2. Mr. Layug had a 43,000-peso business loan that is to be paid in 8 months. If interest rate is 8% compounded monthly, how much should be paid after 8 months? 3. For the purchase of a car worth 1,060,000 pesos, the bank requires a minimum amount of 15% down payment. Find the mortgaged amount. 4. Suppose that a condominium unit is purchased for 2,400,000 pesos and the bank requires 25% down payment, how much is the mortgaged amount? 5. Mr. Villanueva obtained a 3,800,000-peso mortgage. If the monthly payment is 45,000 pesos for 10 years, how much is the total interest paid? 6. A consumer loan worth 83,000 pesos is to be repaid in 18 months at 8% convertible monthly. How much is the monthly payment? 7. Mr. De Vera got a 96,000-peso loan to be repaid semi-annually in 3 % years. If interest rate is 15% compounded semi-annually, how much is the semi-annual payment? 8. A loan of 67,000 pesos is to be amortized by paying quarterly in 1 year. If the money is worth 12% compounded quarterly, how much is the monthly installment? 9. Mr. and Mrs. Ignacio had a lousing loan payable monthly for 15 years. After paying for 4 years, how many payments are left?

2. Mr. Layug had a 43,000-peso business loan that is to be paid in 8 months. If interest rate is 8% compounded monthly, how much should be paid after 8 months? 3. For the purchase of a car worth 1,060,000 pesos, the bank requires a minimum amount of 15% down payment. Find the mortgaged amount. 4. Suppose that a condominium unit is purchased for 2,400,000 pesos and the bank requires 25% down payment, how much is the mortgaged amount? 5. Mr. Villanueva obtained a 3,800,000-peso mortgage. If the monthly payment is 45,000 pesos for 10 years, how much is the total interest paid? 6. A consumer loan worth 83,000 pesos is to be repaid in 18 months at 8% convertible monthly. How much is the monthly payment? 7. Mr. De Vera got a 96,000-peso loan to be repaid semi-annually in 3 % years. If interest rate is 15% compounded semi-annually, how much is the semi-annual payment? 8. A loan of 67,000 pesos is to be amortized by paying quarterly in 1 year. If the money is worth 12% compounded quarterly, how much is the monthly installment? 9. Mr. and Mrs. Ignacio had a lousing loan payable monthly for 15 years. After paying for 4 years, how many payments are left?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...

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