Q: Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a service charge of…
A: Annual Percentage Rate (APR)= (2 * N * FC) / [ (P * (N+1)]
Q: 1. Hernandez decided to borrow $85,000 for 10 months. She found that banks would lend to her only if…
A: 1) Loan from Bank one Borrow Amount = $85,000 Interest 10% Simple discount Time = 10 months Interest…
Q: Patrick J. just purchased a Zündapp Janus (a model and brand of car) for $4,000. He agreed to pay…
A: The real interest that an investor earns on the investment and a borrower pays on loan after…
Q: 4. A college freshman borrowed P2,000 from a bank for his tuition fee and promised to pay the amount…
A: Discounted loans are where the interest and other charges are charged on the face value and deducted…
Q: Yesenia purchased a car for $21,394. She obtained a 6 year term loan at an interest rate of 6%. She…
A: A loan is an agreement between two parties where one party borrows money from the other party with…
Q: Alphy Jurarim used a credit card from Citibank to help pay for tuition expenses while in college and…
A: Amount owed = 5232.25 Interest Cost = 1.75% per month
Q: Assuming the loan is based on exact interest, Victoria will pay back how much in interest expense?
A: The amount of interest expense to be paid on the loan depends on the amount of loan taken, the…
Q: Engr. De Robles borrowed Php 10,000 from a bank and promised to pay the amount for 1 year. But he…
A: Loan Amount is Php 10,000 Time period is 1 year. Advance interest payment is Php 400 Total amoun…
Q: interest
A: Borrowed Amount p25000 Rate of interest 12% for 24 month
Q: Jasper purchased a car for 47,500. He paid a 20% down payment and financed the rest at 2.88 % for 6…
A: Loan is a value which is borrowed from the external sources like banks for a particular period and…
Q: Michael is planning to apply for a loan in Quezon Cooperative Bank, he is already aware of the terms…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Mr. Lima borrowed ₱50,000 from a lending firm to start a mini-store business. If the firm charges…
A: Solution: Simple interest is computed as = P*R*T Where, P = Principal amount borrowed R = Rate of…
Q: Mohammed got a $500 cash advance using his credit card, which charges 21.9%, compounded daily. He…
A: Credit card is one of the loan source through which a person can spend money without actually having…
Q: The Filipino helper of Kim Tae Hyung bought a 23.2 cubic feet smart refrigerator for 198,095Php. She…
A: Here, Cost of Refrigerator is 198,095Php Down Payment is 50,000Php Loan Amount will be: Loan Amount=…
Q: 1. Glen received a $2,250 loan from the bank. After six months, he paid back an additional of $145…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: ght a laptop that is payable by monthly installment of ₱1,800 for 12 months starting at the end of 2…
A: The given problem can be solved using PV function in excel. PV function computes present value for…
Q: Jason borrowed $2,500 on March 1 from a bank and promised to pay back the money in 90 days at 6%…
A: Amount borrowed “P” = $2500 Number of days “n” = 90 Stated rate of interest = 6%
Q: E. On May 30, 2012 a lady manufacturing engineer loaned $ 15,000 in the bank for the expansion of…
A: Simple interest: Simple interest is the interest payable on a certain amount based on the…
Q: Grace and Donna deposited PHP 8,000 in a saving account at 5 3/4%. if interest is compounded…
A: a. The interest rate in the problem is 5 3/4% or 5.75%. b. Php 8000 is the amount of deposit…
Q: Jennifer Richards went to her credit union to borrow $5,500 at a rate of 8.11 % p.a. The date of the…
A: Data given: P=Loan amount = $ 5,500 r=Rate= 8.11% p.a. Date of the loan = September 7 Date of…
Q: 2. C savings deposit of P7,000 earns a simple interest of 5%. How much is the interest for 9 months?…
A: Deposit amount = P 7,000 Interest rate = 5% Period = 9 Months
Q: 1. George bought a new car with a 4.1% interest rate for 5 years. The loan is $35,000. What is the…
A:
Q: In order to start a business, Azmi borrowed RM50,000 from a bank that charges interest al 9%…
A: given, P = RM 50,000 R=9% N = 5 YEARS M = 12
Q: Jake borrowed P750, 000 from a credit union to purchase a used car. The interest rate on the loan is…
A: Present value is also known as a present discounted value, in which the future value of cash inflows…
Q: A lending company charged its client P2,750 on a loan of P15,800 for 2 years and 3 months. What…
A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…
Q: As Kate borrowed an amount of 15,000 Php from a lending company that charges a simple interest rate…
A: Borrowed amount = 15000 Php Simple interest rate = 11%
Q: Kimmy took a loan of RM30,000 from a bank. The loan was settled in 72 monthly payments. The bank…
A: An annuity is a series of equivalent periodic cash flows for a specific time duration. The term…
Q: calculate the period required (to the nearest year) to pay off his debt. Expressing the formula and…
A: If we borrow loan, interest is charged by the lender on the outstanding amount of loan at the…
Q: Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in…
A: Money paid at a specific rate on a regular basis for the use of money loaned or for delaying the…
Q: Jo borrowed $3,800 for 4 months from a bank. The bank discounted the loan at 5.5%. a. How much…
A: Amount received will be after reducing interest
Q: 1. Chelsie borrowed 10,000 from a financial institution at an interest rate of 1% monthly. The…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Wayne borrowed money to purchase his son's hockey equipment. He made month-end loan payments of $55…
A: Wayne Equipment: Month end payments = $55 Interest rate Compounded Monthly is 7.8% Time period 2…
Q: Mr. Lima borrowed ₱50,000 from a lending firm to start a mini-store business. If the firm charges…
A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…
Q: 9. Liam borrowed $12,500 for 5 months from a bank using a 2% discount note. a) How much interest did…
A: Loan Amount = $12,500 Time period = 5 months Discount rate = 2%
Q: In order to start a small business, a student takes out a simple interest loan for $9000.00 for 9…
A: To determine the simple interest and the future value of the loan.
