 the following year.…
Q: On 1/5, an amount of 200,000 dinars was borrowed with an interest of 18%. The term of the loan…
A: Given that: Loan amount = 200,000 dinars Interest rate = 18%
Q: A loan is to be paid by an amount of Php 75,000 at the end of 5 years and 6 months. Calculate the…
A: Solution: Amount of repayment = P75,000 Period = 5.5 years Interest rate = 6% compounded…
Q: A customer has to pay an amount (principal + interest) of PhP 32,230 as a pay a personal loan at the…
A: Today value of money required will be that loan without interest.
Q: Consider a loan of Php 40,000, payable for 24 months at an interest rate of 8% compounded monthly.…
A: The periodic payment has two components. One is the interest amount and another is the repayment of…
Q: A loan of P50k requires quarter payments of P2875 over 10-year period. These payments include…
A: Loan amount (L) = P 50000 Quarterly payment (Q) = P 2875 Duration (n) = 10 years = 40 payments Let r…
Q: 1. A debt of Php 150,000 is to be amortized by ten semi-annual payments, the first to be made 6…
A: Loan is an amount which is borrowed from external sources like banks and this amount is repaid in…
Q: Find the refund fraction on a 18-month loan with interest of $2,590 if the loan is paid in full with…
A: Refund Fraction = Sum of digits for Number of Remaining Payments / Sum of digits for Total Number of…
Q: A loan of P3,000 is repaid by a payment of P3,500 made 24 months later. What is the annual…
A: Loans payment carry the payment of principal amount and also payment of principal amount also.
Q: A loan of $7000.00 is repaid by payments of $450 at the end of every three months. Interest is 6%…
A: Using excel NPER function
Q: Month-end payments of $1,410 are made to settle a loan of $119,660 in 8 years. What is the effective…
A: Data given: Loan amount =$ 119,660 Month end payment = $ 1410 n=8 years Required: Effective…
Q: A loan of £5,000 is to be repaid by level monthly instalments in arrear over a period of five years,…
A: The conceptual formula used:
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- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for 15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?
- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?Del Hawley, owner of Hawleys Hardware, is negotiating with First City Bank for a 1-year loan of 50,000. First City has offered Hawley the alternatives listed here. Calculate the effective annual interest rate for each alternative. Which alternative has the lowest effective annual interest rate? a. A 12% annual rate on a simple interest loan, with no compensating balance required and interest due at the end of the year b. A 9% annual rate on a simple interest loan, with a 20% compensating balance required and interest due at the end of the year c. An 8.75% annual rate on a discounted loan, with a 15% compensating balance d. Interest figured as 8% of the 50,000 amount, payable at the end of the year, but with the loan amount repayable in monthly installments during the year
- Sunlight Growers borrows $250,000 from a bank at a 4% annual interest rate. The loan is due in three months. At the end of the three months, the company pays the amount due in full. How much did the company remit to the bank? A. $250,000 B. $10,000 C. $252,500 D. $2,500Effective Cost of Short-Term Credit Yonge Corporation must arrange financing for its working capital requirements for the coming year. Yonge can: (a) borrow from its bank on a simple interest basis (interest payable at the end of the loan) for 1 year at a 12% nominal rate; (b) borrow on a 3-month, but renewable on rate with 12 end-of-month payments; or (d) obtain the needed funds by no longer taking discounts and thus increasing its accounts payable. Yonge buys on terms of 1/15, net 60. What is the effective annual cost (not the nominal cost) of the least expensive type of credit, assuming 360 days per year?McMasters Inc. specializes in BBQ accessories. In order for the company to expand its business, they take out a long-term loan in the amount of $800,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 9%. Each year on December 31, the company pays down the principal balance by $50,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.