Due to this pandemic, your mother is having a hard time paying your bills, so she decided to apply for a loan. Can you help your mother pick which bank will she choose to have the loan? Bank A Bank B - maximum of Php 500,000 loan - offers 6% interest compounded semiannually - payable for 3 years - maximum of Php 500,000 loan - offers 4% compounded quarterly - payable for 3 years Which bank will you choose? Explain your answer.

Q: tasneem omar. a car enthusiast, sold his 2010 car for 400,000. She will be using this money as down…

A: Repaying the auto loan: When a loan is availed of to purchase a vehicle like a car, truck, etc, the…

Q: Dr Musonda is struggling to repay his loan of K600,000 with payments of K12,800 made monthly in…

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A: The present value is the value of the sum received at time 0 or the current period. It is the value…

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A: Simple interest rate is the rate of interest that is being charged on the principal amount of a loan…

Q: Keiko obtains a loan for home renovations from a bank that charges simple interest at an annual rate…

A: Given: Principal (p) = $ 16, 500 Time  (t)=76365 Interest rate (r) = 9.65% = 0.0965

Q: A small business is paying off a machine loan to the bank. Knowing that the installment is R$ 2,000…

A:

Q: Which bank’s loan product should he choose?

A: Simple interest refers to the interest calculated on the principal amount only throughout all the…

Q: PLEASE TYPE IT AND NOT HANDWRITTEN Mrs. Florentina Manayam wants to borrow P92,500 to buy a hand…

A: The discount on the loan is the interest on the loan.

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Q: To complete your last year in business school and then go through law school, you will need $20,000…

A: Using excel PV function

Q: Bill needs to borrow $24,000 now to pay for personal expenses. Bill would like to pay back the 1)…

A: The future value is the amount that will be received at the end of a certain period. In simple…

Q: Jina obtains a loan for home renovations from a bank that charges simple interest at an annual rate…

A: Simple Interest = Principal amount x no. of days/365 x Rate

Q: Zachary Porter of Abilene, Kansas, is contemplating borrowing $10,000 from his bank. The bank could…

A: The finance charge is add-on interest paid by the borrower. These charges can be paid monthly,…

Q: To go on a summer trip, Bob borrows s700. He makes no payments until the end of 4 years, when he…

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A: To answer the question, we will use the present value of growing annuity concept. The dentist is…

Q: Jassim is a Credit Officer with Riffa Bank and is working on structuring a loan facility for his…

A: Rate of return is expressed in percentage term that refers to the minimum return on the amount…

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A: Annual payment = $6,000 Interest rate = 1% Period = 4

Q: Vivian plans to replace all four air-conditioners in her home. The total cost is $70,000. The loan…

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Q: • • If you are saving money in a bank, which of the following is better for you? Bank A, which…

A: Time value of money (TVM) refers to the method or technique which is used to measure the amount of…

Q: Claire needs to borrow $7000 to pay for NHL season tickets for her family. She borrows from a credit…

A: We will assume that after k months the loan will be paid off. So, the penalty will be 48-k%of…

Q: Required Lump-Sum Payment To complete your last year in business school and then go through law…

A: Answer to the requirement 1 is as follows:

Q: 5. Juan takes out a 3-year multi-purpose loan for P200,000 from a loaning institution. The annual…

A: The annual interest rate is 12%. So, the monthly interest rate will be 12%/12months = 1%. Monthly…

Q: Due to this pandemic, your mother is having a hard time paying your bills, so she decided to apPply…

A: The conceptual formula used:

Q: Karen Wilson thinks that she needs to borrow $7,600 for 2 years. She doesn’t have a very good credit…

A: The interest paid to the lender can be calculated with the help of future value of annuity function.…

Q: your birthday is next week and instead of other presents, your parents promised to give you$1,000 in…

A: QUATERLY COMPOUNDING INTEREST RATE  (5.20%/4) 1.30% PERIOD (4*2) 8 PRESENT VALUE $1,000 PMT…

Q: Michelle wants to borrow $4,500. Bank A will lend Michelle the money at a simple annual interest…

A: Formula: Interest amount = PTR / 100 P = Principal  T = Time period R = Rate of interest.

Q: The Fritzes are buying a house that sells for $117,000. The bank is requiring a minimum down payment…

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Q: Syaherah is applying for a RM50,000 hire purchase from BCD Bank. The interest rate of the loan is 6%…

A: The term charges are the interest amount of a loan. These are calculated on the principal amount of…

Q: Jino sold his house. In addition to cash, he took a mortgage on the house. The mortgage will be paid…

A: C = Monthly payment i.e. P12,345 r = Monthly interest rate i.e. 0.01 n = Monthly period i.e. 120 (10…

Q: You have a loan outstanding. It requires making three annual payments of $7,000 each at end of the…

A: The following table will show the final payment which bank required-

Q: Your friends are going to Puerto Vallarta, Mexico, over Reading Week and you want to go too.…

A: Personal Loan refers to loan contract between two parties where one party is necessarily an…

Q: Dr Musonda is struggling to repay his loan of K600,000 with payments of K12,800 made monthly in…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: Claire needs to borrow $7000 to pay for NHL season tickets for her family. She borrows from a credit…

A: Savings are the resources that remain after expenditure and other obligations have been deducted…

Q: You have a choice to borrow Php5000 from a friend or from a bank. The bank charges 20% per year…

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Q: Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers…

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Q: Jennifer Kaufman bought a used Toyota Prius for $16,500. She made a $4,500 down payment and is…

A: First of all we will need to find the loan balance. Loan amount = Car price - Down payment = $16,500…

Q: Your friend wants to buy a $15,000 boat. She will pay 10% as a down payment and take out a 15 - year…

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Q: The Garcia family has decided to pay the price of $375,000 for a new home. Their bank offers a 5.4%…

A: a) Down Payment = cost of house * 15%

Q: A credit cooperative recently offers a 36-month loan at 4.15% compounded monthly for typhoon victim…

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Q: You visited your bank and asked about car loan options you can avail for the purchase of a new car…

A: The best option among all the four can be determined on the basis of total interest paid and the…

Q: Clark and Lana take a 30-year home mortgage of $122,000 at 7.4%, compounded monthly. They make their…

A: Loans are to be paid by the monthly payment that carry the payment for interest and also payment of…

Q: You are a financial adviser working with a client who wants to retire in eight years. The client has…

A:

Q: Jennifer Kaufman bought a used Toyota Prius for $17,500. She made a $2,500 down payment and is…

A: Price of Toyota Prius = $ 17,500 Down payment = $ 2,500 Loan amount (PV) = 17500-2500 = $ 15,000…

Q: The local bank pays 5% interest on savings deposits. In a nearby town, the bank pays 1.25% per…

A: Compound interest is referred as the in interest calculated on principal along with all accumulated…