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For the past 6 months, Richard was unable to pay the monthly amortization of 18,000 pesos on his car loan. As a result, he was charged annual interest rate of 15% compounded monthly as penalty for the late payment. Because of the length of delay, the bank is threatening to repossess the vehicle if the outstanding balance is not paid in full. How much is Richard required to pay today to prevent this from happening?
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- Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?For the past 6 months, Richard was unable to pay the monthly amortization of Php18,000.00 on his car loan. As a result, he was charged an annual interest rate of 15 %, compounded monthly as penalty for the late payment. Because of the length of delay, the bank is threatening to repossess the vehicle if the outstanding balance is not paid in full. How much is Richard required to pay today to prevent this from happening?Lupe made a down payment of $8000 towards the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 12% compounded monthly. Under the terms of her finance agreement, she is required to make payments of $420 per month for 36 months. What is the cash price of the car?
- During a 3-year period when his business was prospering, Jack was able to deposit $1,000 at the end of each month in an account earning 12 percent compounded monthly. The business slackened, and jack could not continue the deposits. Moreover, the interest rate on his accumulated deposits fell to 8 percent compounded quarterly and remained at this level for 10 years, at which time Jack decided to exhaust the account by withdrawing equal amounts at the end of every 6 months for 5 years. The interest rate remained at 8 percent compounded semiannually over the time of the withdrawals. How much did Jack withdraw every 6 months ?During a 3-year period when his business was prospering, Jack was able to deposit $1,000 at the end of each month in an account earning 12 percent compounded monthly. The business slackened, and jack could not continue the deposits. Moreover, the interest rate on his accumulated deposits fell to 8 percent compounded quarterly and remained at this level for 10 years, at which time Jack decided to exhaust the account by withdrawing equal amounts at the end of every 6 months for 5 years. The interest rate remained at 8 percent compounded semiannually over the time of the withdrawals. How much did Jack withdraw every 6 months ? solving these math detailsDuring a 3-year period when his business was prospering, Jack was able to deposit $1,000 at the end of each month in an account earning 12 percent compounded monthly. The business slackened, and jack could not continue the deposits. Moreover, the interest rate on his accumulated deposits fell to 8 percent compounded quarterly and remained at this level for 10 years, at which time Jack decided to exhaust the account by withdrawing equal amounts at the end of every 6 months for 5 years. The interest rate remained at 8 percent compounded semiannually over the time of the withdrawals. How much did Jack withdraw every 6 months ? please solving these mathy details
- Garry borrowed from a bank of P25,000 for which he signed a promisory note to repay it at the end of 1 year. He only received P21,915 after the bank collected advance interest and an additional amount of P85 for legal fees. What was the rate of interest the bank charged?Lokalalo knows that not all their customers will pay so they take out insurance for that purpose. The insurance does not cover them for their full loss unfortunately. Lokalalo pays for the insurance in advance, which gives them 12 months of cover. Lokalalo paid $15,000 on 1 August 2020 for cover for the next 12 months. What happens in the balance sheet, income statement and statement of cash flows on the date of the transaction when the $15,000 is paid?Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer payments for 12 months, and Kris makes 48end-of-month payments thereafter. If the original note (loan) is for $28,000 and interest in 0.5% per month on the unpaid balance, how much will Kris’ payment be?
- David Kapamagian borrowed money from a bank to finance a small fishingboat. The bank's loan terms allowed him to defer payments (interest is still being charged even though payment is deferred) for six months and then to make 36 equal end-of-month payments thereafter. The original bank note was for $9,600 with an interest rate of 12% compounded monthly. After 16 monthly payments, David found himself in a financial bind and went to a loan company for assistance in lowering his monthly payments. Fortunately, the loan company offered to pay his debts in one lump sum, provided that he pays the company $208 per month for the next 36 months. What monthly rate of interest is the loan company chargingon this transaction?Dominic Torreto borrows $300,000 from a lending company in his hometown at 12% interest compounded monthly. To fulfill his obligation to repay the loan, Dominic agreed to start paying the six (6) equal monthly payments starting next month. If Dominic failed to pay the 2nd and 3rd monthly amortization, how much shall be the required single payment on the fifth month to fully pay his outstanding obligation? Supposed that he will still not be able to pay the single total payment on the Fifth month as stated in question 1 above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly installment be?Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer payments for 12 months, and Kris makes 48 end-of month payments thereafter. If the original note (loan) is for $28,000 and interest in 6% compounded monthly on the unpaid balance, how much will Kris’ payment be?
