(a) (Write the parameters you use in TVM-Solver.) What quarterly payment will Mike be required to make? (b) How much total interest will Mike pay on the loan? (c) How much of the first payment is interest?
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- M purchased a small lot in a subdivision, paying P200,000 down and promising to pay P15.000 every 3 months for the next 10 years. The seller figured interest at 12% compounded quarterly. (Include the cash flow diagram) (a) What was the cash price of the lot? (b) If M missed the first 12 payments, what must he pay at the time the 13th is due to bring himself up to date? (c) After making 8 payments. M wished to discharge his remaining indebtedness by a single payment at the time when the 9th regular payment was due, what must he pay in addition to the regular payment then due? (d) If M missed the first 10 payments, what must he pay when the 11th payment is due to discharge his entire indebtedness? Ans (a) P546,722; (b) P234,270; (e) P300,006; (d) P479,948M purchased a small lot in a subdivision, paying P200, 000 down and promising to pay P15, 000 every 3 months for the next 10 years. The seller figured interest at 12% compounded quarterly. (a) What was the cash price of the lot? (b) If M missed the first 12 payments, what must he pay at the time the 13th is due to bring him up to date? (c) After making 8 payments, M wished to discharge his remaining indebtedness by a single payment at the time when the 9th regular payment was due, what must he pay in addition to the regular payment then due? (d) If M missed the first 10 payments, what must he pay when the 11th payment is due to discharge his entire indebtedness?Include cashflow if possibleM purchased a small lot in a subdivision, paying ₱200,000 down and promising to pay₱15,000 every 3 months for the next 10 years. The seller figured interest at 12%compounded quarterly.(a) After making 8 payments, M wished to discharge his remaining indebtedness by asingle payment at the time when the 9th regular payment was due, what must he payin addition to the regular payment then due?(b) If M missed the first 10 payments, what must he pay when the 11th payment is dueto discharge his entire indebtedness? (c) Cashflow Diagram
- While buying a new car, Mitchell made a down payment of $1,000 and agreed to make month-end payments of $240 for the next 4 years and 9 months. He was charged an interest rate of 1% compounded semi-annually for the entire term. a. What was the purchase price of the car? b. What was the total amount of interest paid over the term?The Turners have purchased a house for $170,000. They made an initial down payment of $10,000 and secured a mortgage with interest charged at the rate of 5.5%/year on the unpaid balance. (Interest computations are made at the end of each month.) Assume that the loan is amortized over 30 years. (Round your answers to the nearest cent.) (a) What monthly payment will the Turners be required to make? $ (b) What will be their total interest payment? $ (c) What will be their equity (disregard depreciation) after 10 years?A man purchased a secondhand truck with a cash price of P350, 000 for his hollow block business. He was able to negotiate with the seller to allow him to pay only a down payment of 20 percent and the balance payable in equal 48 end of the month installment at 1.5 percent per month interest rate. On the day he paid the 20th installment, he decided to pay the remaining balance. How much is the remaining balance?
- M purchased a small lot in a subdivision. paying P200 000 down and promising to pay P15 000 every 3 months for the next 10 years. The seller figured interest at 12% compounded quarterly. (a) What was the cash price of the lot? (b) If M missed the first 12 payments what must he pay at the time the 13th is due to bring himself up to date? (c) After making 8 payments. M wished to discharge his remaining indebtedness by a single payment at the time when the 9th regular payment was due what must he pay in addition to the regular payment then due? Include the Cash Flow Diagram.While buying a new car, Thomas made a down payment of $1,000.00 and agreed to make month-end payments of $350.00 for the next 4 years and 7 months. If she was charged an interest rate of 3.00% compounded quarterly for the entire term, answer the following, rounding to the nearest cent. a. What was the cost of the car when Thomas purchased it? Round to the nearest cent b. What was the total amount of interest paid over the term?Ancog purchased a parcel of land somewhere in Brgy Tignapoloan. She paid P150,000 for the down payment and agreed to pay P20,000 every 3 months for the succeeding 10 years. Assuming that the seller’s interest is at 10% compounded quarterly. What was the cash price of the lot? If Engr. Ancog was not able to pay for the first 12 payments, what amount should she pay at the time the 13th is due to bring her payments updated? After paying for 8 payments, Engr. Ancog wants to pay the entire remaining amount by a single payment at the time when the 9th regular payment will be due. How much should she pay including her 9th payment? If Engr. Ancog failed to pay her first 10 payments, how much should she pay when the 11th payment is due to pay her entire debt?
- While buying a new car, Austin made a down payment of $1,000.00 and agreed to make month-end payments of $270.00 for the next 3 years and 4 months. If she was charged an interest rate of 5.00% compounded quarterly for the entire term, answer the following, rounding to the nearest cent. 1. What was the cost of the car when Austin purchased it? Round to the nearest cent 2. What was the total amount of interest paid over the term? Round to the nearest centAn engineer deposited her annual bonus of $10,000 into an account that pays interest at 8% per year, compounded semiannually. She withdrew $1000 in months 2, 11, and 23. Now, she wants to know the total value of the account at the end of 3 years. Solve by assuming (a) no interperiod compounding and (b) that interperiod compounding is providedMarcel Thiessen purchased a home for $205,600 and obtained a 15-year, fixed-rate mortgage at 7% after paying a down payment of 10%. Of the first month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answer to the nearest cent.)
