Ernesto borrowed P30,000 from a bank and promised to pay the amount for 1 year. The bank discounted the amount and he only received P28,850. Find the rate of discount and the rate of interest that the bank collected in advance.
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- Joe's annual income has been increasing each year by the same dollar amount. The first year his income was $21,100, and the 6th year his income was $27,100. In which year was his income $35,500? His income was $35,500 in the th year. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate.Student Emergency Financial Services, Inc.,which makes small loans to college students, offersto lend $550. The borrower is required to pay $42 atthe end of each week for 16 weeks. Find the interestrate per week. What is the nominal interest rate peryear? What is the effective interest rate per year?You borrow $5000 from a family member and agree to pay it back in 5 months.Because you are part of the family, you are only being charged an interest at therate of 0.5% per month. How much will you owe after 6 months? How much is theinterest? What is the effective interest rate? What is the corresponding nominalrate?
- a man loaned P20,000 from a bank which gives a discount rate of 5%. He promised to pay it in a year, how much does he expect to receive.▼ Cash Flow Present Discounted Value Interest Rate is based on the notion that a dollar paid in the future is less valuable than a dollar paid today. Part 2 The present value of a loan in which $3000 is to be paid out a year from today with the interest rate equal to 3% is $.(Round your response to the neareast two decimal place) Part 3 If a loan is paid after two years, and the amount $3000 is to be paid then with a corresponding 1% interest rate, the present value of the loan is $.(Round your response to the neareast two decimal place)▼ Cash Flow Present Discounted Value Interest Rate is based on the notion that a dollar paid in the future is less valuable than a dollar paid today. Part 2 The present value of a loan in which $3000 is to be paid out a year from today with the interest rate equal to 3% is $.(Round your response to the neareast two decimal place) Part 3 If a loan is paid after two years, and the amount $3000 is to be paid then with a corresponding 1% interest rate, the present value of the loan is $.(Round your response to the neareast two decimal place)
- Mrs Bruno borrowed money from a bank. She received from the bank P1,342 and promised torepay P1,500 at the end of 10 months. Determine (a) simple interest rate (b) discount offered asBanker’s discount.Cash Flow is based on the notion that a dollar paid in the future is less valuable than a dollar paid today. Part 2 The present value of a loan in which $1000 is to be paid out a year from today with the interest rate equal to 5% is $.(Round your response to the neareast two decimal place) Part 3 If a loan is paid after two years, and the amount $7000 is to be paid then with a corresponding 7%interest rate, the present value of the loan is $.(Round your response to the neareast two decimal place)Cash Flow is based on the notion that a dollar paid in the future is less valuable than a dollar paid today. Part 2 The present value of a loan in which $1000 is to be paid out a year from today with the interest rate equal to 5% is $. (Round your response to the neareast two decimal place) Part 3 If a loan is paid after two years, and the amount $7000 is to be paid then with a corresponding 7% interest rate, the present value of the loan is $. (Round your response to the neareast two decimal place)
- What simple interest rate is equivalent to simple discount rate 15 ½ % in discounting anamount for 9 months?i will 10 upvotes urgent Picabo borrows $1,000. To repay the amount she makes 12 equal monthly payments of $90.30. Determine the following: (a) The effective monthly interest rate (b) The nominal annual interest rate (c) The effective annual interest rateJack received a $4,000 raise this year; this increased his salary as an associate television producer from $35,500 to $39,500. What percentage increase in nominal income did Jack receive? 14.6 percent 11.3 percent 10.1 percent 8.2 percent
