1. Rahimah made equal payment of RM2,106.71 every two months for 8 years at 6% interest compounded every two months. Find the amount of loan taken by Rahimah. (RM80,000.12)
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- Marathon 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. $132,600If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five years at 7 percent. Payments, which are made on a monthly basis, are determined using the add-on method. a. How much total interest will Eli pay on the loan if it is held for the full five-year term? b. What are Elis monthly payments? c. How much higher are the monthly payments under the add-on method than under the simple interest method?
- 1. Rahimah made equal payment of RM2,106.71 every two months for 8 years at 6% interest compounded every two months. Find the amount of loan taken by Rahimah. No use excel (RM80,000.12)1. Hanzalah took a loan of RMY from Bank ABC at interest rate of 4.5% compounded monthly.After 10 years, the amount to be paid is RM47,009.78. Find Y.(RM30000)Maria loaned an amount of 100,000Php payable in 15 equal quarterly instalments. The first payment was made a year after the money was borrowed. How much in each quarterly installments if rate of interest is 10% compounded bi-monthly? A = 8706.61
- Salem has borrowed $1,000,000 from MQ Bank for 10 years at an interest rate of j2=3.91%. She will make 10 annual repayments. According to the loan agreement, Salem's repayments will be $89,000 for the first two years followed by payments of with the amount of X per year for the remaining eight years. This loan needs to be fully repaid by the end of 10 years. (b) Assume that all annual repayments will be paid at the beginning of each year (the first payment will be at the start of the first year), what is the value of Salem's annual payment amount X (rounded to four decimal places)?Mr. Espiritu obtained a Php 470, 000 car loan that will be paid in full after 2 1/2 years. If interest is at 12% compounded every 6 months, how much is to be paid after 2 1/2 years? Mr. X financed his house by taking a loan of Rs. 71, 00,000 @ 10% p.a. and haspaid Rs.15, 00,000 as down payment. The loan is to be repaid in 10 equalinstalments starting at the end of the first year. Calculate the amount of equalannual instalment and total interest paid upon repayment of loan.
- A person borrowed a loan and pledged to repay it and its interest using the amortization method, out of the loan principal with interest in four installments. Each installment is paid at the end of every six months. If you know that the interest rate is 5% annually and that the first installment of the principal amount and its interest is 840 dinars, so the value of the loan amount is??A - 3200 dinarsB - 3600 dinarsc 4000 dinarsD - 4500 dinars.You agreed to make equal payments of 28,191 at the beginning of each months to discharge a debt due in 10 years. If money is worth 2.2 % compounded monthly, how much did you loan ? Round off answers to 2 decimal places.Mr. Mamun borrowed Tk. 115,000 at a 12.5% annual rate of interest to be repaid over 5 years. The loan is amortized into five equal end-of-year payments. The loan has processing fees of 1.25%. Requirements: Calculate the annual end-of-year loan payment. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the five loan payments. Explain why interest decreased gradually in this process?
