Extra #2. A loan is repaid with 24 monthly installments at the end of every month. The first payment is $150 and payments increase by 1% per month. If 8 = 20%, find the total amount of principal in the 15th payment.
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- Find FV: You have $2,000 in a savings account that earns 1.5% interest per year. What will be the balance in your account: in one year? in five years? in ten years?You borrow $700,000 at 3% interest for 30 years on a mortgage. How much total will you pay back on the loan? Assume monthly compounding and round to two decimal places. Hint: Multiply the number of payments by the amount of the payment.Determine the principal that would have to be invested to provide $200 of simple interest income at the end of two years if the annual interest rate is 9% ?
- Alfred loaned a certain amount of money for his company. He promised the bank that he will payP 10,000 every end of the month for five months. How much did Alfred receive? Assume interestrate equals 2.5%Suppose Jorge Otego has set up his annuity due with a credit union. At the beginning of each month, $150 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 17 months? Round your answer to the nearest centA student obtains a loan to pay one year of college tuition, which costs $18,000 with 6% which he promise to pay starting from August 1 until December 31 on the same year. What is the value of the exact simple interest and the total amount payable.
- A 20-year mortgage set up for uniform monthly payments with 6 percent interest compounded monthly is taken over by a new owner after 8 years. At that time $12,000 is still owed on the principal. What was the amount of the original loan?When you take your job, you decide to start saving for your retirement. You put $5,000/yr into the co’s plan, which averages 8% interest/yr. Five yrs later, you move to another job and start a new plan. You never get around to merging the funds, if the 1st plan continued to earn interest at the rate of 8%/yr for 35 yrs after you stopped making contributions, how much is the account worth?A bank saving account offers 4% compounded on a quarterly basis. A customer deposit $200, in this type of account, at the start of each quarter starting with the first deposit on the first of January and the fourth deposit on the first of October. What is the total amount in his account at the end of the year?
- Dennis Lamenti wants to buy a new car that costs $15,824.24. He has two possible loans in mind. One loan is through the car dealer; it is a four-year add-on interest loan at 7 3/4% and requires a down payment of $1,000. The second is through his bank; it is a four-year simple interest amortized loan at 7 3/4% and requires a down payment of $1,000. (Round your answers to the nearest cent.) (a) Find the monthly payment for each loan. dealer $ bank $ (b) Find the total interest paid for each loan. dealer $ bank $ (c) Which loan should Dennis choose? Why? Dennis should choose the bank loan since the interest is less.Dennis should choose the car dealer loan since the interest is less.June 01, 2021, John loaned an amount of P10,000 for his business to be paid at the end of the year. How much will he pay if the loan is a 12% exact simple interest.What lump-sum amount of interest will be paid on a $10,000 loan that was made on August 1, 2012, and repaid on November 1, 2016, with ordinary simple interest at 10% per year? How did it become 4.25 Years?