Q: Answer the word problems and solve for what is being asked. 1. Junnel purchased a cellphone through…
A: Here multiple questions have been asked and no question has been asked specifically so we will solve…
Q: 4. Saltanat borrowed money at 18% discount, after 2 months she returned 20000 soms. Find effective…
A: Here, Discount Rate is 18% Amount returned in 2 Months Amount returned is 20,000 soms Bank Charges…
Q: You purchased an appliance in a certain appliance center worth P35,000 using your credit card. The…
A: The question is related to Amortization Schedule. The detals ar given.
Q: David’s laptop that he’s been using for work, had stopped working. He borrowed PhP 25,000 from the…
A: Total interest for first 12 months = Amount borrowed x rate for interest x no. of months/12 =…
Q: Enrique Perez bought a house whose value is $1'900,000 cash. He paid $400,000 cash and the rest in 8…
A: Here,
Q: Jill Kramer borrowed $25,000 to pay for a start-up business. Jill must repaythe loan at the end of 5…
A: Simple interest is the interest amount calculated on principal portion of loan or deposit made in…
Q: Marlon borrowed 15,000 Php from a lending company that charges a simple interest rate of 11%.…
A: Borrowed amount = 15000 Php. Interest rate = 11%
Q: Riccardo Davis takes out a discount loan because he needs R5 695,00 to buy a machine for his…
A: Future value represents the future worth of existing cash flows. It is determined by compounding…
Q: ) What is the APR for purchases made using this credit card? B) What is the maximum amount that…
A: A) What is the APR for purchases made using this credit card? Ans. 21.6% (21.6% Annual Purchase…
Q: 1. Anica bought perfume using a credit card at a price of P2,400 payable in four months at 15%. The…
A: As you have asked multiple questions, we will solve the first question as per policy. Request you to…
Q: Please help me answer the following time value of money question. Edison borrowed $10,000 from the…
A: we use rate function in excel to find the interest rate charged over the period of the loan
Q: Betty Thomas borrowed $6500 onher Visa card to install a hot tub with landscaping around it. The…
A: Loan Amount = $6,500 Interest Rate = 1.6%
Step by step
Solved in 5 steps
- Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.04154% per day. Travis repays the money plus the interest after 30 days. a) Determine the interest charged for the cash advance. b) When he repaid the loan, how much did he pay the credit card company? Interest charged≈$7.487.48 (Round to the nearest cent.) Amount paid=?Alphy Jurarim used a credit card from Citibank to help pay for tuition expenses while in college and now owes $5232.25.The interest charges are 1.75% per month. (a) Find the interest charges. (b) Find the interest charges if he moves the debt to a credit card charging .8% per month on the unpaid balance. (c) Find the savingsEngr. De Robles borrowed Php 10,000 from a bank and promised to pay the amount for 1 year. But he received Php 9,600 only after the bank deducted an advance interest of Php 400. Find a) the rate of discount and b) the rate of interest that the bank charged him. show your solution
- Ken borrowed $3400 from the bank for 20 months. The bank discounted the loan at 7.4%.How much was the interest?$Correct State your result to the nearest penny.How much did Ken receive from the bank?$Correct State your result to the nearest penny.What was the actual rate of interest?A small business owner visits her bank to ask for a loan. The owner states that she can repay a loan at $2,000 per month for the next 2 years and then $1,000 per month for 2 years after that. If the bank charges a 9% annual percentage rate (APR) it would be willing to lend to the business owner . A) $60,480 B) $63,598 C) $65,143 D) $62,074Please help me answer the following time value of money question. Edison borrowed $10,000 from the Niederriter Loan Company. He has to pay off the loan in 36 monthly payments of $500. What interest rate is he being charged?
- Jake borrowed P750, 000 from a credit union to purchase a used car. The interest rate on the loan is 0.25% per month and he will make a total of 36 monthly payments. What is his monthly payment? a.) P 31,838.68 b.) P 41,654.25 c.) P 11,786.23 d.) P 21,810.91Ms. Kim borrowed an amount from a bank but she only recieved from the bank P1,340. She promised to pay the principal at the end of 9 months. If the corresponding discount rate or often referred toas the banker's discount is 13.73%, what is the amount borrowed?1. Betty Thomas borrowed $6500 onher Visa card to install a hot tub with landscaping around it. The interest charges are 1.6% per month on the unpaid balance a) Find the monthly interest charges. b) Find the interest charges if she moves the debt to a credit card charging 1% per month on the unpaid balance. (c) Find the monthly savings.
- PLEASE SHOW ALL WORK Ryan bought $ 15,000 from a bank to buy a car at 10% simple Interest. If he paid $ 9,000 as interest while clearing the loan, find the time for which the loan was given.Enzo borrowed $4800 from the bank for 18 months. The bank discounted the loan at 4.7%. How much was the interest? (State your result to the nearest penny). How much did Enzo receive from the bank? ( State your result to the nearest penny) What was the actual rate of interest? (State your result to the nearest hundredth of a percent.) Need only handwritten solution only (not typed one).Troy already had a balance of $104.75 on his credit card when he used it to purchase items totalling $128.37. His minimum monthly payment is 4% of the balance or $20, whichever is greater, and the interest is 18.7%, compounded daily. a) How long will it take Troy to pay off the balance if he pays only the minimum? b)How much interest will he pay?