A building is sold for ₱10,000,000 and the bank requires 18% down payment. If the effective rate of interest of the mortgage is 3% and is paid for 10 years, how much is the total interest of the mortgage?
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A building is sold for ₱10,000,000 and the bank requires 18% down payment. If the effective rate of interest of the mortgage is 3% and is paid for 10 years, how much is the total interest of the mortgage?
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- If 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?A business loan of PhP 650,000 is to be settled by paying PhP 29,994.20 monthly in 2 years. If the interest rate is 10% converted monthly, how much is the outstanding balance after 6 payments?A man borrows Php10,000 from a loan firm. The rate of simple interest is 15%, but the interest is to be deducted from the loan at the time the money is borrowed. At the end of one year he has to pay back Php10,000. What is the actual rate of interest?
- A house is being purchased for $138,000.00. The 30-year mortgage has a 10% down payment, an interest rate of 4.875%, and a PMI payment of $25.88 each month for 77 months. The yearly taxes are $2400.00, and the insurance is $750.00 per year, which is to be placed into an escrow account. What is the total cost of the loan? Round your answer to the nearest $100.00. Enter a number, such as $123,500.00.National bank is willing to lend a customer P75,000. The note will be secured by a 5-year mortgage and carry an annual interest rate of 12%. Equal payments are to be made at the end of each year over the 5-year period. How much will the yearly payment be?How much interest is payable each year on a loan of P2,000 if the interest rate is 10% simple interest per year when half of the loan principal will be repaid as a lump sum at the end of 3 years and the other half will be repaid in one lump-sum amount at the end of 6 years? How much interest will be paid over the 6-year period?
- You get a twenty-year amortized loan of Php100,000 with a 5% annual interest rate. What are the annual payments? a. Php 8,718 B. Php37,689 C. Php 4,762 d.Php 8,024There are $180,000 loan at 9% for 20 years and a second mortgage for $40,000 at 13% for 10 years. All loans require monthly payments and are fully amortizing. 5 points are charged for the second mortgage. Assume the borrower will own the property for 30 years. Compute the effective cost (%) of the combined loans.A Php 2,000 loan was originally made at 8% simple interest for 4 years. At the end of this period the loan was extended for 3 years, without the interest being paid, but the new interest rate was made 10% compounded semi-annually. How much should the borrower pay at the end of 7 years? . engineering econ
- Your firm has taken out a $535,000 loan with 8.6% APR (compounded monthly) for some commercial property. As is common in commercial real estate, the loan is a 5-year loan based on a 15-year amortization. This means that your loan payments will be calculated as if you will take 15 years to pay off the loan, but you actually must do so in 5 years. To do this, you will make 59 equal payments based on the 15-year amortization schedule and then make a final 60th payment to pay the remaining balance. (Note: Be careful not to round any intermediate steps less than six decimal places.) a. What will your monthly payments be? b. What will your final payment be? a. What will your monthly payments be? The monthly payments will be $______ (Round to the nearest cent.) Part 2 b. What will your final payment be? The final payment will be $______ (Round to the nearest cent.)Your company borrows $500,000 from a bank to finance the purchase of a new machine. The nominal annual Interest rate Is 8%. The loan is to be fully amortized over 2 years, with equal payments made at the end of each 6-month perlod. 1. What will be the total amount of loan principal repald during the entire first year? 2. What will be the total amount of Interest pald during the entire second year? (Note: For each question, please show detalled explanations as to how you proceed to your answer along with detailed calculations).Kandy is financing a $335,000 mortgage for 30 years at a fixed rate of 7.45% what is the total cost of the principal and interest after 30 years
